Here’s what’s been happening over the last seven days in the world of mining investment, exploration, and development.
The headline-grabbing story last week was BHP’s (ASX: BHP) announcement that it will divest up to US$1.35B of its metallurgical coal assets in Australia. The company’s President Minerals Australia, Edgar Basto, said BHP is sharpening its focus on producing higher quality metallurgical coal sought after by global steelmakers to help increase efficiency and lower emissions. Over in Canada, Tudor Gold Corp. (TSXV: TUD) has closed its brokered private placement offering for aggregate gross proceeds of C$15M. The net proceeds from the sale of Common Shares will be used for the company’s ongoing exploration drilling programme, working capital requirements and other general corporate purposes.
We heard how Medgold Resources (TSXV: MED) has entered into a binding option agreement with MetalsTech Ltd (ASX: MTC) for the sale of the company’s interest in the Tlamino Project in Serbia for A$3M. Jeremy Crozier, Medgold’s CEO, said, “If completed, the proceeds of the Tlamino sale will allow us to focus on acquiring and advancing other exploration properties of merit. We’re already actively searching for new precious and base metals projects and I look forward to updating shareholders in due course.”
There were also some exciting new exploration activities, with Kairos Minerals Ltd (ASX: KAI) identifying extensive new Lithium-Caesium-Tantalum (LCT) targets at its 100%-owned Wodgina Project. The targets were identified following receipt of partial results from a recent successful geochemical sampling programme. Executive chairman, Terry Topping, noted, “These are outstanding targets for lithium exploration and will now be prioritized as part of our broader ongoing exploration efforts in the Pilbara.”
Similarly, TomaGold corporation (TSXV: LOT) is currently commencing an extensive gyroscopic survey programme on historic drill holes that are more than 100 metres deep on its also 100% owned Obalski property, located three kilometres south of Chibougamau.
The week’s drilling results stories begins with Titan Minerals Ltd (ASX: TTM) receiving some exceptional exploration results from the Meseta Gold and Copper Ridge prospects at its Linderos Project in Southern Ecuador. Comparably, Commerce Resources Corp. (TSXV: CCE) has unveiled promising sample assay results for the first three drill holes from Saville Resources Inc.’s (TSXV: SRE) 2021 diamond drill programme at the Niobium Claim Group Property, located in northern Quebec. The company said the 2021 drill programme has returned the best niobium intercept to date, alongside coincident and significant tantalum and phosphate mineralization.
Altiplano Metals Inc (TSXV: APN) also received great assay results from the first seven drill holes of its ongoing exploration drilling programme at the Farellon copper-gold (Cu-AU) mine located near La Serena, Chile,which show the continuity of the Farellon Vein System at depth. The company has intersected 2.54% copper over 5.5m at Farellon and has indicated the results are similar to grades observed in previous drill programmes.
In terms of production news, IAMGOLD Corporation (TSX: IMG) has reported its consolidated financial and operating results for the three and nine months ended September 30, 2021. Highlights included attributable production of 448,000oz YTD 2021, mine-site free cash flow of $121.6M, and a total available liquidity of $1.2B.
Finally, Lake Resources (ASX: LKE) is strengthening its management team in Argentina with the appointment of Gautam Parimoo as COO. The move aims to drive the company’s Kachi Lithium Brine Project from feasibility through construction and commissioning into steady state production.
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