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
This week, OD6 Metals Limited (ASX: OD6) has announced a proposed acquisition of the Historic Gulf Creek Copper Project—a high-grade volcanogenic massive sulphide (VMS) deposit located near the town of Barraba in New South Wales.
The Gulf Creek Project is a historic high-grade Copper–Zinc, volcanogenic massive sulphide (VMS) style deposit that was mined from underground over 100 years ago (1896-1912) to +100m vertical depth and +300m of strike. Historic records describe the mineralization as occurring within three parallel sulphide zones:
- • Cornish Lode averaged 6% to 6.5% Cu
- • Middle Lode averaged 3% to 3.5% Cu
- • Big Lode averaged 2% to 2.5% Cu
In addition, Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTCQX: LILIF) has announced a non-brokered private placement for the sale of: (i) a minimum of 13,333,334 units of the company at a price of C$0.15 per unit for aggregate gross proceeds of C$2,000,000.10; and (ii) a maximum of 23,333,334 units at the offering price for aggregate gross proceeds of C$3,500,000.10. Red Cloud Securities Inc. will be acting as a finder in connection with the offering.
Each unit will consist of one common share in the capital of the company and one transferrable common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at an exercise price of C$0.20 per warrant share for a period of three years following the issue date of the unit.
New exploration and development
White Cliff Minerals Limited (ASX: WCN) has announced initial results from the first project scale airborne geophysical survey at the Rae Copper Project, Nunavut, Canada. Results confirm prospectivity for district scale sediment-hosted copper potential.
With the company’s latest land acquisition, the Hulk exploration district has expanded to cover 152km2 within a larger, broader sub-basin that has interpreted dimensions that exceed 20km by 10km.
The MobileMT airborne survey, conducted over 2,400 line-km at the project, represents the latest innovation in airborne electromagnetic technology and the most advanced generation of airborne AFMAG technologies. It is the only system proven to deliver geoelectrical information from shallow to >1km depth range with high spatial (lateral and in-depth) and resistivity resolution.
The Hulk district represents 505 of the total 2,400 line-km flown as part of the aerial survey. The company continues to review, interpret and analyse several additional anomalies within the greater Rae Project area that have shown elevated conductive signatures – these results will be confirmed prior to the end of the year.
Drilling results
Finally, Asian Battery Metals PLC (ASX: AZ9) has announced the results of the remaining assay data from the Phase 1 diamond drilling programme at the 100% Oval Cu-Ni-PGE prospect, located in the Gobi-Altai region of Mongolia.
The company’s managing director, Gan-Ochir Zunduisuren commented, “After four years of systematic exploration in Mongolia, with the help of the BHP Xplor program in 2023, it is exciting to be a part of an outstanding copper-nickel discovery. It is an exceptional result that shows the mineralization system at Oval has potential for hosting a substantial deposit with a higher grade zone of copper and nickel.”
A massive sulphide intercept in hole OVD021 of 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E3, 0.11% Co (CuEq 12.57%) from 107.2m has been encountered in between high-grade zones of:
- Dense disseminated intercept – 7.85m @0.75% Cu, 0.78% Ni, 0.15g/t E3, 0.04% Co (CuEq 2.25%) from 99.35
- Net textured intercept – 15.8m @ 1.36% Cu, 1.00% Ni, 0.44g/t E3, 0.04% Co (CuEq 3.4%) from 116m
