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 week, Anax Metals Ltd (ASX: ANX) and Artemis Resources Ltd (ASX: ARV) have announced that they have signed a non-binding and non-exclusive memorandum of understanding (MoU) which sets out the terms on which Anax and Artemis agree to jointly assess the potential for processing the copper content of Artemis’ Greater Carlow resource at the fully-permitted Whim Creek Processing hub.
In addition, the parties have agreed to jointly assess the potential for Artemis to explore for gold mineralization on the Anax Project tenure.
Anax’s managing director, Geoff Laing, commented, “We are extremely pleased to be working with Artemis on potential copper/gold production via the planned Whim Creek hub and to advance gold exploration opportunities at the project. Our region is prolific with copper and gold potential, and we look forward to applying the key strengths of our respective teams.”
Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF | TSXV: NCAU | OTCQX: NCAUF) will raise up to C$5,000,000 through an offering of up to 17,241,380 units of the company to be priced at C$0.29 per unit. The securities offered under the Listed Issuer Financing Exemption will not be subject to a hold period in accordance with applicable Canadian securities laws.
Each Unit will consist of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share of the company at an exercise price of C$0.40 per common share for a period of 12 months following the completion of the offering.
The company intends to use the net proceeds of the offering to fund exploration and development activities at the company’s 100% owned Enchi Gold Project in Ghana, as well as for general corporate and working capital purposes. Finder’s fees may be payable in accordance with the policies of the TSX Venture Exchange.
New exploration and development
Meanwhile, Petratherm Limited (ASX: PTR) has announced a high-grade heavy mineral sand (HMS) discovery at its Muckanippie Project area in South Australia.
Reconnaissance mapping and surface sampling along with assaying of historic drill core stored at the south Australian government’s core library has identified previously unknown high-grade titanium mineralization spanning many square kilometres at two prospect sites, Rosewood and Claypan.
CEO Peter Reid commented, “The Muckanippie Suite is a rare and highly fertile layered intrusion, and this titanium discovery including high-grade, high value, titanium ores as heavy mineral sands has the potential to be transformational for the company.”
Electrum Discovery Corp. (TSXV: ELY | FRA: R8N | OTC: ELDCF) has announced the results of geological mapping and is commencing trenching at its Timok East copper-gold project in the Republic of Serbia. The project adjoins the Zijin’s Bor copper-gold mining complex. Exploration in the region has recently increased significantly due to new investment and expansion of the +1Bt mine, and several new discoveries in the district.
Geological mapping and rock chip sampling completed by Electrum’s geology team has revealed zones of hydrothermally altered intrusive rocks with significant stockwork veining over a 1.5km NNW striking corridor. These altered intrusive units are strongly associated with surface copper anomalies identified in soils, with an increasing density of stockwork veining corresponding to the highest-grade copper anomalies at Bambino.
Drilling results
Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has received results from its ongoing 10,000m surface infill diamond drilling programme at its Zancudo Project in Colombia. The results are from the final assays for 32 drill holes from the Los Albertos target, totalling approximately 4,790m. This infill drilling programme, which has been designed at 50×50m drill centres, commenced in late April 2024 and is aimed at upgrading inferred resources to the indicated category and to support near term mine development.
Drill highlights:
- 22.37g/t Au and 2,752g/t Ag over 0.40m from 61.70-62.10m, hole ZM-159, Manto Antiguo
- 53.51g/t Au and 154g/t Ag over 0.40m from 50.40-50.80m, hole ZM-156, Ortiz Vein System
- 37.60g/t Au and 1,190g/t Ag over 0.40m from 117.20-117.60m, hole ZM-154, Ortiz B Vein
- 25.94g/t Au and 245g/t Ag over 0.70m from 101.8-102.5m, hole ZM-151, Ortiz Vein System
- 17.53g/t Au and 380g/t Ag over 0.40m from 52.80-53.20m, hole ZM-162, Porvenir
Other news
Finally, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has agreed to commercial terms with Boliden Commercial AB, a subsidiary of Boliden AB, for the sale at market prices of 100% of the nickel-copper concentrates to be produced at its Aguablanca Project in Extremadura, Spain.
The initial term of the agreement covers the period through mid-2031 and is renewable annually thereafter. The concentrates will be shipped from Aguablanca through the Huelva Port to Boliden’s state-of-the-art nickel flash smelting facilities located in Harjavalta, Finland, the only nickel sulphide smelter in the European Union. The flash smelting technology was invented and implemented first in Harjavalta and is included on the EU Best Available Technology list. The Harjavalta smelter has some of the lowest carbon and sulphur dioxide emissions of any nickel smelter globally.
