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
Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has entered a binding term sheet pursuant to which Steppe Gold, either directly or through a wholly owned subsidiary, will acquire all of the issued and outstanding common shares of Boroo Gold LLC in an all-share transaction.
The beneficial shareholder of Boroo Gold will directly or indirectly hold a 58.8% interest in Steppe Gold upon completion of the proposed transaction.
Bataa Tumur-Ochir, chairman, and CEO of Steppe Gold, stated, “The Boroo Gold acquisition will establish Steppe Gold as Mongolia’s largest and leading gold producer. Our production is expected to triple over the next two years to 90,000oz and 160,000oz by 2026, increasing our financial strength to repay the non-dilutive US$150M project financing for the ATO Gold Mine Phase 2 Expansion and to advance our exploration portfolio. It also provides shareholders with improved optionality at our Tres Cruces gold project in Peru while maintaining our focus on growing our production profile in Mongolia.”
New exploration and development
Meanwhile, Ionic Rare Earths Limited (ASX: IXR) has announced that Rwenzori, owner of the Makuutu Heavy Rare Earth Project, has formally received the large-scale mining licence (LML00334) over the central Makuutu tenement.
The licence (LML00334) was signed on 17January 2024, at a ceremony in Kampala, by Dr Ruth Nankabirwa Ssentamu, the Ugandan Minister of Energy and Mineral Development (MEMD).
The award represents the first large scale mining licence to be issued in Uganda under the Mining Act of 2022. This further supports the flagship project status awarded to Makuutu in 2022 and reflects the strong support received from Uganda in the development of the project towards operations.
Galileo Mining Ltd (ASX: GAL) continues to make new discoveries at its Norseman project in Western Australia.
Galileo’s managing director Brad Underwood commented; “Exploration at our Norseman project is continuing with a strong focus on making fresh discoveries within a newly recognized mineral district. Following the breakthrough discovery of the Callisto deposit in 2022 we are excited to be exploring such a promising region with amazing opportunities for further successes. Galileo is well funded to undertake its planned exploration activities and we look forward to delivering more results from this highly prospective tenement package.”
Drilling results
Northisle Copper and Gold Inc. (TSXV: NCX) has announced the first batch of drill results from its 2023 Phase 3 programme at Northwest Expo in British Columbia, Canada, which demonstrated continuity of the gold rich Zone 1 within Northwest Expo.
Northwest Expo, a property within the North Island project, intercepted wide intervals of gold-enriched mineralization adjacent to the high-grade interval in hole NW23-13. Hole NW23-20 included 87m grading 1.46g/t Au Eq and 37m grading 1.14g/t Au Eq, along with hole NW23-21 which included 96m grading 1.42g/t Au Eq.
Intercepts were targeted near hole NW23-13 to demonstrate continuity of the higher grade in this area and are among the best intervals on a length times grade basis within Northwest Expo Zone 1.
Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTCQX: LILIF) has reported positive results from the 10th and 11th exploration holes at its Rincon West Project in Salta Province, Argentina. Samples collected over a 295.5m section of RW-DDH-010 ranged from 245 to 366mg/l lithium. Samples collected over a 321m section of RW-DDH-011 ranged from 246 to 344mg/l lithium.
“Our 10th exploration hole was situated to test the continuity of the brine aquifer as our drilling extends eastward into the main salar basin. These results demonstrate continued strong grades and an exceptional interval length. For our 11th hole, we moved 2.7km to the southeast, to test the salt flat in the southern and eastern portion of our main block at the Rincon West project. This produced another long interval of concentrated brines and recovered cores containing fractured crystalline halite and coarse, poorly cemented sediments, which may be excellent formations for pumping potential.”
Other company news
Ionic Rare Earths Limited (ASX: IXR) has appointed Mr. Brett Lynch as executive chairman, effective immediately.
Mr. Lynch is an experienced executive with a background in mining and mining-related businesses across Australia, Asia, USA, and emerging markets. He has over 30 years’ experience in international business development and management, with an outstanding track record of delivering shareholder value. He has a Bachelor of Mining Engineering at University of Melbourne.
Lynch will work closely with the board of directors, the executive team, and all stakeholders to ensure that IonicRE continues to deliver on its objective to be a leading miner, refiner, and recycler of heavy rare earths.
