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 past week, Chesapeake Gold Corp. (TSXV: CKG | OTCQX:CHPGF) has announced that the company and Alderley Gold Corp., (Chesapeake’s wholly owned subsidiary), have completed the acquisition of the patents, patent applications, and certain other technology rights and assets for the sulphide leaching technology from Hycroft Mining Holding Corporation and its wholly-owned subsidiaries on the terms as announced in the news release on 23 May 2024.
On closing, Chesapeake paid C$2,000,000 in cash and issued 1,026,518 common shares of the company at a deemed share price of C$2.92 per share. The consideration shares are subject to a hold period expiring on 5 October 2024. The acquisition is subject to final approval of the TSX Venture Exchange.
Galileo Mining Ltd (ASX: GAL) has announced the completion of the MinRes Farm-in and joint venture (JV) agreement and the results of recent drilling from the company’s 100% owned Norseman project in Western Australia.
Managing director, Brad Underwood, commented, “With completion of the MinRes lithium joint venture agreement, lithium exploration will now begin at the Norseman project. MinRes have an incredible depth of experience in the lithium business and have secured the rights to work on our untested lithium potential at Norseman. In return Galileo shareholders will benefit from a focused programme of lithium exploration while the company continues to concentrate on the extensive potential for nickel, PGEs, and gold in the same region.”
New exploration and development
Also, Falcon Gold Corp. (TSXV: FG | 3FA: GR | FGLDF: OTCQB) is to commence drilling at its 100% owned Great Burnt Copper Project in Central Newfoundland. The company plans to test up to ten geophysical anomalies with a maximum of 1100m of drilling.
Falcon holds 2,275ha in the Great Burnt camp, with licences located north of, and contiguous to, Benton Resources Inc. Spruce Ridge Resources Ltd. Great Burnt Copper-Gold joint venture. Benton Resources Inc. recently optioned the Great Burnt Copper-Gold Project from Spruce Ridge Resources Ltd. in an agreement that allows Benton to earn a 70% interest in the property.
The Benton-Spruce Ridge property is host to the Great Burnt Copper Zone, a deposit with an indicated resource of 381,300t at 2.68% Cu and inferred resources of 663,100t at 2.10% Cu. Recent drilling by Benton at the Great Burnt Copper Deposit reported drill results that returned 7.20% Cu, 7.12g/t Ag, and 0.05% Co over 12.30m. Previous drilling in 2020 by Spruce Ridge reported 8.06% Cu over 27.2m.
Drilling results
Meanwhile, Reach Resources Limited (ASX: RR1) has announced assay results from the latest field programme at Wabli Creek which have identified a primary source of high-grade Nb/REE mineralization previously only found in surface eluvial samples on site.
Importantly, these latest high-grade assay results confirm that the hard rock source material holds the same or similar high-grade concentrations as the weathered surface material (eluvial material).
Highlights from the results include:
- 17.65% Nb2O5, 0.15% Y2O3, 10.81% Ta2O5, 31.39% TiO2, 0.37% TREO (24WRCK049)
- 13.22% Nb2O5, 0.13% Y2O3, 6.27% Ta2O5, 18.97% TiO2, 1.13% TREO (24WRCK046)
Further, the in-situ assay results taken straight from the bedrock were taken approximately 0.5km from the historically reported 32% Nb2O5.
Fission Uranium (TSX: FCU) has released the results for its first six drill holes on the R1515W zone at the company’s PLS property, in Canada’s Athabasca Basin region. All six holes intercepted wide intervals of mineralization, with five holes additionally hitting high-grade sections.
Hole PLS24-659 (line 1545W) intersected 3.75m of total composite >10,000cps in 66.0M of total composite mineralization and PLS24-653 (line 1560W) intersected 5.57m of total composite >10,000 cps in 63.0M of total composite mineralization.
A total of 19 holes are planned for the R1515W zone with the goal of upgrading the resource classification of the zone from mostly inferred to indicated and higher, for possible inclusion in the current mine plan.
Other company news
Finally, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has appointed of Constantine Karayannopoulos to its board of directors. Mr. Karayannopoulos brings a distinguished resume and track record of success to the board of Grid Metals. He is replacing Mr. Edward Munden, who is stepping down.
Robin Dunbar, president, and CEO, commented “We would like to welcome Constantine to the board as we move forward with our critical mineral projects in southeastern Manitoba.”
Mr. Karayannopoulos is a professional engineer who has held numerous senior executive positions including president, chief executive officer, and director of Neo Material Technologies prior to its acquisition in 2012 for C$1.3B.
He was also one of the founders as well as non-executive chairman of the board of Neo Lithium Corp. from February 2016 to January 2022 when the company was acquired for C$960M. He is currently a strategic advisor to several public companies in the rare earth and critical minerals industry. He is a member of the advisory board of Lithium Royalty Corp., the University of Toronto’s Department of Chemical Engineering and is a member of the Canada China Business Council.
