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, Exploits Discovery Corp. (CSE: NFLD | OTCQX: NFLDF | FSE: 634) has announced that it will conduct a non-brokered private placement of up to approximately 18.2M flow-through common shares each at a price of C$0.11 each for gross proceeds of C$2.0M.
The gross proceeds received from the offering will be used to incur eligible Canadian exploration expenses that are flow-through mining expenditures as defined in the Income Tax Act (Canada) in relation to the company’s mining projects.
In connection with the offering, the company may pay a finder’s fee in respect of subscribers introduced to the company by an eligible finder.
Lotus Resources Limited (ASX: LOT | OTCQB: LTSRF) has announced that the Federal Court of Australia has approved the scheme of arrangement between A-Cap and the company’s shareholders, under which Lotus will acquire 100% of the shares on issue in A-Cap.
The court also approved the separate scheme of arrangement between A-Cap and its listed option holders.
The share scheme and the option scheme have been lodged with the Australian Securities and Investment Commission, making the scheme legally effective, and the implementation date has been set as 7 November 2023.
Keith Bowes, managing director, commented, “We are exceptionally pleased that the merger has now become legally effective, with implementation scheduled to occur next week. This merger delivers Lotus a vastly increased resource base of 241Mlb uranium, the bulk of which is located in the top two global mining jurisdiction of Botswana.”
New exploration and development
Also, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has received results from a scoping-level mill reconfiguration study completed by Primero Group for the True North Mill located in Manitoba, Canada. The study examined the viability and cost of reconfiguring the True North gold mill to process lithium ore from Grid’s Donner Lake property to produce a saleable lithium concentrate.
As a result of the positive findings, Grid is proceeding with the lease agreement with 1911 Gold Corporation – the owner of the True North Mill. Grid’s objective of entering the lease is to be one of the next producing lithium companies in North America.
Iceni Gold Limited (ASX: ICL) has provided an exploration update on the North 1 key target area at its 14 Mile Well in the Laverton Greenstone Belt of Western Australia, highlighting recovered gold in quartz at surface.
“This is another example of fieldwork finding gold in a company defined target within the 14 Mile Well project. The team have continued validating targets and anomalies while they are preparing for proposed upcoming drilling,” commented general manager exploration David Nixon.
“The blocky angular nature of the specimen stone is interpreted as being close to the primary mineralization. Ongoing rock chip sampling and prospecting will resolve this anomaly into a drill ready target.”
The surface gold is located on a significant structural intersection on the northern contact of the Danjo Granite and the Castlemaine Fault, where there are indications of historic gold prospecting activity. Fieldwork continues to assess and validate this target along with others across the 14 Mile Well project.
Meanwhile, Marvel Discovery Corp. (TSXV: MARV | GR: O4T | OTCQB: MARVF) and Falcon Gold Corp. (TSXV: FG | GR: 3FA | OTCQB: FGLDF) have received assay results from the 2023 exploration programme conducted over the Kraken project in Newfoundland, Canada. The project covers the central portion of the Golden Brook Property and is located approximately 150km south of Deer Lake.
“To get numbers like these on a first phase sampling programme is truly remarkable, we were focused on gold and lithium, and to have found multiple new rare and critical element discoveries in the camp suggests a significant potential for further discovery is within this treasure chest,” commented CEO Karim Rayani.
Preliminary results have identified the following highlights:
- 16.9% of results deemed anomalous for lithium, with highest lithium returning 143ppm
- 5.6% of results deemed anomalous for lanthanum, with highest lanthanum returning 84ppm
- 9.0% of results deemed anomalous for cerium, with highest cerium returning 162ppm
- 33.1% of results deemed anomalous for tantalum, with highest tantalum returning 29ppm
- 33.1% of results deemed anomalous for niobium, with highest niobium returning 110ppm
- 74.2% of results deemed anomalous for beryllium, with highest beryllium returning 83ppm
Other company news
Chesapeake Gold Corp. (TSXV: CKG | OTCQX: CHPGF) has appointed Mr. Jean-Paul Tsotsos as interim chief executive officer, replacing Alan Pangbourne effective 1 November 2023. Mr. Tsotsos is currently vice-president of corporate development and investor relations and will continue to also hold that role. Mr. Tsotsos has over 15 years of experience in mining corporate development, strategy, capital markets, project evaluations, and project development. He was previously a member of the corporate development team at Hudbay Minerals. Prior to Hudbay Minerals, Mr. Tsotsos worked at BMO Capital Markets in the Metals and Mining Equity Research Group.