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.
New exploration and development
To kick off the new year, Electrum Discovery Corp. (TSXV: ELY | FRA: R8N |OTC: ELDCF) has successfully completed and reported the results of a high-resolution induced polarization survey conducted by Terratec Geophysical Services, and the results of 3D geochemical porphyry targeting analysis performed by Fathom Geophysics.
These results highlight multiple high-priority targets at Timok East copper-gold project in Serbia which the company plans to test with diamond drilling in Q1 2025.
Dr Elena Clarici, CEO and president of Electrum commented, “The IP survey results enhance our understanding of the subsurface mineralization potential at Bambino Central, providing critical information on the orientation of the target ahead of our maiden drill programme at Timok East. The integration of IP and 3D geochemical targeting not only validate our exploration model but also outline multiple drill targets, both near surface and at depth at Bambino. With the recently completed financing, we are fully funded for our maiden 2,000m drill programme, set to commence in early 2025.”
Firetail Resources Limited (ASX: FTL) has announced that following a rigorous selection process, it has been selected as one of eight exploration companies to participate in BHP’s 2025 Xplor programme.
The Xplor programme was established in 2023 to support promising minerals explorers to accelerate the exploration needed to support the energy transition. Over a six-month programme period, BHP Xplor targets development of technical, business, and operational excellence within participating companies.
As a 2025 BHP Xplor cohort, Firetails’ Picha Project will benefit from a one-off, non-dilutive grant of up to US$500,000, and Firetail will receive in-kind services, mentorship, and networking opportunities with BHP and other industry experts and investors.
Drilling results
Additionally, Anax Metals Ltd (ASX: ANX) has announced results from on-going exploration work at the Evelyn Project, part of the larger Whim Creek Project, located 115km southwest of Port Hedland.
Results from rock chip samples collected during field reconnaissance at Evelyn South include:
– 14.6% Cu, 0.42% Zn, 0.12% Co, 0.47g/t Au, and 79.9g/t Ag in sample 24WDR0048
– 12.2% Cu, 0.85% Zn, 0.25% Co, 0.59g/t Au, and 37.2g/t Ag in sample 24WDR0049
Anax also completed a soil geochemical programme at a grid spacing of 25 x 50m over the prospective horizon starting immediately south of the Evelyn deposit and extending to the edge of the tenement boundary.
Additionally, field reconnaissance undertaken recently located a small gossan exposed within the Evelyn West trend. Assay results from this gossan sample returned anomalous results including 671ppm Cu, 0.12% Zn, and 101ppm Co). This gossan sample represents the only in-situ geochemical result from the Evelyn West trend and is the first evidence of base metal prospectivity along this completely untested VTEM corridor.
Other news
Meanwhile, Riversgold Limited (ASX: RGL) has announced that rock chip sampling is continuing at the Saint John copper, gold, copper, silver, and antimony project, located in New Brunswick, Canada, with further results continuing to confirm the high-grade tenor of mineralization over a significant footprint within the 101km2 approved tenement package.
At the Prince of Wales Prospect, significant rock chip results from a quarry and roadside cutting include:
▪ 7.38% Cu, 2.38g/t Au, 148g/t Ag, 1.54% Pb (RGLSJ24_026)
▪ 109g/t Ag, 6.16% Pb (RGLSJ24_029)
▪ 6.23g/t Ag (RGLSJ24_064)
▪ 1.78g/t Ag (RGLSJ24_062)
▪ 48.5g/t Ag (RGLSJ24_027)
David Lenigas, chairman of Riversgold, said, “Assays continue to confirm that the Saint John Project in New Brunswick, Canada, where multiple multi-metal targets are being defined over the ~25km strike of the project area, is a significant discovery, in a previously unexplored area of Canada with excellent infrastructure so close to the US border. Easy access to project areas and favourable climate is being proven by continued on ground work which started again on January 3 after a break through the Christmas/New year holiday.”
