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, Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has signed a binding term sheet to provide up to US$150M in financing to fully fund the construction and completion of the Phase 2 expansion at the ATO Gold Mine.
This significant milestone is the culmination of two years of collaborative efforts with the company’s key stakeholders in Mongolia as it successfully moves forward with the Phase 2 expansion.
The company has been dedicated to establishing a strong social licence for its sustainable mining project, aiming to create lasting value for the people of Dornod and Mongolia. The secured financing will spur employment and investment during the upcoming construction phase and sustain these benefits for the next decade.
Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) has received and accepted expressions of interest (EOIs) from UK export finance (UKEF) to support potential export credit facilities for the company’s wholly-owned Monte Do Carmo project in Tocantins, Brazil (MDC), and the Mont Sorcier Iron Ore and Vanadium project (MS) in Quebec, Canada.
Mark Brennan, CEO, and chairman commented “We are very pleased to partner with UKEF to bring both our Monte Do Carmo and Mont Sorcier projects into development. The support of the UK government and UKEF is a testament to the robust and attractive nature of both the MDC and MS projects, and we look forward to working with UKEF and the future appointed MLA to complete project financing in the coming months.”
New exploration and development
Additionally, Revival Gold Inc. (TSXV: RVG | OTCQX: RVLGF) has reported impressive, continued growth in the company’s mineral resources and the completion of a preliminary feasibility study on the potential open pit heap leach restart of the company’s Beartrack-Arnett Gold Project, located in western United States.
The updated mineral resource is based on 172,244m of drilling through the end of 2022 and contains a measured and indicated mineral resource of 86.2Mt at 0.87g/t gold containing 2.42Moz gold, an increase of 14% over the 2022 measured and indicated mineral resource; and an inferred mineral resource of 50.7Mt at 1.34g/t gold containing 2.19Moz of gold, an increase of 13% over the 2022 inferred mineral resource.
North Arrow Minerals Inc. (TSXV: NAR) has provided an update on the 2023 exploration field programme at its wholly-owned DeStaffany lithium property.
The extent of spodumene mineralization has been expanded at the Moose 1 and Moose 2 pegmatites and prospecting has identified spodumene mineralization within the newly confirmed Moose 3 and Moose 4 pegmatites, doubling the number of spodumene pegmatites known on the property.
Ken Armstrong, president, and CEO of North Arrow commented, “We’ve had a strong start to what is really the first full evaluation of the lithium potential of the DeStaffany property. The Moose 1 pegmatite has now been well sampled at surface with completion of 14 new channel samples.”
Drilling results
American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has provided an update on the exploration and drilling activities at the Storm Copper Project on Somerset Island, Nunavut.
Assays confirm further thick and high-grade near-surface copper intervals at the 4100N Zone.
Drill results continue to expand the footprint of copper mineralization at the 4100N Zone, which remains open laterally in all directions. Additionally, the diamond drilling of the large gravity anomalies located below the high-grade near surface deposits will commence shortly with preparations well advanced.
Dave O’Neill, managing director of American West Metals commented: “The 4100N Zone has grown into a significant copper story. The results from the latest batch of assays, along with geophysical interpretation, shows that the copper mineralization is now over 1.3km long, 300m wide and open laterally in every direction. Additional extension and resource drilling will be completed to expand the footprint further.”
Meanwhile, Provenance Gold Corp. (CSE: PAU | OTCQB: PVGDF) has announced that its first drilling programme at its Eldorado gold project in Malheur County, Eastern Oregon has returned significant gold assays within the first three holes drilled, with more holes yet to be drilled.
The company has designed the initial programme to confirm and expand a large near-surface open-ended gold system that was outlined by 242 historic drill holes.
Other company news
Finally, Marvel Discovery Corp. (TSXV: MARV | Frankfurt: O4T | OTCQB: MARVF) has appointed Dr. Peter Born to its board of directors. Dr. Born is a registered geologist with the professional geoscientists of Ontario and a fellow of the Geological Association of Canada.
Mr. Born completed his PhD at Carleton University in earth sciences and holds a master of science in geological and earth sciences from Laurentian University.
Karim Rayani, CEO of Marvel, commented, “We are pleased to have attained the services of Dr. Peter Born, and he will make a strong addition to our board of directors. His extensive knowledge, deep understanding of mineral exploration, and strong track record in developing assets will be of great benefit as we develop our project portfolio and help guide the company as we simultaneously explore for nickel, copper, uranium, and gold.”
