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
Financing news over the last week kicked off with Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) announcing that its C$4.0M non-brokered flow through private placement has now closed.
The offering raised total gross proceeds of C$4,050,000 and consisted of 5,000,000 common shares of the company, which qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada), at a price of C$0.81 per FT Share.
Falcon Gold Corp. (TSXV: FG) also reported the acquisition of 76 claims (approximately 33km2) in the Nickel North area of Quebec. This area has been in the news recently with the announced option agreement between 1844 Resources and Nickel North Exploration.
1844 Resources has the option to acquire from Nickel North, 100% interest in the Hawk Ridge Property by paying C$6M in cash and issuing 10M shares over the term of the five-year option agreement.
New exploration and development
In exploration and development news, we heard that Mako Gold Limited (ASX:MKG) has discovered extensive manganese mineralization on its Ouangolodougou permit which, along with the Korhogo Nord permit, constitute the company’s wholly-owned Korhogo Project in Côte d’Ivoire.
“We are very excited by this opportunistic manganese discovery at Korhogo which was made by our dedicated team of geologists during mapping of the Ouangolodougou permit.” managing director, Peter Ledwidge, commented.
Newcore Gold Ltd. (TSXV: NCAU) also filed a technical report supporting its updated mineral resource estimate (MRE), which was prepared in accordance with NI 43-101, for the company’s 100% owned Enchi Gold Project in Ghana.
The resource was completed by BBA E&C Inc. (BBA) of Sudbury, Ontario, Canada. The technical report, titled “Mineral Resource Estimate for the Enchi Gold Project” has an effective date of 25 January 2023, and is reported using a gold price of US$1,650/oz.
Similarly, Siren Gold Limited (ASX: SNG) has announced an MRE for its Big River Gold Project in New Zealand, which has a maiden 105Koz resource at 3.94g/t Au defined from two of six shoots.
The report states that the Big River deposit remains open in all directions with significant potential for increased gold resources from additional exploration drilling and now stands at 1.1Moz at 3.1g/t Au (100% basis).
We also heard that Provenance Gold Corp. (CSE: PAU | OTCQB: PVGDF) has received a final drill permit from Oregon’s Department of Geology and Mineral Industries (DOGAMI) for the drilling of its Eldorado gold property in Oregon.
“This is a very positive step for Provenance.” said project manager, Steven Craig.
The project is in sparsely populated desert in mining friendly eastern Oregon. The company had previously received permitting approval by the Bureau of Land Management (BLM), on whose land the project is situated.
There was also Exploits Discovery Corp. (CSE: NFLD | OTCQX: NFLDF | FSE: 634) who initiated a multi-stage summer fieldwork programme within the Gazeebow claim group, Newfoundland, for early May of this year.
The programmes have been designed to locate new gold targets within the company’s recently staked southern sector, as well as advance several 2022-indicated mineralizations to the drill-ready stage.
Drilling results
A few drilling highlights over the past few days include Kuniko Ltd (ASX:KNI) receiving record assay results with strong cobalt grades at the Middagshvile Target at the company’s Skuterud Cobalt project in Norway.
Drill hole assays from hole KNI_MDV011 yielded significantly elevated cobalt grades in a newly discovered shallow and broad high-grade mineralized zone of 6.2m @0.43% cobalt from 25.2m downhole.
Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) announced production results for the first quarter of 2023 from its Minera Don Nicolas Mine in Santa Cruz Province, Argentina. Full financial results are expected to be released on 8 June 2023.
Q1 operating highlights include 2023 gold production of 13,794oz and gold equivalent ounce production of 13,951oz as compared to 13,499 in Q1 2022. GEO sales in Q1 of 16,255oz compared to 15,044oz in Q1 2022. Results demonstrate ongoing stability in mill throughput combined with improving head grades and recoveries. Gold head grades 4.59g/t and gold recoveries of 91.9% for the quarter.
We also saw that Argentina Lithium & Energy Corp. (TSXV: LIT) continued to obtain positive lithium brine results at its Rincon West Project in Argentina.
The results include a 178m section with results ranging from 241 to 340mg/l lithium (no sample was collected from 30m of this interval) from the seventh diamond drill hole of the current programme.
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