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 previous week, Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTC: PNXLF) announced the closing of a US$90M investment by Stellantis, as previously announced in the company’s news release dated 27 September 2023. Stellantis is one of the world’s leading automakers and mobility providers with iconic brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, RAM, Vauxhall, Free2Move, and Leasys.
Pursuant to the transaction, Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., has invested US$90M in Argentina to acquire shares of ALE. Further, the company has granted Stellantis the right to exchange all the ALE Shares for up to 19.9% of the outstanding common shares of Argentina Lithium in the future, subject to certain conditions set out in an exchange agreement.
In connection with the transaction, the parties have also entered into a lithium offtake agreement, a shareholders’ agreement with respect to ALE and, upon exercise of the exchange right, Argentina Lithium and Stellantis will enter into an investor rights agreement.
Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has received TSX Venture Exchange approval for the acquisition of its previously announced option agreement to acquire a 100% interest in the MAN Property from Mining and Mineral Opportunity Ltd. (MMO).
The Agreement is dated 11 September 2023 and is between the company, its wholly owned subsidiary Intrepid Metals (USA) Corp. and MMO. The initial cash payment and share issuance under the agreement will occur after Intrepid completes an equity financing, which must occur by 10 December 2023.
The company also announces that it has retained Adelaide Capital Markets Inc., a leading investor relations and capital markets advisory firm, as an investor relations consultant, subject to acceptance for filing by the TSX Venture Exchange.
New exploration and development
Additionally, Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has received positive results from five additional column tests completed as part of the company’s ongoing metallurgical programme at its wholly-owned Enchi Gold Project, Ghana.
An average gold recovery of 91.7% was achieved from column test work completed on three composite samples from the Sewum Gold Deposit and two composite sample from the Boin Gold Deposit.
Greg Smith, VP exploration of Newcore, stated, “This additional set of column tests completed on representative oxide material from the Enchi Gold Project returned results that are consistent with prior results, returning high recoveries for all five composite samples. Metallurgical testwork completed on oxide mineralization confirms the generally modest lime and cement consumptions.”
Pure Resources Limited (ASX: PR1) has staked 13.5km2 of exploration claims in the Crystal Mountain Pegmatite District, Colorado, USA. The claims cover three historical, artisanal mines including the Kings Canyon, Debbie Doll, and Buckhorn mines.
The pegmatites occur within Precambrian high-grade metamorphic phyllites and schists and are the same age (1.78Ga old) and mineralogically resemble the pegmatites in the southern Black Hills of South Dakota.
The complete absence of modern exploration represents a genuine greenfield opportunity for the company to discover a spodumene rich lithium deposit. Additionally, reconnaissance mapping and sampling is underway and will target historically documented spodumene bearing pegmatites.
The latest assay results for the Lightning Ridge prospect and the 2200N Zone confirm thick, high-grade intersections of copper that further expands the footprint of near-surface copper mineralization.
Managing director, Dave O’Neill, commented, “This year’s drilling programme continues to impress with high-grade, near-surface copper mineralization now confirmed at the Lightning Ridge Prospect and 2200N Zones at the Storm Project.”
“The assay results for Lightning Ridge have revealed new thick, high-grade copper zones that have potential to add significant volumes of potentially economic near-surface mineralization at Storm.”
Sky Metals Limited (ASX: SKY) has announced the results of the first phase of resource expansion and infill drilling at the Tallebung Project, building to a critical mass resource target for mine scoping studies and potential future mining.
The first phase of reverse circulation (RC) drilling was completed in August with 25 holes for a total of 4,759m. It was designed to grow SKY’s maiden mineral resource estimate (MRE) of 10.2Mt @ 0.18% Sn for 18.4Kt at a 0.10% Sn cut-off grade and convert the estimated exploration target into additional resources.
Assay results for 15 of 25 holes have been received, results include:
- Hole TBRC059: 19m @0.27% Sn from 17m, including 5m @0.83% Sn from 19m
- Hole TBRC056: 10m @0.31% Sn from 68m, including 1m @0.94% Sn from 69m
- Hole TBRC057: 6m @0.49% Sn & 40g/t Ag from 34m, including 1m @2.30% Tin & 83.8g/t Ag from 35m
Other company news
Finally, Pure Energy Minerals Ltd. (TSXV: PE | OTCQB: PEMIF) has appointed Mr. Joseph E. Mullin as president and chief executive officer, effective immediately. Mr. Mullin initially joined the board of directors of Pure Energy Minerals Ltd. in November of 2020.
Mr. Mullin has over 25 years of experience in corporate finance, private equity, restructuring, and early-stage mineral exploration. He is the president and CEO of Rise Gold Corp., the managing member of Mount Arvon Partners LLC, and is currently an independent director of FireFox Gold Corp.
Mr. Mullin was previously the president of Virginia Energy Resources Inc. and led its sale to Consolidated Uranium Inc. Prior to that, he served as CEO of QuestEx Gold & Copper Ltd. for over two years leading up to its sale to Skeena Resources Ltd.