Welcome to a roundup of some of our financing, exploration, and development stories on Theassay.com over the last week. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing and M&A
Over the previous seven days, Iceni Gold Limited (ASX: ICL) has announced board changes and a A$2.2M cash injection to expedite new exploration programmes.
Proceeds from the injection will be used to fund ongoing exploration programmes, including RC drilling at the Guyer Well, Everleigh Well, Goose Well, and Hages Bore Gold targets, including the newly defined early-stage target at Crossroads, all within the 14 Mile Well Project.
Additionally, Iceni has appointed a new managing director, which in conjunction with the cash injection, will accelerate and drive the next phase of gold exploration at 14 Mile Well. Mr Wade Johnson appointed to the Board of Iceni Gold as Managing Director.
New exploration and development
Also, Denarius Metals Corp. (CBOE: DMET | OTCQX: DNRSF) has agreed to commercial terms with Trafigura Pte. Ltd., a leading global commodities group, for the sale at market prices of 100% of the high-grade gold-silver concentrates to be produced at its Zancudo Project in Colombia over the next eight years.
Serafino Iacono, executive chairman and CEO of Denarius Metals, commented, “We remain on track with our timetable to bring our Zancudo Project into operation this year. The recently completed competitive international tender processes we ran seeking an offtake contract and the sale of a royalty were both a testament to the viability of our Zancudo Project. With the additional US$15M of cash available to us from these two financings, we have strengthened our liquidity as we complete construction and execute a 10,000m infill drilling program at Zancudo this year.”
Century Lithium (TSXV: LCE | OTCQX: CYDVF | Frankfurt: C1Z), meanwhile, has reported that its feasibility study on the company’s Clayton Valley Lithium Project, in Nevada, USA, is currently under review under the direction of Wood PLC and Global Resource Engineering Ltd. The company anticipates its announcement imminently.
To date, the company’s feasibility study team has revised and updated estimates for a phased production approach at the project. These revisions also included assessment and evaluation of the economic benefit of sales of the surplus sodium hydroxide produced by the chlor-alkali plant.
The company’s lithium extraction facility (pilot plant) in Amargosa Valley, Nevada is now in its third year of testing the processing of lithium-bearing claystone from its project. All data collected has been essential to the feasibility study.
Drilling results
In drilling results, Prime Mining Corp. (TSX: PRYM | OTCQX: PRMNF | Frankfurt: 04V3) has reported generative drilling results from its Los Reyes Project, located in Sinaloa State, Mexico. These results are from 2024 drilling at the Las Primas generative target and are not included in the company’s 2 May 2023 mineral resource estimate.
CEO, Scott Hicks, commented, “Prime continues to discover high-grade mineralization starting near-surface at Las Primas. Las Primas, located between the high-grade Guadalupe East area and the Central Trend, is a very prospective generative target in Prime’s success-based drilling programme with significant potential to further grow the Los Reyes resource.”
Highlights from the results include:
- 11.81gpt AuEq (4.07gpt Au and 598.1gpt Ag) over 3.0m estimated true width in hole 24LP-30, including:
- 19.8gpt AuEq (6.77 gpt Au and 1007.1gpt Ag) over 1.7m etw
- 3.42gpt AuEq (1.44gpt Au and 153.1gpt Ag) over 9.4m etw in hole 24LP-33, including:
- 4.48gpt AuEq (1.94gpt Au and 196.1gpt Ag) over 5.0m etw
- 1.75gpt AuEq (0.83gpt Au and 71.1gpt Ag) over 3.6m etw in hole 24LP-24
- 1.75gpt AuEq (1.21gpt Au and 41.9gpt Ag) over 3.8m etw in hole 24LP-28, including
- 2.75gpt AuEq (1.78gpt Au and 74.7gpt Ag) over 2.1m etw
Other company news
Finally, Peak Rare Earths Limited (ASX: PEK) has announced the signing of a non-binding co-operation and development memorandum of understanding (MOU) with Tanzanian phosphate and fertilizer group, Minjingu Mines and Fertilizer Limited. Whilst Peak’s primary focus remains on the development of the Ngualla Rare Earth Project, the MOU supports the potential of a complementary phosphate operation.
Peak’s CEO, Bardin Davis, commented, “The potential development of a high-grade phosphate operation is an exciting opportunity and consistent with our vision of a multi-commodity and multi-generational Ngualla Project. It would provide a major source of phosphate for Tanzania and is consistent with government initiatives around enhancing agricultural yields and bolstering food security. We are delighted to be working with a highly experienced partner such as Minjingu Mines to unlock this opportunity.” Minjingu Mines is a private Tanzanian company with a proven track-record within the Eastern and Southern African fertilizer market. Its operations include the Minjingu Phosphate Mine in Tanzania, one of the only active phosphate mines in Eastern Africa, where it produces a range of organic and blended fertilizer products. Minjingu Mines’ customer network extends to Tanzania, South Africa, Zambia, Kenya, Uganda, and Rwanda.
