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
Last week in the metals and mining industry, Peak Rare Earths Limited (ASX: PEK) announced that it has received commitments to complete a two-tranche institutional placement for the issue of approximately 60M new fully paid ordinary shares to raise A$6M (before costs) at an offer price of A$0.10 per new share.
Tranche one of the placement is set to raise approximately A$4M and tranche two of the placement is set to raise approximately A$2M.
Commenting on the placement, executive chairman of Peak, Dr Russell Scrimshaw, said, “This capital raising will support a continuation of Peak’s strong momentum as we progress our planned investment, funding and development transaction with Shenghe and the Ngualla Project towards a final investment decision.”
New exploration and development
Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has announced results from rock-chip sampling carried across various targets at its Timok East copper-gold project, in the Republic of Serbia. The results have confirmed significant strike extensions of the Bambino copper-gold anomaly and identified a potentially over-printing gold system. The property adjoins Zijin Mining Bor Copper-Gold Mining Complex and is just 4km east from the Veliki Krivelj copper gold porphyry mine.
Rock-chip assays confirm copper-gold mineralization across significant extensions at Bambino to over 1.5 strike kilometres.
Rock-chip assays confirm high-grade copper-gold mineralization, with previously un-identified silver potential 3km north of the Bambino along same geological structure.
Completion of the 300m trenching programme revealed consistent alternation of quartz-limonite stockwork across the central Bambino ridgeline, assay results are expected within the next week.
Additionally, Osisko Metals (TSXV: OM | OTCQX: OMZNF | FRANKFURT: 0B51) has announced that Pine Point Mining Limited (PPML) and the town of Hay River have signed a Memorandum of Understanding (MOU) stating their intentions to work together to seize opportunities for long term sustainable growth for Hay River through the development and operations of Pine Point Mining Project.
“Pine Point Mining Ltd. is committed to fostering positive and constructive relationships with communities with the aim of facilitating a positive impact from our mine development project and potential future mining operations for long-term sustainable growth for all communities impacted by our Project,” said Jeff Hussey, CEO of PPML.
The MOU allows both parties to identify and discuss issues that advance the development of the Project and provide long-term beneficial opportunities to the Town of Hay River, its residents and businesses that will continue well past the life of the proposed project.
Drilling results
Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has announced additional drill results from a 10,000m drill programme underway at the company’s 100% owned Enchi Gold Project in Ghana. Reverse circulation drilling at the Boin Gold Deposit completed as part of the resource growth and infill programme designed to convert inferred resources to indicated intersected 0.94g/t Au over 54.0m from 150m in hole KBRC294, including 2.11g/t Au over 7.0m from 151m and 2.08g/t Au over 11m from 170m.
Hole KBRC294 ended in mineralization outside the current limits of the pit constrained MRE. All drill holes intersected gold mineralization, continuing to prove out the continuity of gold mineralization and potential for future resource growth at Boin.
Other news
Finally, Fission Uranium Corp. (TSX: FCU) has staked four new properties in the Athabasca Basin region of northern Saskatchewan: Typhoon, Corsair, Merlin, and Seahawk. All four have positive, limited historical fieldwork and are considered by the company to be highly prospective, greenfield exploration projects.
Ross McElroy, president and CEO for Fission, commented,” The Athabasca Basin region is home to the richest uranium ore bodies in the world. We have staked four new properties – identified by our expert and successful exploration team – that have potential for hosting high-grade uranium. These projects are under explored but have historical data pointing to strong prospectivity.”
