Welcome to our roundup of some of the most read-worthy mining investment, exploration, and development stories on Theassay.com from the last week.
Financing news
In finance news over the last week, we learned that American West Metals Ltd (ASX: AW1) completed a private placement to institutional, sophisticated and professional investors to raise new funds to advance its high-quality copper and zinc projects in the U.S. and Canada.
The placement was strongly supported by domestic and international investors, reflecting the strong investor interest in the company’s development and growth opportunities at its projects.
Commitments to raise A$2,681,593 (before costs) have been received for a placement of 21,452,750 new shares at A$0.125 per share, representing the company’s full Listing Rule 7.1 placement capacity.
Libero Copper (TSXV: LBC) closed the first tranche of its previously announced non-brokered private placement for aggregate gross proceeds of approximately C$2.7M. The net proceeds will be used for exploration at the Big Red porphyry copper project.
Libero Copper intends to close the final tranche of the offering for approximately $C1.8M on or around 4 August 2022. Closing of the offering is subject to approval of the TSX Venture Exchange. Existing insider, Anglo Asian Mining Plc, will invest in common shares in the final tranche of the Offering to maintain its 19.9% interest in Libero Copper.
Westhaven Gold Corp. (TSXV: WHN) also closed its non-brokered private placement for aggregate gross proceeds of C$4,285,533.
The gross proceeds from the offering will be used to incur “Canadian exploration expenses” related to Westhaven’s projects in British Columbia, Canada.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. Westhaven controls 37,000ha with four 100% owned gold properties spread along this underexplored belt.
New exploration and development
Galileo Mining Ltd (ASX: GAL) has recommenced RC drilling at the company’s 100% owned Callisto discovery near Norseman in Western Australia. The drill programme is designed to follow up on the widespread and consistent palladium-platinum-gold-copper-nickel sulphide intersections reported to the ASX in May, June, and July 2022. The drill campaign consists of 50m spaced drill holes around the known mineralization combined with regional scale drilling up to one kilometre north of the existing drill holes.
“Following the approval of our work programme from the Department of Mines (DMIRS), we are now able to begin testing the true extent of mineralization discovered at Callisto,” said Galileo’s managing director, Brad Underwood.
Grid Metals Corp. (TSXV: GRDM) received positive results from its final three holes completed in a Phase 1 drill programme at its Donner Lake lithium property in south-eastern Manitoba, Canada.
The company also revealed it has initiated certain project development activities including baseline environmental work and metallurgical testwork on both the Northwest and Main dykes. The property is in the Winnipeg River pegmatite field, which hosts the world-class Tanco pegmatite and the associated Tanco lithium-cesium-tantalum mine and concentrator.
Newcore Gold Ltd (TSXV: NCAU) has completed a successful 90,000m drill programme at the company’s 100% owned Enchi Gold Project in Ghana.
“Since we relaunched Newcore in mid-2020, we have not only retained strong alignment with shareholders through management and director’s 24% equity interest, but we have also built out a very strong institutional shareholder base that currently owns approximately 40% of the equity,” said president and CEO, Luke Alexander.
“We have completed two resource updates and a Preliminary Economic Assessment, and we have now also completed the largest drill programme ever on the project,” he added.
Drilling results
In drill results, Cannon Resources Ltd (ASX: CNR) more than doubled the vertical extent of nickel mineralization at the Sabre prospect in Western Australia.
Recently completed deep diamond hole MFED122 intersected nickel sulphide mineralization at 650m vertical depth from surface and beneath and down-plunge of the Sabre resource. MFED122 intersected 6.4m @ 1.3% Ni from 735.87m which included an internal zone of 5.1m @ 1.5% Ni from 737.21m.
Kairos Minerals (ASX: KAI) obtained exceptional assays from pegmatite samples collected at the Mt York prospect in Western Australia.
“The high-grade lithium results, combined with the confirmation of spodumene mineralogy, is a very exciting development,” said Kairos’s managing director, Dr Peter Turner.
“In light of these exceptional results, we plan to expedite planning to drill all of Lucky Sump. We intend to test the entire interpreted pegmatite dyke swarm, which is under cover, with the first RC drilling anticipated in September.
“We are in a Tier 1 destination for spodumene pegmatite projects with two world-class Li-Ta deposits in the neighbourhood and we have demonstrated that we have the right fertile geology for significant Lithium-Caesium-Tantalum (LCT) pegmatite discoveries,” he added.
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