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, Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced the closure of a C$3.23M non-brokered private placement. The initial closing included C$3M in proceeds from Leocor Gold Inc. (CSE: LECR). Prior to closing on 5 January 2024, the company completed a consolidation of its shares of one post-consolidation share for every two pre-consolidation shares.
The offering consisted of over 7.27M units, with each consisting of one post-consolidation share and one share purchase warrant at C$0.34 (post-consolidation) for proceeds of C$2.47M. Each warrant entitled the holder to acquire one additional share at C$0.40 until 5 January 2026.
The issuance of 2.22M pre-funded special warrants units at C$0.34 (post-consolidation) each for proceeds of C$0.75M. Each special warrant shall entitle the holder thereof to acquire one unit, for no additional consideration but subject to an exercise limitation such that Leocor may not have more than 19.9% share ownership for a period of five years from the closing date.
New exploration and development
Kuniko Limited (ASX: KNI) in collaboration with its Swedish based exploration partner, McKnight Resources AB, has announced significant progress in early-stage lithium exploration within Sweden. Initial assessments of several locations have led to the identification of two project areas—Väne Ryr Pegmatite Project and Stora Flaten Greisen Project—as promising sites for lithium and battery mineral exploration.
Väne Ryr returned high-grade samples reaching 2.64% and 4.59% Li2O and the company states Stora Flaten shows strategic potential. Kuniko, together with McKnight, has applied for mineral exploration permits for the two projects with the Mining Inspectorate of Sweden, Bergsstaten.
Kuniko has also announced plans to enter a joint venture (JV) with McKnight Resources AB, with Kuniko to hold 70% and McKnight to hold 30% interest in the JV over the two prospect areas.
“Grass roots exploration within Sweden in collaboration with McKnight has been rewarded in identifying these two exciting lithium prospects,” commented Kuniko CEO Antony Beckmand. “We aim to leverage our and McKnight’s significant regional exploration experience to build on the initial results to realize the potential substantial value in these projects which are located in regions with excellent infrastructure for resource development.”
Also, Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF | FRA: 2D9) through its subsidiary, Redcorp – Empreendimentos Mineiros, has submitted an Environmental Impact Assessment Report for its Lagoa Salgada Project to the Portuguese Environmental Authority, APA on 21 December 2023.
The submission of the EIA is the culmination of more than 18 months of data collection, aggregation, and analysis prepared by management and internationally renowned consulting experts. The EIA document includes complete environmental baseline studies, hydrological and hydrogeological modelling, human, archaeological, fauna and flora characterization and impact evaluation, along with the mitigation, controls, and benefits that will be present over the life of mine of the project, from construction to final closure.
Drilling results
Meanwhile, Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has announced the fourth and final batch of assay results from its 2023 exploration drill programme at the company’s Premier Gold Project (PGP), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia, Canada.
Highlights from the drill results include:
- 58.2g/t Au over 1.9m from 70.8m in hole P23-2532, including 77.5g/t Au over 0.9m
- 9.9g/t Au over 6.9m from 22.7m in hole P23-2509B, including 51.0g/t Au over 1.2m
- 8.3g/t Au over 7.4m from 7.35m in hole P23-2506, including 30.9g/t Au over 1.4m
- 8.3g/t Au over 5.6m from 16.9m in hole P23-2499, including 15.8g/t Au over 1.3m
“Our 2023 surface drilling programme finished on a high note, with many planned stope shapes at Big Missouri being confirmed and, in some cases, expanded. We look forward to exploiting this material in the coming months and processing it at the Premier mill, where we anticipate starting pre-commissioning shortly,” Derek White, president and CEO of Ascot commented.
Other company news
Finally, Denarius Metals Corp. (TSXV: DSLV | OTCQX: DNRSF) has announced a series of board changes following Mateo Restrepo Villegas’ appointment to the board, the appointment of Paul Sparkes as the lead independent director, and the recent passing of Hernan Juan Jose Martinez Torres, a member of the board of directors since October 2022 and the lead independent director of the company.
“Mr. Martinez served as Minister of Mines in Colombia from July 2006 to August 2010 and held several senior management and director roles over an impressive career, including President of Exxon Mobil Colombia and as a director of GCM Mining (now Aris Mining Corporation),” said CEO Serafino Iacono. “He was an exceptional leader and mentor who generously shared his expertise and business knowledge, as well as his warmth and friendship. We will miss his dedication and service.”
