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, Bastion Minerals Limited (ASX: BMO) has signed a binding Letter of Intent (LOI) with ASX listed Hot Chili Ltd (ASX: HCH) for an option for HCH to acquire the Cometa Copper Project, Chile, for up to US$3.3M in cash.
Executive chairman, Mr. Ross Landles, commented, “The Bastion Board is thrilled with the outcome for the divestment of the Cometa Copper asset to our neighbours in Chile, should the option be exercised. Hot Chili Ltd has a strong track record of consolidating tenure around its Costa Fuego Project and has already undertaken significant due diligence on Cometa.”
Divestment will enable Bastion to realise near term value for shareholders from the Cometa Copper Project and focus on the highly prospective Canadian Lithium Project and Swedish Rare Earth Element (REE) Project.
Millennial Potash Corp. (TSXV: MLP | OTCQB: MLPNF |FSE: X0D) has engaged in a non-brokered private placement of 1,600,000 units, at a price of C$0.40 per unit, for proceeds of C$640,000. 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.
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
In addition, North Arrow Minerals Inc. (TSXV: NAR) has reported sample assay results from its 100% owned DeStaffany Lithium Property, Northwest Territories.
Ken Armstrong, president, and CEO of North Arrow commented, “Ongoing evaluation work at the DeStaffany property continues to support the significant lithium potential of the Moose pegmatites. Systematic channel sampling of the Moose 1 pegmatite has confirmed extensive zones of spodumene mineralization.”
Highlights include:
- Significant lithium mineralization has been returned from nine of 14 channels (54 samples) testing a 260m strike extent of the Moose 1 pegmatite, including 1.81% Li2O over 4m, and 1.42% Li2O over 4m from channels MS1-1 and MS1-2, respectively
- 0.84% Li2O over 4m was returned from Channel MS2-1 in an area of the Moose 2 pegmatite previously mapped as lacking lithium (spodumene) mineralization
- The Moose 3 pegmatite returned 1.10% Li2O over 2m, supporting observations of abundant spodumene mineralization at this newly discovered locality
Drilling results
Pan Global Resources Inc. (TSXV: PGZ | OTCQX: PGZFF) has reported assay results for 15 drill holes at the La Romana discovery at the company`s 100% owned Escacena Project in the Iberian Pyrite Belt, southern Spain.
La Romana represents a coherent zone of moderately northward-dipping copper-tin-silver mineralization, currently delineated over approximately 1.2km along strike and from surface to 400m down-dip. A planned 25-hole drill programme is ongoing to expand and test the western extensions to the near-surface mineralization at the Romana West target.
Highlights include:
- LRD158 – 5.6m at 1.2% Cu, 3.3g/t Ag from 195.4m, and 1m at 3.6% Cu, and 19.4g/t Ag from 109m
- LRD154 – 23m at 0.4% Cu, 0.12% Sn, 2g/t Ag from 33m, including
– 7m at 0.5% Cu, 0.23% Sn, and 2.8g/t Ag
- LRD147 – 32.25m at 0.4% Cu, 0.05% Sn and 1.3g/t Ag from 114m, including
– 3.25m at 1.9% Cu, 0.36% Sn and 7.6g/t Ag
Also, Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has received its first batch of assay results from the 2023 exploration drill programme at the Premier Gold Project, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. These results are from surface drilling for in-fill and exploration purposes at the Prew Zone in the Premier deposit, southeast of the Premier mill.
Derek White, president, and CEO of Ascot commented, “The 2023 exploration programme is off to a great start, with two drill holes intercepting high-grade gold mineralization outside of existing stope shapes. This indicates strong potential for additional mineralization to be converted into near-term mine plans.”
Other company news
Finally, Talisman Mining Ltd (ASX: TLM) has appointed the highly regarded mining executive and geologist, Andrew Munckton, to the newly created role of managing director, effective immediately.
Mr Munckton is an experienced geologist who has held senior management roles with a number of ASX-listed companies in a career spanning more than 30 years.
Most recently, Andrew has spent the past five years as managing director of gold exploration and development company, Kin Mining, where he oversaw the delineation of a 1.54Moz mineral resource at the Cardinia Gold Project, located in the Leonora region of the Eastern Goldfields region, Western Australia.
