Welcome to our roundup of some the major mining investment, exploration, and development stories on Theassay.com from the last seven days.
Last week’s key financing story was that the Toronto Stock Exchange (TSX) had accepted Amerigo Resources Ltd’s (TSX: ARG | ARREF: OTC) application for a normal course issuer bid (NCIB). Under the NCIB, Amerigo may purchase up to 10,750,000 common shares over a period of 12 months commencing on December 2, 2021. “Amerigo’s Board of Directors believes that the purchase of common shares of the company continues to represent a highly accretive use of capital,” said Aurora Davidson, Amerigo’s president and CEO.
Exploration and development news kicked off with Culpeo Minerals Ltd (ASX: CPO) continuing to intersect visual copper mineralization in all holes in its ongoing exploration programmes in Chile. Geophysical surveys have now been finalized over the project area, with data currently being processed and results to become available by mid-December 2021.
Further afield in Western Australia, St George Mining Ltd (ASX: SGQ) obtained “significant” results from the seismic survey recently completed at its flagship high-grade Mt Alexander Project, located in the north-eastern Goldfields. Executive chairman, John Prineas, said the first-ever seismic survey at Mt Alexander has delivered not only a breakthrough in the company’s understanding of the complex intrusive system, but also an outstanding new target for a potential massive sulphide deposit.
Progress continued across Western Australia with Venture Minerals Ltd (ASX: VMS) confirming that Chalice Mining Ltd (ASX: CHN) has completed the first stage of the JV with the company on the South West Nickel-Copper-PGE Project by spending the minimum A$300k on exploration by the November 30, 2021. “With Venture’s JV partner Chalice Mining completing the first stage of the JV earn-in through the completion of a detailed EM survey, the company now eagerly awaits the survey results,” Managing director Andrew Radonjic said.
Major drilling news over the last seven days started with Coda Minerals Ltd (ASX: COD) logging thick copper-sulphide mineralized intercepts in four new holes extending the mineralized envelop to the north, east, and south with the ongoing IOCG drilling programme at Emmie Bluff Deeps, part of its Elizabeth Creek Project in South Australia.
Similarly, Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) obtained promising results from the final drill hole completed in the Joss target area as part of this year’s exploration programme at the Beartrack-Arnett Gold Project located in Idaho, U.S. “This is a game-changing hole as it hosts the highest-grade gold intersections released to date from the Joss target area. With BT21-240D we are now beginning to see the full potential of the Beartrack-Arnett gold project,” said president and CEO Hugh Agro.
Last week’s drilling news rounded up in southeast Mongolia, with ION Energy (TSXV: ION) making a new lithium discovery, the White Wolf Prospect, at the company’s 100% owned Baavhai Uul Lithium Salar Project.
Finally, there was a significant production update from Tanzanian Gold Corporation (TSX: TNX) with the unveiling of some strong results for the fourth quarter (Q4 2021) and year end 2021. Major highlights included the discovery of two new gold bearing shear zones in the Buckreef West and Anfield Zones’; recapitalization of the balance sheet and execution of low-cost, high return gold production expansion projects; and a reset of the management team with significant mining backgrounds from high performing organisations, including 100% Tanzanian team on the ground at Buckreef Gold.
