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 last week in financing news, North Arrow Minerals Inc. (TSXV: NAR) has closed a non-brokered private placement financing announced on 24 April 2023.
Proceeds from the private placement will be used to advance North Arrow’s Canadian lithium projects, particularly its wholly owned DeStaffany project located within the Yellowknife Pegmatite province, NWT.
The company has issued almost 23M units at a price of C$0.06 per non-flow through unit and over 13M flow-through units at a price of C$0.08 per FT-Unit for combined total gross proceeds of C$2,423,940.
Additionally, Power Minerals Limited (ASX: PNN) has signed a binding term sheet to purchase 100% of the Argentinian lithium subsidiaries of TSX Venture Exchange-listed Ultra Lithium Inc. (TSXV: ULT).
The acquisition will expand Power’s portfolio of lithium development assets in Argentina’s lithium triangle to 2,837.70km2, making it one of the largest lithium landholders in the region and providing it with a significant pipeline of development projects.
New exploration and development
Ionic Rare Earths Limited (ASX: IXR) has commenced its Phase 5 drill programme at its 60% owned Makuutu Rare Earths project in Uganda.
The drill programme will aim at upgrading the inferred resources on Retention Licence (RL) 00007 to an indicated resource category and undertake reconnaissance drilling at large exploration targets identified at both Exploration Licences (EL) 00147 and 00257.
Makuutu currently ranks amongst the world’s largest and most advanced ionic adsorption clay (IAC) deposits, and as such, a globally strategic resource for near term, low capital developmen, and long- term security of magnet and heavy rare earth oxide (HREO) supply.
Centaurus Metals (ASX: CTM) has also obtained promising assay results from the nickel sulphate produced from Jaguar Nickel Sulphide project refinery pilot plant test work programme.
The results confirm the ability of the Jaguar project to deliver a high-quality battery-grade nickel sulphate product with key impurities well below the low end of the target range.
This important result reinforces the positive outcomes of the refinery pilot plant test work programme, which saw Centaurus produce its first nickel sulphate product from the Jaguar project, confirming its ability to supply the fast-growing EV/lithium-ion battery markets.
Managing director, Darren Gordon, said, “The Jaguar refinery pilot plant test work programme was a success in every respect, with all objectives of the work achieved to a high level.”
Canagold Resources (TSX: CCM | OTCQB: CRCUF | Frankfurt: CANA) has announced an updated mineral resource estimate (MRE) for its New Polaris Gold project located in British Columbia, Canada.
The MRE now states that the underground resource is 2.97Mt at 11.6g/t Au for 1.11Moz contained gold indicated, as well as 0.93Mt at 8.93g/t Au for 0.27Moz contained gold inferred.
“Canagold’s 2021-22 exploration programme has proved highly successful in reaching our primary objective of adding more gold ounces into the Indicated category,” said Catalin Kilofliski, CEO of Canagold.
Iceni Gold Limited (ASX: ICL) has obtained high-grade rock chip assays that have been returned from the Guyer target area in western Australia.
Ongoing fieldwork has discovered over 700 gold nuggets along the Guyer Trend to date, with more than 100 gold nuggets recovered during the last four weeks.
“New high-grade gold results have been discovered within the Guyer target area, providing strong evidence of deeper buried mineralization being revealed at surface by the company’s ongoing exploration work,” technical director, David Nixon, said.
Additionally, Cannindah Resources (ASX: CAE) has intersected 110m of mineralized copper breccia from 156m to 267m in hole 19 at its Mt Cannindah project in Queensland, Australia.
Visual estimates are in the order of 2% – 4% chalcopyrite, with some individual metres greater than 5% chalcopyrite.
Although laboratory assay results are awaited, preliminary data suggests this zone is expected to return a copper intersection of around 110m downhole with copper values in the range 0.8%-1.2% Cu.
Kuniko (ASX: KNI) has obtained positive final assays from its four completed drill holes following the maiden drilling campaign at the Ertelien Nickel project on its Ringerike battery metals project exploration licenses in Norway.
“We are delighted with the exceptional drill results achieved from our maiden drill programme at the Ertelien Nickel project which reveal the substantial potential of this nickel-copper-cobalt project,” CEO, Antony Beckmand, said.
“These results validate our commitment to delivering value for our shareholders and highlights the opportunity presented by the growing demand for battery grade nickel sulphate projects.
Other company news
In other news, Millennial Potash Corp. (TSXV: MLP) has named Paul Matysek as a senior strategic advisor. Mr. Matysek has over 40 years of experience in mining and project development and his role will include involvement in all aspects of the Banio Potash project including technical, financial, and marketing activities.
Farhad Abasov, Millennial’s Chair, said, “I had the pleasure of working with him on two successful projects: Energy Metals Corp and Potash One Inc. Paul has a long history of generating tremendous shareholder value for numerous companies, and I am certain with Paul’s help we will be able to turn Millennial Potash into another success story.”