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, Hot Chili Limited (ASX: HCH | TSXV: HCH | OTCQX: HHLKF) has closed its previously announced transaction with Osisko Gold Royalties Ltd. This is pursuant to which Hot Chili receiving US$15M in exchange for the sale of a 1.0% net smelter return (NSR) royalty on copper and a 3% NSR royalty on gold.
The Costa Fuego Copper Project is the consolidation of the Cortadera porphyry copper-gold deposit and the Productora copper-gold deposit, set 14km apart in a low altitude, coastal range of Chile.
The investment by Osisko has strengthened the company’s current cash position to approximately A$26M, demonstrated strong look-through value of the project’s economics and provided another significant endorsement of Hot Chili’s Costa Fuego project from one of North America’s leading royalty-streaming groups.
Millennial Potash Corp. (TSXV: MLP | OTCQB: MLPNF | FSE: X0D) is engaging in a non-brokered private placement of up to 5M units at a price of C$0.40 per unit.
Each unit is comprised of one common share and one-half of one share purchase warrant exercisable at a price of C$0.60 per share for a period of two years from the date of issuance.
A commission of seven percent cash and seven percent finders warrants will be payable on a portion of the private placement.
The company has said that proceeds of the private placement will be used to fund the company’s further exploration and development of its Banio Potash Project, as well as for general working capital purposes.
New exploration and development
Also, Ascendant Resources Inc. (TSX: ASND | FRA: 2D9) has announced results of its initial NI 43-101 feasibility study (FS) for its Venda Nova deposit at its Lagoa Salgada VMS Project, Portugal, based upon an updated mineral reserves and resources estimate.
Mark Brennan, executive chairman of Ascendant stated, “We are very pleased to have completed this initial FS for the Venda Nova deposit at Lagoa Salgada. It is the first comprehensive study covering all aspects of the operations required for the commercialization of the project.”
While completing the FS satisfies the requirements for Ascendant to earn an 80% interest in the project as required under the earn in option agreement, the company believes that with additional time now available, the following near-term optimization opportunities exist to further enhance the FS prior to commencing development work over the next six months.
Centaurus Metals (ASX: CTM | OTCQX: CTTZF) has stated that step out drilling targeting further resource growth at its wholly-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil continues to deliver outstanding results.
Drill hole JAG-DD-23-593 on section 478090mE intersected 19.0m at 2.13% Ni from 220.0m (including 11.0m at 3.31% N from 223.0m) and 22.0m at 1.92% Ni from 325.0m (including 9.0m at 3.43% Ni from 325.0m).
Drilling results
Kuniko Ltd. (ASX: KNI) has reported that its drill programme at the Middagshvile target, Norway, continues to yield solid cobalt results, confirming significant mineralization.
Antony Beckmand, CEO, commented, “Our drilling programme at the Middagshvile target continues to deliver ongoing success, with several key positive outcomes for Skuterud. Most notably, we have discovered an expanded strike length of the mineralization, which is an exciting development.”
Drillhole KNI_MDV014 has returned high-grade assays in both the shallow and deeper targets at Middagshvile.
Assay results from KNI_MDV014 and KNI_MDV015 in the deeper mineralized zone at Middagshvile confirm the continuity of mineralization and highlight the potential for higher-grade zones.
Meanwhile, Talisman Mining Ltd (ASX: TLM) has provided an update on ongoing drilling and exploration activities at its 100% owned Lachlan Copper-Gold Project, NSW.
The company commenced an expansive, systematic, and multi-pronged exploration programme focusing on the central Lachlan Project earlier this year, with the aim of developing a staged exploration pipeline that is constantly replenished through ongoing geophysics and geochemistry programmes.
Multiple intervals of over 1g/t gold mineralization were returned for drill-holes displaying disseminated and veined sulphides at the Carpina North and Stella prospects, within Talisman’s Lachlan Copper-Gold Project.
Other company news
Finally, Mark Jarvis, CEO of Giga Metals Corp. (TSXV: GIGA | OTCQX: GIGGF | FSE: BRR2) has announced that its common shares, previously trading on the OTCQX Best Market under the ticker symbol “HNCKF”, are to commence trading on the OTCQX Best Market under the ticker symbol “GIGGF”, effective 24 July 2023.
The corporation will continue to trade on the TSX Venture Exchange in Canada under the symbol “GIGA.V” and on the Frankfurt Stock Exchange (FSE) under the symbol “BRR2”.
No action is required by current shareholders with respect to the ticker symbol change.
