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, Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has announced that it has received approximately C$3.3M from the exercise of common share purchase warrants of the company which expired on 28 June 2024.
The warrants had an exercise price of C$0.20 and were originally issued on 28 June 2023 following the completion of a non-brokered private placement financing.
Luke Alexander, president, and CEO of Newcore stated, “We would like to thank our shareholders for their continued support and confidence in the company through the exercise of the warrants. Management and board of directors also exercised warrants they held and continue to be strongly aligned with shareholders by way of an approximately 20% equity ownership. This funding allows Newcore to continue to advance and de-risk development of our Enchi Gold Project in Ghana, with completion of additional drilling, metallurgical test work and exploration work to continue to define the potential of the project.”
New exploration and development
White Cliff Minerals Limited (ASX: WCN) has announced newly expanded licences covering adjacent high- grade Nunavut copper, silver, and gold targets which have only recently been opened to application. These new targets enhance the company’s overall strategic landholding and completes the original staking strategy.
These new granted licences cover several significant areas of anomalous Cu-Ag-Au:
- The Halo project, a highly prospective outcropping occurrence of Cu-Ag-Au. Previous drilling at Halo includes up to 4.7m @ 10.47% Cu, with mineralization that remains open in all directions. This new area connects to the southern extension of the HALO system and compliments existing WCN tenure
- The Pat prospect includes numerous >40% Cu (above detection limit) rock chip samples across multiple veins
Additionally, Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has provided a further update on the Phase 2 Expansion at the 100% owned ATO Gold Mine.
The company’s engineering, procurement, and construction partner, Hexagon Build Engineering LLC, an experienced engineering and construction company headquartered in Mongolia, has now contracted WSP Canada Inc., to advise on detailed engineering and design of the expansion.
Specifically, WSP will provide the following services in respect of the ATO Phase 2 Expansion:
- Overall process design
- Plant layout optimization
- Detailed engineering
- Procurement support
Drilling results
Infini Resources Ltd (ASX: I88) has announced soil assay results from samples which previously returned in excess of the upper limit of detection from its maiden field sampling campaign at its 100% owned Portland Creek Uranium Project. The project is located in the uranium-friendly jurisdiction of Newfoundland, Canada.
Infini’s CEO, Charles Armstrong, commented, “These follow-up assay results confirm that the company has encountered world class grades of uranium in soil samples at Portland Creek. I am not aware of any other explorers that have returned results close to what we are seeing here in our maiden fieldwork programme. We now eagerly wait for processing of the UAV drone magnetic survey that was flown over Talus to see what potential structural controls exist linked to this special anomaly.”
The results of the follow up soil sample assays have now confirmed a very stong peak assay result of 74,997ppm U3O8. These follow up assays are now even more significant given the average background reading in soils is only ~8ppm U3O8. This peak result is 9,375 times background.
Other news
Finally, Lode Resources Ltd (ASX: LDR) has announced the appointment of Mr. Jason Beckton as Lode’s executive director – resource development effective as of 9 July 2024.
Mr. Beckton is a professional geologist with over 30 years’ experience in exploration, project development, production, and management in Australia and internationally. He has been a non-executive director of the company since September 2020.
Lode’s executive chairman, Andrew van Heyst noted, “This is an important appointment for Lode. As we move the Webbs Consol Silver project towards a maiden resource Jason’s expertise and engagement will be critical in delivering a commercial outcome for our shareholders and stakeholders. His previous work with the resource drill out at Palmarejo in particular will help guide our programmes going forward.”
