Welcome to our roundup of the most exciting mining investment, exploration, and development stories on Theassay.com from the last week.
Financing and M&A
In finance news this week we heard that Cyprium Metals Ltd (ASX: CYM) entered into an exclusive Letter of Intent with Glencore International AG for A$50M in respect of a Copper Cathode Offtake Secured Prepayment Facility.
The money will reportedly be used for funding the Nifty Copper development as part of the debt financing for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs.
The Letter of Intent includes a non-binding term sheet for both offtake arrangement and project funding. This is part of the targeted A$240M to A$260M debt funding package to finance the restart of the Nifty Copper Project, which is expected to include senior secured financing and secured offtake financing.
Newcore Gold Ltd (TSXV: NCAU) also entered into an agreement with a syndicate of underwriters led by Stifel GMP pursuant to which the underwriters have agreed to purchase, on a bought deal basis to raise aggregate gross proceeds to the company of C$5,010,000.
The company intends to use the net proceeds from the offering to fund exploration and development expenditures at the company’s Enchi Gold Project in Ghana as well as for working capital and general corporate purposes.
New Exploration and Development
In exploration and development news, Krakatoa Resources Ltd (ASX: KTA) kicked off resource drilling at the Tower REE prospect; at its wholly owned Mt Clere project located in the north-western margins of the Yilgarn Craton, Western Australia.
“It’s fantastic we have been able to get back into the next phase of drilling after only recently discovering the clay hosted REE within the thick laterite regolith around the Tower area of the Mt Clere project,” CEO, Mark Major, said.
“This drilling will allow the company to work towards completing a resource estimation over the area. We are looking forward to completing this infill and extensional drilling as we work on completing the initial metallurgical review.”
The work programme consists of around 3,000m of air-core (AC) drilling, which is fast and relatively cheap. Systematic drilling over the Tower prospect will assist with future resource estimation work. After which step-out opportunistic drilling over the Tower west prospect in conjunction with additional reconnaissance exploration will also assist with resource development. The drilling programme is expected to be completed within three to four weeks
The main deposits include HN9, Lady Julie Central, Lady Julie North 4, Mount Jumbo East and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35km.
“The Maiden Mineral Resource Estimate is a significant milestone for Magnetic Resources with the exceptionally shallow nature of the resources and location of the deposits in the heart of the Laverton and Leonora regions auguring well for strong economics from future development,” managing director, George Sakalidis, said.
There was plenty of drilling news over the last seven days, withCannindah Resources (ASX: CAE) intersecting a high-grade zone in Hole 22CAEDD011, the deepest hole to date at Mt Cannindah Project in Queensland.
The company said the latest “tremendous drill results” demonstrate high grades over considerable down hole depths.
“To once again deliver a massive intercept of 295m @ 1.14%CuEq in the first 500m of hole 11, with the entire hole finishing still in mineralization at a record depth for the project of 1100m is fantastic,” executive chairman, Tom Pickett, said.
Lahontan Gold Corp. (TSX.V: LG) announced drill results from two reverse-circulation rotary drill holes of the company’s 19km² Santa Fe Project in Nevada’s Walker Lane. The two drill holes totalling 518.2m and targeting existing gold and silver mineralization along the Santa Fe fault, were completed in 2021.
“The discovery of yet another high-grade zone along the Santa Fe fault underscores the opportunity for finding additional high-grade zones at the Santa Fe Project,” said Kimberly Ann, CEO, president, director, and founder of Lahontan.
In Kandiole KN1, the continuity of the mineralized gold envelope has been demonstrated and expended laterally with several holes intersecting gold mineralization. In addition, high grade with visible gold (VG) was encountered in the fresh rock.
The reverse circulation and core holes drilling programmes have improved and expanded the knowledge of the geometry of the gold-bearing zones.
Also in the News
The ESG Report provides a comprehensive overview of the company’s ESG commitments, practices, and performance.
“First Mining is excited to publish our inaugural ESG report, which marks an important milestone for the company,” CEO, Dan Wilton, said.
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