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, Strandline Resources Limited (ASX: STA) has launched a A$30M institutional placement through the issue of approximately 166.7M new fully paid ordinary shares, at an offer price of A$0.18 per new share.
In addition to the placement, the company will also be undertaking a share purchase plan (SPP) at the same price as the placement, to raise up to A$5M. The placement and SPP will raise total gross proceeds of up to A$35M.
Strandline’s managing director, Luke Graham, said “The offer marks another key step towards delivering on the company’s goal of creating a globally significant critical minerals business,”
“The placement strengthens the company’s balance sheet and places it in a strong position to complete ramp-up at Coburn to steady-state production, including the processing of heavy mineral concentrate (HMC) into final saleable products via the mineral separation plant (MSP).”
Centaurus Metals (ASX: CTM | OTCQX: CTTZF) has received firm commitments from global institutional, corporate, and sophisticated investors to raise A$46.9M as part of a share placement to underpin the continued de-risking, growth, and development of its 100%-owned Jaguar Nickel Sulphide Project in northern Brazil.
The company will allocate the funds to the completion of a definitive feasibility study on the Jaguar Project and for front end and engineering design work. Centarus will also use funds for priority pre-development work streams and financing activities ahead of a final investment decision and for the Jaguar Deeps drilling programme.
New exploration and development
Also, Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF | FSE: 9RR) has announced that the mineralized McCart nickel property, located approximately 15km west of Iroquois Falls, Ontario, has been added to Renforth’s Ontario exploration property portfolio.
Historic work on the McCart property is recorded as early as 1917, with documentation of nickel on the property. Less than a dozen recorded exploration programmes between 1917 and the present day have occurred, however, they continued to define nickel occurrences with a resulting strike length of approximately 600m.
Currently the main sulphidic zone has been outlined as 3 – 4m wide on surface, consisting of disseminated and net-textured pyrrhotite with minor chalcopyrite and pentlandite. In addition, a historic trench on the property exposes graphitic mudstones with traces of albitization and oxidation. There is also a large body of unrecorded and unexplored felsic volcanics present to the south on the property.
Drilling results
Galileo Mining Ltd (ASX: GAL) has announced exploration results from RC drilling at what’s known as the Jimberlana prospect within the company’s 100% owned Norseman project in Western Australia.
Galileo’s managing director Brad Underwood commented; “The first assays from our most recent exploration drilling programme have painted a very positive picture of the Jimberlana prospect. We have identified a significant sulphide zone on the margin of an ultramafic rock unit which is open down dip and along strike in all directions.”
The first assays from recent RC drilling at the Jimberlana prospect show elevated metals in a newly discovered sulphide zone.
The drill intersection includes an 11m zone starting from a shallow depth of approximately 53m below surface:
- 11m @ 0.21 g/t 3E, 0.18% Cu, 0.13% Ni, and 0.03% Co from 61m downhole (NRC432) including;
- 1m @ 0.68 g/t 3E, 0.52% Cu, 0.44% Ni, and 0.08% Co from 68m
Ionic Rare Earths Limited (ASX: IXR) has progressed its 60% owned Makuutu heavy rare earths project in Uganda.
At the Makuutu demonstration plant technical facility, earthworks have been completed, the facility shed fabricated and delivered to site, and the erection of the technical facility has commenced.
Foundation formwork is currently being set out, with concrete footings commencing within days and superstructure erection within the next four weeks.
Additionally, Ionic has said the demonstration plant will validate metallurgical test work and provide further technical validation basis for grade control, mine design, material handling, metallurgical reconciliation, and construction activity, whilst also supporting project financing and strategic partner activity.
Other company news
Meanwhile, Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE: 35D) has engaged Hatch Ltd. and SRK Consulting Inc. as principal consultants for the completion of a preliminary feasibility study (PFS) regarding its Wicheeda rare earth element (REE) project located near Prince George, Canada.
SRK is one of four key consultants chosen to facilitate the PFS and will take the lead role as overall coordinator of the report, as well as handling the mining and tailings scope of work with support from APEX Geoscience Ltd., Defense Metals’ exploration, geology, and resource consultants.
Hatch will focus on REE concentrating and hydrometallurgical processes and plant facilities, and both capital and operating costs. One-eighty Consulting will be responsible for the environmental studies, permitting, and social or community impact scope. Hatch and SRK, as directed by Defense Metals, have agreed to a partition of responsibilities that allows each group to focus on their strengths. SRK is uniquely positioned to advance the Wicheeda project given their prior involvement in both an extensive scenario analysis evaluation conducted in 2021, and the preliminary economic assessment completed by them in 2021 and published in 2022.
