Welcome to our roundup of the most popular mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
We kick off with news this week that Arafura Resources Limited (ASX: ARU) has appointed two leading mining project finance institutions as the initial Mandated Lead Arrangers and Bookrunners (MLAs) to arrange the debt financing facility for the development of the company’s wholly owned Nolans rare earths Project in Australia’s Northern Territory.
The two initial MLAs, Société Générale and National Australia Bank, have been engaged to arrange and syndicate a finance facility targeting debt funding in the order of 60% of the estimated total development cost of the Project, including working capital and other credit facilities.
The proposed funding package will also comprise a separate cost overrun facility. The MLAs, subject to the terms of the mandate letter, will seek to arrange limited recourse debt finance of approximately US$510 million (inclusive of cost overrun facility).
New Exploration and Development
In development news, Galantas Gold Corporation (TSXV & AIM: GAL | OTCQX: GALKF) continues to remain on target with plans to commence production at the Omagh Project in Northern Ireland.
The company has made significant progress in rehabilitating the underground workings, refurbishing and acquiring critical mining equipment, and installation of electrical, water and ventilation systems.
“Our team has made significant progress to recommence production at Galantas,” said CEO Mario Stifano.
“The decision to delay the completion of the secondary egress prior to commencement of production by approximately six weeks is part of our commitment to best mining and operational practices for the long-term success of the Omagh Project and mining in Northern Ireland.”
Siren Gold Limited (ASX: SNG) has identified a new 3km, NW trending gold zone in exploration activities at its Lyell project in New Zealand.
The outcropping mineralised zone extends for around 50m along strike and may be up to 10m thick. This mineralisation looks very similar to the disseminated acicular arsenopyrite mineralisation found at Alexander River. Rock chip results ranged from 0.7 to 8.6g/t Au.
Drilling Results
In drilling headlines, we heard that Astra Exploration Inc. (TSXV: ASTR) has drilled multiple gold intercepts in the first 11 of 30 completed drill holes at the Pampa Paciencia gold-silver project in northern Chile.
“These first drill results in Astra’s brief history are exciting as they define a wide shoot of mineralisation near surface that is open along strike and to depth,” said CEO Brian Miller.
Capitan Mining Inc. (TSXV: CAPT) has unveiled promising exploration results from five reverse circulation drillholes at its 100% owned Jesús María Silver Zone, at the Cruz de Plata Project (Formerly referred to as Peñoles), Durango, Mexico.
Alberto Orozco, the company’s CEO, said, “I am very excited with the first drill results from the Jesús María silver zone. The grades reported have been quite impressive and have broadened the existing zones of silver mineralization at Cruz de Plata.”
Newly listed Lahontan Gold Corp. (TSXV: LG) also released assay results from five core holes, totalling 1,368m, which were completed in 2021 at the company’s 19km2 Santa Fe Project in Nevada’s Walker Lane.
The company states that the core drill holes explored down-rake and on-strike extensions to the high-grade BH Zone and shallow, potentially open pit minable, Au and Ag mineralization southeast of the past producing Santa Fe open pit.
Libero Copper & Gold Corporation (TSXV: LBC | OTCQB: LBCMF | DE: 29H) has received complete assay results from the first diamond drill hole by Libero Copper (MD-043) into the Mocoa porphyry copper deposit located in Putumayo, Colombia.
“This first hole has confirmed and demonstrated the exceptional grade, thickness and strength of the mineralising system present in the Mocoa area,” said president and CEO, Ian Harris.
“The company plans to systematically unlock the potential of the Mocoa deposit area by working closely with the community and all levels of government to build a future that will be mutually beneficial for sustainable growth for all stakeholders.”
Also in the News
Finally, the Portuguese government has recognized Ascendant Resources’ (TSX: ASND | OTCQB: ASDRF) polymetallic Lagoa Salgada volcanogenic massive sulphide project as a Project of National Interest (PIN).
Mark Brennan, Ascendant Resources’ executive chairman, said that this recognition is a very significant milestone for the project.
“We view this as a strong endorsement of the benefits the Lagoa Salgada project will bring to the communities of Grândola and Alcácer do Sal, who have been extremely supportive to date, and Portugal itself.”
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