Welcome to our roundup of some of the standout mining investment, exploration, and development stories on Theassay.com from the last seven days.
Blackstone Minerals Ltd (ASX: BSX) announced it has received firm commitments to raise A$55M in a heavily oversubscribed shares placement, plus another A$5M through a share purchase plan for existing investors. The funds will be used to support the construction and commissioning of the company’s Pilot Plant Phase 2 in Vietnam. Scott Williamson, Blackstone Minerals’ managing director, said, “The successful completion of the capital raising provides shareholders with the highest leverage and exposure to future value accretive events. The company is well capitalized to independently de-risk the Ta Khoa Project and thereby organically elevate its status as a supplier of choice into lithium-ion battery and electric vehicle supply chains.”
On the subject of pilot plants, we heard how Galan Lithium Ltd (ASX:GLN) is now in possession of the essential government permits from the Ministerio de Mineria (Mine Minister) in Catamarca to build its Stage 1 pilot plant and new camp accommodation at its flagship Hombre Muerto West (HMW) lithium brine project in the South American Lithium Triangle. Furthermore, Galileo Mining Lt (ASX: GAL) has kicked off its aircore drilling campaign at the company’s 100%-owned Norseman project, which is located in Western Australia’s Kambalda nickel belt.
In terms of drilling results, there was great news for Eloro Resources Ltd (TSXV: ELO), which has intersected some significant high-grade mineralization at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia, including 100 AG eq/t. Much further north, Canada Nickel Company Inc. (TSXV: CNC) revealed it has discovered a higher-grade core in the East Zone from its infill drilling programme at its Crawford Nickel-Sulphide Project in Ontario, Canada. Down Under, Kincora Copper Ltd (TSXV & ASX: KCC) reported that its most recent drill hole at the Trundle Park prospect in New South Wales, Australia, has intersected multiple skarn horizons and broad intervals of porphyry style intrusions.
There were highly encouraging results for S2 Resources Ltd (ASX: S2R) from its target generating soil geochemical surveys. The company has also received promising assay results for the last hole completed in the current diamond drilling programme at its 100%-owned Aarnivalkea (Aarni) prospect in Finland’s Central Lapland Greenstone Belt: 2.0m at 9.4g/t Au from 303m.
In other news, we learnt that Neo Lithium Corp. (TSXV: NLC) has obtained positive results from a National Instrument 43-101 Feasibility Study (FS) for the production of lithium carbonate at its wholly owned Tres Quebradas lithium brine project (3Q Project) in Catamarca Province, Argentina. “In a very short time since its discovery in December 2015,” said Waldo Perez, the company’s president and CEO, “we have achieved every significant milestone at the 3Q Project on time and on budget. We have identified, defined, and confirmed one of the most valuable lithium resources in the world with one of the lowest projected operating costs and capital costs in the industry.”
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