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 last seven days, Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) has commenced the tender phase for the Mandated Lead Arranger (MLA) of its export credit agency project financing programme.
Mark Brennan, executive chairman, commented “We are very pleased to be moving forward to the next stage of determining project financing support to bring the Lagoa Salgada project into development. We look forward to working with UKEF and the future appointed MLA to complete project financing in the coming months.”
As of 4 September 2023, the company and its advisors have issued detailed banking information memorandums to a number of project finance banks who have indicated an interest in being the Mandated Lead Arranger as part of the UK Export Finance (UKEF) supported export credit facilities for the company’s 80% owned Lagoa Salgada project, Portugal.
Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has announced the completion of its previously announced brokered private placement through the issuance of 25M units at C$0.08 each for gross proceeds of C$2M.
The offering was conducted pursuant to the terms and conditions of an agency agreement entered into by the company, Beacon Securities Limited as sole book-runner, and Haywood Securities Inc.
A form 45-106F19 listed issuer financing document dated 2 August 2023 was prepared, filed, and is available for viewing on Lahontan’s website.
Each unit comprises one common share and one transferable common share purchase warrant. Each warrant is exercisable to acquire one common share until 1 September 2026 at a price of C$0.12 each.
Also, Aston Bay Holdings Ltd. (TSXV: BAY | OTCQB: ATBHF) has entered into an agreement with Cantor Fitzgerald Canada Corporation, who has agreed to sell, on a commercially reasonable “best efforts” private placement basis, up to 26,315,789 units of the company at a price of C$0.19 per unit, for aggregate gross proceeds of up to C$5,000,000.
Each Unit will be comprised of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at an exercise price of C$0.29 for 24 months following the completion of the LIFE offering.
New exploration and development
Northisle Copper and Gold Inc. (TSXV: NCX) has successfully concluded its phase one drill programme at its Northwest Expo and Goodspeed target at the company’s North Island project in British Columbia, Canada.
The company has also received a five-year area-based exploration permit covering its Pemberton Hills exploration targets. Receipt of this permit, as well as the Northwest permit received earlier this year, followed a robust engagement process, which included extensive information sharing and discussions with impacted First Nations in advance of and throughout the permitting process.
“We are pleased that our programme at Northwest Expo has intercepted the anticipated alteration in multiple holes drilled in zone one, based on preliminary visual inspection of core,” commented Robin Tolbert, Northisle VP of exploration.
Defense Metals Corp. (TSXV: DEFN | OTCQB: DFMTF | FSE: 35D) has identified new anomalies in a ground radiometric geophysical survey over the Wicheeda Rare Earth Element (REE) deposit, located near Prince George, Canada.
Based on extensive core drilling and surface geologic mapping completed to advance the company’s’ ongoing preliminary feasibility study (PFS), the survey results closely map and further define the surface extent of outcropping REE mineralization.
Drilling results
Meanwhile, American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has reported drill results that confirm thick, high-grade copper, including bonanza grades, over an expansive and growing footprint at the Storm Copper project, Somerset Island, Nunavut.
Dave O’Neill, managing director, commented, “We are very pleased to provide an update on the drilling activities at Storm with the initial assays for the 2023 summer resource drill programme now received. The assays continue the theme of strong results from the 2023 spring programme with more high-grade mineralization confirmed at both the 2750N and 4100N Zones. These results further emphasize the outstanding resource potential at Storm.”
The summer 2023 resource drilling programme has included all drill holes from the 2750N Zone, and five additional drill holes at the 4100N Zone. The resource drilling has included both reverse circulation (RC) and shallow diamond drilling in key areas of the near-surface prospects.
St George Mining Limited (ASX: SGQ) has discovered significant zinc, lead, and silver mineralization in its first ever drilling at its 100%-owned Ajana Project in Western Australia. Assays have confirmed multiple intersections of near-surface mineralization across a broad area of the Ajana Project tenure. The discovery intersections are associated with a 25km-long magnetic anomaly, highlighting the potential for Ajana to host a large-scale mineral deposit.
Assays for maiden RC drilling confirm locally high-grade zinc, lead, and silver mineralisation in multiple drill holes at the Perseverant Prospect, including:
- AJRC002: 5m @1.23% Zn + Pb, 7.2g/t Ag from 57m, including 1m @2.06 % Zn + Pb, 3.66 g/t Ag from 61m
- AJRC002: 1m @4.22% Zn + Pb, 1.1g/t Ag from 95m
- AJRC003: 1m @1.83% Zn + Pb, 1.34g/t Ag from 99m
- AJRC004: 1m @2.01% Zn + Pb, 8.81g/t Ag from 45m
- AJRC009: 11m @1.2% Zn + Pb, 2.65g/t Ag from 138m
- AJRC011: 1m @1.54 % Zn + Pb, 0.24g/t Ag from 180m
Other company news
Lastly, ION Energy Limited (TSXV: ION | OTCQB: IONGF | FSE: 5YB) has announced leadership changes, as the company continues its rapid growth trajectory. Robert Payment will be joining the ION Energy team as its new chief financial officer.
As a seasoned CPA with 16 years of experience spanning finance, reporting, regulatory compliance, public company administration, equity markets, and the financing of publicly traded companies, his career commenced in public practice focusing on the audit of public resource issuers and has served as a CFO and consultant to companies listed on both the TSX Venture Exchange and the Canadian Securities Exchange since 2014.
As part of its ongoing commitment to governance best practices, and diversity of perspectives and professional experience, ION Energy has also welcomed Joseph Gallucci, in the capacity of director.
