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
This week, Santacruz Silver Mining Ltd. (TSXV: SCZ) has announced that is has entered a binding term sheet with certain Glencore entities to amend some transaction documents in connection with the prior sale by Glencore of its Bolivian mining assets to Santacruz.
Arturo Préstamo, executive chairman, and Interim CEO commented, “This amended agreement represents a significant milestone for the company, as it strengthens our balance sheet and equips us with the financial flexibility necessary to effectively manage our business. We continue to value Glencore as our partner and look forward to maintaining a collaborative relationship with them.”
Silver Storm Mining Ltd. (TSXV: SVRS | FSE: SVR) has announced that it is further increasing the size of its previously announced non-brokered private placement offering of units of the company for gross proceeds of up to C$6,100,000.06 at a price of C$0.11 per unit. The offering is expected to include a C$3M investment from current significant shareholder Eric Sprott. The first tranche of the offering closed on 2 April 2024 for aggregate gross proceeds of C$1.47M.
Each unit will consist of one common share of the company and one half of one common share purchase warrant. Each warrant shall be exercisable to acquire one additional common share at an exercise price of C$0.16 for a period of 24 months from the date of issuance.
In connection with the offering, the company may pay certain eligible arm’s length parties who introduce subscribers to the offering up to 7% cash fees, and up to 7% finders’ warrants.
New exploration and development
Also, Suvo Strategic Minerals Limited (ASX: SUV) has announced that Dowsing Group has agreed to facilitate the demonstration pour of Colliecrete on the ongoing Bunbury Outer Ring Road Project.
The BORR is currently under construction by the South-West Gateway Alliance for Main Roads Western Australia and is the largest road infrastructure project in the history of the South-West of Western Australia.
In January 2024, the company received an invitation from the Sustainability Waste Alliance to complete a demonstration pour of ‘Colliecrete’ – the low carbon concrete formulation to which the company holds the rights, by way of an exclusive licence agreement with Murdoch University.
FISSION URANIUM CORP. (TSX: FCU) is preparing a two-prong drill programme at its award-winning PLS high-grade uranium project in Canada’s Athabasca Basin, with concurrent regional exploration as well as deposit upgrading.
The company has planned a 15-hole (~6,650m) regional drill programme to follow up on the highest priority target areas identified during a recent winter exploration programme. Additionally, a 19-hole (~5,830m) programme will focus on in-fill drilling the R1515W high-grade zone with the primary goal of upgrading the resource classification of the majority of the zone’s inferred resources to indicated for inclusion of the R1515W in the current mine plan. Drilling is expected to commence in early May.
Drilling results
Puma Exploration Inc. (TSXV: PUMA | OTCQB: PUMXF) has provided an update on the ongoing 2,000m drilling programme at the Tiger Gold Zone at its 100% owned Williams Brook Gold Project in northern New Brunswick.
The Tiger Gold Zone (TGZ) is a new gold area discovered last year by applying the company’s successful discovery model. Positive initial drill core observations prompted the expansion of the programme.
15 holes with depths from 25 to 150m have been completed for a total of 875m and were drilled 425m from the Lynx Gold Zone.
All holes intersected the targeted favourable gold-bearing horizon of quartz veins / stockwork in altered sediment and gabbro units. Visible gold was observed in hole WB24-151 in a quartz vein in altered gabbro.
Other company news
Finally this week, Galan Lithium Limited (ASX: GLN) has provided additional information as an addendum to its ASX Announcement dated 27 March 2024 and titled “Galan Increases Total Mineral Resource by 18% to 8.6Mt LCE @ 859mg/l Lithium”.
The company has stated that ASX Listing Rule 5.8.1 requires various items of disclosure in the body of an announcement. The following items lacked adequate disclosure in the original announcement and are now presented in more detail in this addendum to announcement.
