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 previous seven days, Cyprium Metals Limited (ASX: CYM) has entered into a binding term sheet in which the company will enter into offtake financing with Glencore through a A$40M senior secured loan facility with a four-year term.
The funds will be used for the repayment of existing senior secured facility, advancement of Nifty early works and feasibility studies, and general corporate purposes.
The agreement also includes the commitment from the company to raise A$20M through any combination of equity raise, asset sales, royalty sales, and exercise of existing options and warrants before end of current calendar year
On closing, the previously announced and now fully negotiated copper cathode offtake agreement and copper concentrate offtake agreement will be executed simultaneously.
New exploration and development
In addition, Battery Age Minerals Ltd (ASX: BM8) has advised that following the site visit conducted last month, the company has progressed with the compilation and integration of historical data over the Bleiberg Project and advanced the prospectivity assessment and targeting strategy.
Battery Age CEO Nigel Broomham commented, “With the recent advancements in our exploration strategy and the identification of multiple high-potential drill targets at the Bleiberg Project, we are excited about the significant opportunities ahead. The historical data and geological insights confirm the presence of valuable mineralization and strengthen our confidence in the project’s potential. As we prepare for our upcoming field campaign and drilling programme, the rising prices and strategic importance of germanium and gallium further enhance the project’s lead and zinc value. We are committed to leveraging these opportunities to deliver strong results and aspire to contribute to the critical supply of these essential minerals.”
Fission Uranium Corp. (TSX: FCU) has completed the Front End Engineering Design at its PLS high-grade uranium project in Saskatchewan, Canada.
The completion of this crucial development phase includes all geotechnical drilling required for the tailings management facility and underground mine access, including the decline and ventilation shafts. The company is now transitioning fully into the Detailed Design phase.
Additionally, Fission is pleased to announce it has responded to all information requests received from the Ministry regarding its initial draft EIS and has officially submitted an updated draft that includes all feedback received. The EIS permitting process, including a ministerial decision, is expected to conclude in Q4, 2024.
Drilling results
Golden Deeps Ltd (ASX: GED) has announced the intersection of significant sulphide mineralization in all three completed diamond drillholes at its 100% owned Havilah Project in the Lachlan Fold Belt Copper-Gold Province of central New South Wales.
Diamond drillhole HVD003, which tested the extensive Hazelbrook copper soil and rockchip (>1% Cu) anomaly, intersected patches of semi-massive copper (chalcopyrite) and zinc (sphalerite) sulphides as well as vein and disseminated sulphides across an 80m zone in the targeted Sofala Volcanics.
The mineralized intersection in HVD003 included a 28m zone (from 85.8m) of more intense sulphide mineralization which produced high-grade portable XRF (pXRF) readings of up to 18.5% Cu and 34.8% Zn, averaging 0.5% Cu and 0.7% Zn.
Also, the mineralized intersection in HVD003 included a 28m zone (from 85.8m) of more intense sulphide mineralization which produced high-grade portable XRF (pXRF) readings of up to 18.5% Cu and 34.8% Zn, averaging 0.5% Cu and 0.7% Zn.
Finally, Prime Mining Corp. (TSX: PRYM | OTCQX: PRMNF | Frankfurt: 04V3) is reported expansion drilling results from the company’s Los Reyes Project, located in Sinaloa State, Mexico. These results are from 2024 drilling at the Z-T Trend and are not included in the company’s May 2023 mineral resource estimate.
Prime Mining Corp. chief executive officer, Scott Hicks, commented, “Expansion drilling results at Tahonitas in the Z-T trend have been excellent, demonstrating continuity of very high gold and silver grades down dip and within previous drilling gaps. This can be seen in the highlighted holes, including 24TA-139 where high-grade extensions are supportive of underground potential.”
