Welcome to our roundup of some the biggest mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing news over the last week kicked off with Magnetic Resources NL (ASX: MAU) receiving binding commitments for approximately A$1.02 million via a share placement. Managing director, George Sakalidis, said the funds raised will be predominately used for additional deep drilling, metallurgical, resource and scoping study work at the Hawks Nest 9 and Lady Julie projects in Western Australia, together with additional working capital.
Drilling news over the last seven days starts with Rox Resources (ASX: RXL) obtaining further promising drill results from the Youanmi Gold Project near Mount Magnet, Western Australia. “We are pleased to report further high-grade results from the Link Prospect at Youanmi,” managing director, Alex Passmore, said. “These latest assays add to our confidence that mineralization in this area is hanging together nicely and will deliver into an updated resource inventory in due course.”
Successful drilling results continued across Western Australia with Magnetic Resources’ (ASX: MAU) recent RC drilling programme of 14 holes for 1,780m identifying a 1km prospective zone with the best intersection to date at Homeward Bound South in Western Australia.
In Canada, Surge Copper Corp. (TSXV: SURG) (OTCQX: SRGXF) has intersected 422m grading 0.52% copper equivalent from 20m downhole depth at the company’s 100% owned Ootsa Property in British Columbia. Blackstone Minerals Limited (ASX: BSX) has intersected sulphide mineralization in the first drill-hole targeting a large IP anomaly at the Jewel Prospect at the Gold Bridge Project. Managing director, Scott Williamson, said further drilling will target extensions of the mineralization discovered in JWD21-01.
Ionic Rare Earths Limited (ASX: IXR) received positive assays for Tranche two of the 8,220m Phase 4 drill programme completed in October at the Makuutu Rare Earths Project in Uganda. The company announced it is awaiting the remaining assays, however due to the delays it will likely be the second quarter of 2022 before an updated Mineral Resource Estimate is released.
Galantas Gold Corporation (TSXV/AIM: GAL; OTCQX: GALKF) also obtained high-grade results for the second underground hole in its ongoing 4,000m drilling programme at the Omagh Project in Northern Ireland. “The additional high-grade intercept in a parallel vein with continuity demonstrates the potential to discover additional high-grade mineralization at Omagh and expand the gold resources as the company advances its plans to commence mining early in the new year,” CEO, Mario Stifano, said.
Galileo Mining Limited (ASX: GAL) has commenced a new diamond core drilling programme at the Delta Blues prospect within the Fraser Range region of Western Australia. “We expect the drill programme to be finished prior to Christmas and we look forward to updating the market as results become available,” Brad Underwood, the company’s managing director, said.
Finally, Galan Lithium Limited (ASX: GLN) has unveiled positive results of the Preliminary Economic Assessment (PEA) for its 100% owned Candelas Project in Catamarca Province, Argentina. The study estimated a production profile of 14,000 tonnes per annum of battery grade lithium carbonate product including some technical grade product for the first three years.