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 previous week, Leo Lithium Limited (ASX: LLL) has entered into a binding agreement with China’s largest lithium producer, Ganfeng Lithium.
Leo Lithium’s managing director, Simon Hay, commented, “The strategic placement and terms of the proposed cooperation agreement with Ganfeng represent a transformational opportunity for Leo Lithium and provide further validation of the tier 1 quality of Goulamina, including the significant potential upside of our development pathway.”
Leo will raise A$106.1M through the issue of 131M new fully paid ordinary shares in the company, representing 9.9% of Leo Lithium’s total pro-forma shares on issue, at an offer price of A$0.81 per new share.
Also, Voyager Metals Inc. (TSXV: VONE) has approved the completion of its previously announced business combination with Cerrado Gold Inc. (TSXV: CERT) via a plan of arrangement.
The arrangement stipulates that Cerrado will acquire all of the issued and outstanding common shares of Voyager that it does not already own.
The shareholders and option holders who participated in the vote represented approximately 56.4% and 100%, respectively, of all issued and outstanding securities of Voyager entitled to vote on the arrangement resolution. Accordingly, all securityholder approvals required to proceed with the arrangement have been obtained.
Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE:35D) has closed its non-brokered private placement financing of 22,367,977 common shares of the company at a price of C$0.26 per common share, and the concurrent placement of 25,708,946 common shares at the same issue price, for aggregate gross proceeds of C$12.5M.
The concurrent placement includes a lead order from RCF Opportunities Fund II L.P., consisting of 25,552,380 common shares for gross proceeds of C$6.6M.
New exploration and development
Galileo Mining Ltd (ASX: GAL) have released their latest drill results that show disseminated sulphide mineralization continuing north of the Callisto discovery along the prospective 5km target horizon within the company’s wholly-owned Norseman project in western Australia.
The company has also confirmed it is moving ahead with drilling preparations for new targets within the Norseman project.
“The significance of the Callisto discovery at our Norseman project has yet to be fully realized as we continue to intercept wide zones of sulphide well to the north of the original discovery,” managing director, Brad Underwood, said.
Further, Marvel Discovery Corp. (TSXV: MARV | GR: O4T | OTCQB: MARVF) and Falcon Gold Corp. (TSXV: FG | GR: 3FAGR | OTCQB: FGLDF) have expanded the Golden Brook Lithium prospect to include reconnaissance over the northwest portion of the property, which covers over 30km along the prospective Cape Ray Fault Zone.
The Cape Ray Fault Zone has historically been recognized as being fertile for gold. The property is in proximity to several gold prospects including Wilding Lake, Cape Ray, the past producing Hope Brook, and advanced stage gold deposit, Valentine.
Work at the Kraken Pegmatite field continues with a focus on determining the potential for lithium-bearing pegmatites. Marvel has expanded the project to include areas of the property overlying the fault zone to explore the potential for gold mineralization associated with the fault system. The company originally acquired Golden Brook for its gold potential. Within this immediate area, the most significant deposit is the former Hope Brook Gold Mine, which was in production from 1987 to 1997, producing 752,163oz of gold.
Drilling results
In drilling results, Kuniko (ASX: KNI) has discovered a new shallow mineralized zone at the Middagshvile site in Norway, which has yielded the company’s highest cobalt assays to date.
After the successful maiden drilling programme in mid-2022 at the Middagshvile location of the Skuterud Cobalt project, which resulted in cobalt mineralization intercepts in all eight diamond drill holes, Kuniko expanded its drill campaign in February 2023 to assess the continuity and extent of mineralization both along strike and at depth.
“These are exceptional assay results from our new shallow mineralized zone at the Middagshvile target, delivered from our recently completed drilling programme at the Skuterud Cobalt project,” CEO, Antony Beckmand, said.
Other company news
Century Lithium Corp. (TSXV: LCE |OTCQX: CYDVF) has repeated the production of a high-purity lithium carbonate (Li2CO3) grading 99.87% with lithium-bearing claystone from the company’s wholly-owned Clayton Valley Lithium project in Nevada, USA.
Several kgs of the high purity Li2CO3 were made from the intermediate lithium solutions generated in January at the company’s lithium extraction facility in Amargosa Valley, Nevada. Following direct lithium extraction at the pilot plant, solutions were shipped to Saltworks Technologies Inc. where final processing was completed.
Finally, Pan Global Resources Inc. (TSXV: PGZ | OTCQB: PGZFF) has reported its fourth quarter and audited annual financial results for the financial year ended 31 January 2023. The company reported a year-end cash balance of C$8.9M.
The company completed more than 16,600m of drilling on 10 targets at its Escacena and Águilas projects. On 30 January 2023, the company announced a 20,000am multi-target drill programme for 2023.
