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 seven days, Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA:2D9) has announced that following a successful and oversubscribed tender process, it has selected an international bank to act as the MLA for its export credit agency (ECA) supported non-recourse project financing at its Lagoa Salgada Project, Portugal.
The company is currently in the process of reviewing the engagement letter and expects to announce the bank and terms in early November.
The company, together with its advisors SD Capital Advisory Ltd and GKB Ventures Ltd, initiated a tender process to solicit interest from a number of global project finance banks to act as MLA for the company’s ECA supported non-recourse project financing, supported by the UK Export Finance agency (UKEF).
Tim Moody, Pan Global president, and CEO, commented, “The exceptional support from key existing and new investors places us in a strong position to advance exploration and resource delineation at our flagship Escacena Project in southern Spain. The proceeds from this financing are expected to fund the 2024 exploration programme at the multi-target Escacena project and the La Romana maiden resource.”
Following the upsizing, the company will now be issuing up to 30M units for aggregate gross proceeds of up to C$6M. Each unit will be comprised of one common share and one non-transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of C$0.30 for a period of three years from closing of the offering.
New exploration and development
In development news, Santacruz Silver Mining Ltd. (TSXV: SCZ) has reported its Q3 2023 production results from its Bolivar mine, Porco mine, Caballo Blanco Group of mines, and the San Lucas feed sourcing business, all located in Bolivia, and the Zimapan mine which is located in Mexico.
Highlights included Q3 2023 metals production of 1.73Moz of silver; 3,370t of lead; 23,095t of zinc; and 252t of copper. The Bolivar mine processed 77,298t of mineralized material and produced 1.34Moz Ag Eq in Q3 2023, a 16% and 40% increase, respectively, when compared to Q2 2023. The Zimapan mine processed 192,158t of material and produced 1.18Moz Ag Eq in Q3 2023, a 12% and 35% increase, respectively, when compared to Q2 2023.
- ATO Gold Mine production passed the 100,000oz threshold
- Project to date mined ore has reached 3.894Mt
- Project to date stacked ore has reached 3.529Mt
- Increasing annual production from approximately 30koz in 2023 and 2024 to over 100koz Au Eq from the end of 2025
Mr. Bataa Tumur-Ochir, chairman, and CEO, commented, “We are very excited to pass the 100,000oz milestone at the ATO Gold Mine. In difficult circumstances our team has remained focused on delivering the best production outcomes, using responsible mining best practices and, most importantly, providing a safe workplace for all our team members.”
Freegold Ventures Limited (TSX: FVL | OCTQX: FGOVF) has reported additional higher-grade mineralization at its Golden Summit project. The two holes reported are from the northwest limits of the Dolphin Zone.
Drilling is also targeting previously untested higher-grade zones, the Tolovana vein swarm and the Saddle Zone. While assays have yet to be received for these two target areas, visible gold occurrences have been noted in both zones.
Drill holes GS2318 and GS2319 were drilled on section 478850E as part of a series of fences of holes aimed at demonstrating the continuity of the higher-grade mineralization as well as delineating the extent of the mineralization to the north and northwest.
Hole GS2319 continued to demonstrate the continuity of a higher-grade core northwest of the February 2023 resource, including a 1.05g/t Au over 164.3m beginning 425m downhole, above the average resource grade of 0.92g/t Au.
Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has received the second batch of assay results from the 2023 exploration drill programme at the company’s Premier Gold Project, located in the prolific Golden Triangle, British Columbia.
These are the final results from surface drilling for in-fill and exploration purposes at the Prew Zone in the Premier deposit, southeast of the Premier mill.
Derek White, president, and CEO commented, “With seven assays grading over an ounce per tonne gold in just these 12 holes, we are pleased with the high-grade tenor of the drill results, and better than expected sizes and grades in the Prew Zone. Development work recently commenced on the Premier portal and decline which will access the Prew Zone anticipated in early 2024 prior to mill start-up and initial gold production.”
Other company news
Finally, Iceni Gold Limited (ASX: ICL) has appointed James Pearse as a non-executive director of the company. Pearse is a corporate lawyer with over 10 years’ experience working for national, international, and boutique law firms advising Australian businesses mainly in the mining, oil & gas, and technology sectors.
Pearse is also a director of law firm, Larri Legal, and a director of various public and private companies. He holds bachelor degrees in both law and commerce, majoring in finance. In conjunction with the appointment of Pearse, Hayley McNamara has resigned as a director of the company to pursue other opportunities.