Welcome to our roundup of some the leading mining investment, exploration, and development stories on Theassay.com over the last seven days.
Finance news last week commenced with Grid Metals Corporation (TSXV: GRDM | OTCQB: MSMGF) receiving conditional approval from the TSX Venture Exchange (TSXV) for the private placement financing, royalty sales, and asset sales entered into with leading pure play battery royalty and streaming company Lithium Royalty Corporation. Total funding to Grid Metals in connection to the proposed transaction is approximately C$6.3M.
Exploration news began with 1911 Gold Corporation (TSXV: AUMB | OTCQX: AUMBF) kicking off its 2022 exploration programme on its high-grade gold properties in Manitoba, including the 100% owned Rice Lake and Apex (Snow Lake) Gold Properties.
American West Metals Limited (ASX: AW1) received positive results from a recent gravity survey that was completed over the West Desert Project in Utah, U.S.
“The recent gravity survey over the West Desert project area has produced outstanding results. Based on geological similarities of West Desert to other mineralised porphyry systems in the region, we anticipated the potential for further targets,” Managing Director Dave O’Neill said.
Rounding up last week’s exploration news, Western Australian nickel company St George Mining Limited (ASX: SGQ) resumed diamond drilling at its flagship high-grade Mt Alexander Project, located in the north-eastern Goldfields.
In drilling news, Ionic Rare Earths Limited (ASX: IXR) obtained positive assay results for Tranche 4 of the 8,220m Phase 4 drill programme completed in October 2021 at the Makuutu Rare Earths Project in Uganda. Managing Director Tim Harrison said, “The 100% strike rate in these results bodes well for what we think will be a very positive year ahead for Makuutu as we advance towards a considerable increase in resource confidence over the next few months and drive Makuutu towards a completion of the feasibility study and a mining licence application by October 2022.”
Finally, Magnetic Resources (ASX: MAU) intersected multiple, both thick and high-grade zones, starting from surface at the Lady Julie project in Western Australia during its most recent infill and extension drill programme.
Production news started with Victoria Gold Corporation (TSX: VGCX) reporting Q4 2021 production of 49,497oz and full year 2021 gold production of 164,222oz. The full year figure was up significantly on the guidance of 162,000oz.
“COVID-19 has had a significant impact on Eagle operations in 2021, but our team has been very innovative adjusting to conditions, and we achieved record annual gold production in 2021; increasing by over 40% from 2020,” stated CEO John McConnell.
Galantas Gold Corporation (TSXV/AIM: GAL | OTCQX: GALKF) provided a corporate update on development progress and production guidance at the high-grade Omagh Gold Project in Northern Ireland.
“2021 was a headline year for Galantas as we attracted key management talent and new supportive shareholders, and made significant investments in underground development, mine infrastructure and equipment,” CEO, Mario Stifano, said.
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