Welcome to our roundup of some of our most prominent investment, exploration, and development stories on Theassay.com over the festive period. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing and M&A
M&A news kicked off with Awalé Resources Limited (TSXV: ARIC) providing updates on its Colossal Gold Acquisition in Suriname and the Odienné JV in Côte d’Ivoire.
The company is in the process of finalizing the details of a financing to raise a minimum of gross proceeds of C$2M. Closing of the private placement is a condition of completion of Awalé’s acquisition of Colossal Gold Resources Limited.
The company anticipates that the Private Placement will close in early January 2023.
The positive news continued with Blue Sky Uranium Corp. (TSXV: BSK) closing its oversubscribed second and final tranche of a non-brokered private placement financing, previously announced on 21 November 2022 and increased on 1 December 2022. In total the company obtained total gross proceeds of $1,816,100 over the two tranches.
“The closing of this expanded financing ensures the exploration programme at Amarillo Grande Uranium/Vanadium Project continues uninterrupted,” President and CEO, Nikolaos Cacos, said.
“We have an opportunity to discover multiple deposits over this vast 145km-long project area and to define a globally significant uranium district.”
Cyprium Metals Limited (ASX: CYM) has signed an exclusive Term Sheet with Transamine SA for US$35M in respect of a Copper Cathode Offtake Secured Prepayment Facility.
This offtake Prepayment Facility is part of the targeted A$240M to A$260M debt funding package to finance the restart of the Nifty Copper Project in Western Australia, which is expected to include senior secured financing and secured offtake financing.
The technical, legal, commercial, and financial due diligence activities have been completed by Transamine SA, with the focus now turning to completing the offtake and financing documentation for execution, which is being done in conjunction with the prospective secured senior debt providers.
Finally, St George Mining Limited (ASX: SGQ) has welcomed a A$2M strategic investment by Hongkong Xinwei Electronic Co., Limited (Xinwei), a wholly- owned subsidiary of Sunwoda Electronic Co., Ltd.
St George also confirmed the signing of a non- binding Memorandum of Understanding (MoU), which will consider partnering on a range of lithium-related business opportunities.
The MoU complements similar agreements St George has struck with global battery giant SVOLT Energy Technology Co., Ltd and leading battery investor Shanghai Jayson New Energy Materials Co., Ltd over the past month, underscoring market interest in Mt Alexander.
“We are delighted to welcome the Sunwoda Group – a global company at the forefront of the lithium-ion battery industry – as a new and significant shareholder in St George,” Executive Chairman, John Prineas, said.
Exploration and development
Exploration news for Iceni Gold (ASX: ICL) included the company discovering a large 2km by 1km multi-element, REE and gold soil anomaly at Hage’s Bore Western Australia.
The anomalism is coincident with a high priority geophysical target and fieldwork has identified a large potentially mineralized gossanous zone to the north of the intrusion.
“The coherent gold anomalism with supporting multi-elements and REE anomalism at Hage is exciting,” Technical Director David Nixon said.
Siren Gold Limited (ASX: SNG) has been granted an exploration permit that covers part of the expired Globe Progress mining permit at Reefton in New Zealand.
This tenement is in the centre of the 35km long structural corridor that hosts the largest mines in the Reefton Goldfield and extends Siren’s very promising gold – stibnite mineralization a further 10km from Auld Creek to Big River.
For drilling news, Brixton Metals Corporation (TSXV: BBB) has unveiled additional drill results from its wholly owned Thorn Project in northwest British Columbia, Canada.
Highlights of the drilling include Hole THN22-225, which returned 262m of 1.04g/t gold from 12m depth plus 147.19m of 1.59g/t gold, 75.49m of 2.35g/t gold, and 6.93m of 7.16g/t gold.
“We are encouraged by the broad near surface gold intercepts on the Trapper Gold Target,” said Christina Anstey, the company’s vice president of exploration.
“Gold mineralization, including visible gold observed in the quartz diorite host, has significantly increased the scale of the Trapper Target which remains open in all directions.
“We look forward to reporting on the additional 19 holes from Trapper Target and the remaining three deep holes from the Camp Creek Copper Porphyry Target as assays become available from the 2022 Thorn Programme.”
Similarly, Nova Minerals Limited (ASX: NVA) announced further major high-grade gold intersections at RPM and the potential for a second mining centre in the southern area, of the company’s flagship Estelle Gold Trend, located in the prolific Tintina Gold Belt in Alaska.
“I am pleased to report more major high‐grade intercepts from our drilling at RPM. These new results have something for everyone with further high-grade intersections confirming the continuity of the bonanza zone at RPM North, and expansion of the total resource area with RPM South and a second mineralized intrusive now defined,” CEO, Christopher Gerteisen, said.
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