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
European Lithium Limited (ASX: EUR | FRA: PF8 | OTC: EULIF) has announced it has completed the acquisition of 100% of the issued share capital of LRH Resources Limited, which holds 100% of the rights, title and interest in the Leinster Lithium Project in Ireland from Technology Metals plc in an all-script transaction.
Tony Sage, chairman of EUR, commented, “The acquisition shows our commitment to continue expanding in the European lithium sector and illustrates our capability to identify, secure and build in highly prospective lithium provinces, leveraging our world class exploration and project development expertise. This development is strategic for the European Union to establish the sustainable supply chains of the critical minerals essential for the transition to low carbon emission economy. By using our shareholding in CRML to purchase this asset demonstrates the value of our investment in Critical Metals Corp.”
New exploration and development
Also, Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has announced it has filed on SEDAR+ an independent technical report and updated mineral resource estimate (MRE) titled “Santa Fe Project Technical Report,” effective 9 October 2024, and dated 27 November 2024, for Lahontan’s Santa Fe Mine gold and silver project, Santa Fe District, Nevada.
The technical report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects and supports the disclosure made by the company in its 15 October 2024 news release announcing the updated mineral resource estimate.
There are no material differences in the technical report from the information disclosed in the 15 October 2024 news release. The Technical Report is available for download under the company’s profile on SEDAR+ and is also available on the company’s website.
Drilling results
Asian Battery Metals (ASX: AZ9) has announced a significant expansion of its Oval Cu-Ni-PGE Project in Mongolia’s Gobi-Altai region, with the discovery of additional massive sulphide mineralization 500m northwest of its previous high-grade intercept.
The latest diamond drill hole, OVD025, has intercepted an impressive 3.6m zone of massive sulphide mineralization from 48.2m depth, containing substantial concentrations of valuable minerals: 12% chalcopyrite, 10% pentlandite, 65% pyrrhotite, and 6% pyrite. This intercept is particularly significant as it sits within a broader 12.4m zone of mineralization starting from 44.6m depth.
What makes this discovery particularly exciting is its location relative to the company’s previous high-grade intercept in hole OVD021, which returned exceptional grades of 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E3, and 0.11% Co. The presence of two massive sulphide zones 500m apart suggests the potential for additional discoveries within the mineral system.
Meanwhile, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has announced positive drill results from the first six drill holes of its maiden drill programme at the Eagle gabbro, located within the MM copper/nickel project in southeastern Manitoba.
Dr. Dave Peck, P. Geo., Grid’s vice president of exploration, stated “Grid has embarked on an ambitious drill programme targeting the 4km-long Eagle gabbro with the dual objectives of establishing the existence, grade and potential continuity of near-surface disseminated sulphide Cu/Ni mineralization and discovering localized, higher grade massive Cu-Ni sulphide deposits. The Eagle gabbro is the easternmost part of the 20km long Mayville – Eagle Complex, which hosts Grids’ pit-constrained 32Mt Mayville Cu-Ni sulphide resource. With a successful drill programme, we will demonstrate the potential for the Eagle gabbro to host large additional tonnage of near surface copper-rich resources.”
Other news
Finally, Desert Metals Limited (ASX: DM1) has appointed non-executive director, Patrick Flint, as chairman.
Desert Metals explains that Mr Flint brings extensive experience and significant corporate expertise to the board. He is a qualified accountant and a member of the Australian Institute of company directors. He has been involved in the resources sector for 25 years as a director or company secretary of ASX and Toronto Stock Exchange listed companies with mineral projects in Australia, Africa, and Asia.
Additionally, he has significant experience with project acquisition, exploration and development, joint venture negotiation and management, fundraising and corporate management, and governance. Mr Flint joined the board of Desert Metals earlier this year.
