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 week, Blue Sky Uranium Corp. (TSXV: BSK | FSE: MAL2 | OTC: BKUCF) has closed an over-subscribed private placement announced on 17 April 2024 through the issuance of 18,267,999 units of the company at a price of C$0.06 per unit for aggregate gross proceeds of C$1,096,079.94.
Each unit consists of one common share and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at C$0.09 per share for two years from the date of issue.
Finder’s fees of C$50,986.60 are payable in cash on a portion of the offering to parties at arm’s length to the company. In addition, the company is also issuing 849,777 non-transferable finder’s warrants to the finders. Each finder’s warrant entitles the holder thereof to purchase one common share at a price of C$0.06 per share for two years from the date of issue, expiring on 6 May 2026.
Also, KEFI Gold and Copper (AIM: KEFI) has announced good progress at the company’s high-grade Tulu Kapi Gold Project in Ethiopia. The remaining finance syndicate board processes are on track for final (conditional) approvals during May 2024, whilst project launch preparations have commenced at Tulu Kapi.
Harry Anagnostaras-Adams, executive chairman, commented, “I am delighted with the continuing progress on subsidiary-level project financing for launch in mid2024 of the high-grade Tulu Kapi Gold Project, the current mineral resources of which are 1.72Moz at 2.65g/t. Following previously reported final approvals by syndicate leaders for project debt, equity risk notes and share subscriptions to subsidiaries, we can now report further progress with those outstanding syndicate partners, such that all final approvals are on track to be received this month.”
Notably, these developments coincide with construction works commencing at another Ethiopian industrial scale gold-mine development, west of Tulu Kapi, and the commencement of a modernization programme at the only pre-existing large Ethiopian gold mine, south of Tulu Kapi.
New exploration and development
Osisko Metals Incorporated (TSXV: OM | OTCQX: OMZNF | FRANKFURT: 0B51) has released an updated mineral resource estimate (MRE) at Copper Mountain as part of the Gaspé Copper Project, located near Murdochville in the Gaspé Peninsula of Quebec.
Robert Wares, CEO, and chairman, commented, “We are extremely pleased with the results of the updated mineral resource estimate for the Copper Mountain Deposit. The overall copper resource has increased since we announced the maiden resource estimate in 2022 with significant molybdenum and silver credits now included in the estimate. Integrating the recently announced positive metallurgical testing results, the Gaspé Copper Project is showing excellent potential towards becoming a key Canadian copper-molybdenum producer, located in one of the world’s safest mining jurisdictions.”
The updated MRE comprises an open-pit indicated resource of 495Mt grading 0.37% CuEq, representing a 30% increase in copper-equivalent metal content over the previously reported copper-only inferred resource, as well as greater than 99% conversion rate from inferred to indicated category.
Drilling results
Finally, Atlantic Lithium Limited (AIM: ALL | ASX: A11 | OTCQX: ALLIF) has announced further broad and high-grade assay results from resource drilling completed at the company’s flagship Ewoyaa Lithium Project in Ghana, West Africa.
Assay results received for 4,101m of extensional resource drilling at the project’s Dog-Leg target and sterilization reverse circulation drilling at the proposed plant site, respectively, representing the first results from drilling completed in 2024.
High-grade and broad extensional drill intersections were reported at the new Dog-Leg target, outside of the current 35.3Mt @ 1.25% Li2O JORC (2012) compliant Ewoyaa Mineral Resource Estimate including highlights at a 0.4% Li2O cut-off and a maximum 4m of internal dilution of:
- GRC0177: 27m at 1.85% Li2O from 126m
- GRC1059: 15m at 1.08% Li2O from 126m
- GRC1058: 8m at 0.93% Li2O from 88m
