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 last seven days we heard plenty of financing news, starting with Alliance Western Australian battery metals developer Alliance Nickel Ltd (ASX: AXN), entering into a game changing binding offtake agreement and share subscription agreement with multinational automotive manufacturing corporation Stellantis N.V.
The deals relate to future offtake from Alliance’s NiWest nickel-cobalt project in WA.
“The binding agreements with Stellantis, one of the world’s leading and most forward-thinking vehicle manufacturers, are transformative for the future of Alliance.” Alliance managing director and CEO, Paul Kopejtka said.
Meanwhile, Kefi Gold and Copper (AIM: KEFI) signed a final umbrella agreement for the project financing of the company’s Tulu Kapi gold project in Ethiopia held under Tulu Kapi Gold Mines Share Company (TKGM).
The agreement was signed at a ceremony in Addis Ababa, attended by several senior Ethiopian government officials, the British prime minister’s trade envoy, the ambassadors to Ethiopia for Britain and for Australia, in addition to representatives of the project’s participants and financing parties.
“We move forward successfully despite the complexities of such syndications and, in particular, being the first to do so against the backdrop of a fast-changing Ethiopia. It is heartening to witness Ethiopia proactively working to regain its position as one of the highest growth countries globally.” executive chairman, Harry Anagnostaras-Adams, commented.
Finally, Defense Metals Corp. (TSXV: DEFN) has undertaken a non-brokered private placement financing for aggregate gross proceeds of C$12.5M.
As part of the concurrent placement, the company has received a lead order from RCF Opportunities Fund II L.P. (RCF) for approximately C$6.6M. John Robins, strategic advisor to the company will also participate in the offering.
New exploration and development
There has been several exploration and development updates, including Cerrado Gold Inc. (TSXV: CERT) commencing the loading of ore onto a heap leaching pad at its inaugural heap leach project in Las Calandrias, Santa Cruz Province, Argentina. The company expects to commence leaching in the next 7-10 days, with the first gold pour in early June.
Mark Brennan, CEO and chairman commented, “With Las Calandrias now set to enter production, we are thrilled to be delivering on our growth strategy for Argentina, outlined in early 2022. We continue to expect further growth from the Martinetas heap leach project as well as future underground development and exploration efforts which are anticipated to grow the resource base for both heap leach and CIL production.”
Additionally, Intrepid Metals Corp. (TSXV: INTR | OTC: IMTCF) has entered into a purchase and sale agreement for an additional 22 unpatented lode mining claims from Clive Bailey, a local landowner, and Arizona-based professional geologist.
The new acquisition adds an additional 472.5 acres (191ha) to the project for a total land package of 8,972 acres (3,631ha).
Zacapa Resources Ltd. (TSXV: ZACA) announced the acquisition of the Kramer Hills gold project, centered on the past producing Shaharald oxide gold mine in San Bernardino, California in the US.
“Kramer Hills contains historical resources with robust oxide gold grades and has excellent potential for expansion along strike and at depth. The greater than 2km strike length of historic mineralization under thin cover along with widely distributed gold occurrences in the Kramer Hills district suggests there is good potential to add additional oxide gold mineralization to the deposits and make new discoveries.” Commented executive chairman Ian Slater.
Drilling results
In drilling news, both American West Metals Limited (ASX: AW1) and Aston Bay Holdings Ltd. (TSXV: BAY) continue to enjoy exciting exploration success with drilling and geophysical activities at the Storm Copper project on Somerset Island, Nunavut, Canada.
An extensive Reverse Circulation (RC) drilling programme and Moving Loop Electromagnetic (MLEM) survey is now underway at the company’s 4100N Zone. The drilling programme will initially aim to drill out maiden copper resources at the 4100N, 2750N and 2200N Zones, and test key exploration targets. Surface electromagnetics is underway to highlight enriched zones of mineralization and to refine targets for the remaining resource drilling.
Surface electromagnetic geophysics is underway to highlight enriched zones of mineralization, refine targets for the remaining resource drilling and define new drill targets.
“We are very pleased with the impressive progress of our partner American West Metals in this early exploration programme,” CEO, Thomas Ullrich, said.
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