Welcome to our roundup of the most prominent mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
Financing news kicked off with Brixton Metals Corp. (TSX-V: BBB | OTCQB: BBBXF) announcing the signing of a definitive agreement with Pacific Bay Minerals Ltd. (TSXV: PBM), giving Pacific Bay the option to acquire 100% interest in Brixton’s Atlin Goldfields Project, located within the traditional territory of Taku River Tlingit First Nations, Atlin, British Columbia, Canada.
Chairman and CEO Gary R. Thompson stated, “We are delighted to conclude the definitive agreement with Pacific Bay and look forward to their exploration results in the years to come.”
Under the terms of the definitive agreement, Pacific Bay may acquire up to a 100% interest in the Atlin Goldfields Project, by paying Brixton C$3,225,000 in cash, issuing to Brixton 10,000,000 Pacific Bay common shares, incurring C$7,000,000 in exploration expenditures over seven years and if completed, Brixton shall retain a 2% NSR.
New Exploration and Development
AVZ Minerals Ltd. (ASX: AVZ | OTCQX: AZZVF) has been awarded a Ministerial Decree by the Minister of Mines for Permit d’Exploitation for its flagship Manono Lithium and Tin Project in the Democratic Republic of the Congo (DRC).
“The receipt of the Ministerial Decree to award the Mining Licence is leading to a watershed moment for AVZ and our partners, with the official award of the Mining Licence from CAMI expected in a matter of days” AVZ’s Managing Director, Nigel Ferguson, said.
Highlights of the update included news that the company’s Jibal Qutman Gold Project is undergoing studies targeting early recommencement and development due to a new regulatory system and at the Hawiah Copper-Gold Project, a preliminary feasibility study and associated exploration programmes are ongoing with the notable progress in the last month.
Libero Copper & Gold Corp. (TSXV: LBC | OTCQB: LBCMF) completed an interpretation of its airborne magnetic and radiometric survey data, flown at the end of 2021, and an interpretation of all surface rock sample geochemical data on the project to date, resulting in the identification of nine new porphyry targets in the immediate area at its Mocoa porphyry copper deposit located in Putumayo, Colombia.
“In addition to the exceptional initial results from the maiden drill program, Libero Copper continues to make significant advancements towards demonstrating the potential to increase the endowment of mineralization associated with the Mocoa deposit and the surrounding area,” President and CEO, Ian Harris, said.
“The apparent clustered porphyry system recently identified as a result of the airborne magnetic and radiometric survey that was flown at the end of 2021, has also identified new opportunities around and beyond the limits of the Mocoa deposit.
Drilling news commenced with Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) revealing assay results from six metallurgical holes drilled between November 2021 and March 2022 at the Venda Nova deposit at its Lagoa Salgada Project, Portugal.
The company says that scope of the programme was designed to generate fresh representative samples to optimize the metal recoveries from the various ore types seen within the Venda Nova as part of the ongoing metallurgical test work.
Drill results currently being reported have outlined continuous intervals of high grade mineralized in the north zone throughout the different domains and several corridors of fissural ore in the southern zone.
The company’s CEO, Galen McNamara, said, “With only six holes drilled at Mogollon, and all of them hitting substantial high-grade silver and gold, it is clear we are only in the very early innings here.”
“We look forward to continuing to aggressively drill-out this high-grade zone and our Hughes Property in Nevada this year,” said Mr McNamara.
Also in the News
13,499 gold equivalent ounces (GEO) were produced during the first quarter of 2022, in line with the company’s targeted 50,000oz of GEO production for 2022. An average grade of 4.68g/t was also achieved in Q1 2022.
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