Welcome to our roundup of some of our must-read investment, exploration, and development stories on Theassay.com over the last seven days. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing news
To kick things off, First Mining Gold Corp. (TSX: FF) has entered into a definitive royalty purchase agreement with an affiliate of Sprott Resource Streaming and Royalty Corp. to sell its 1.5% net smelter return (NSR) royalty on the Goldlund gold property in Ontario owned by Treasury Metals Inc. for total cash consideration of approximately C$9.5M (US$7M).
“We are very excited to announce the sale of our Goldlund royalty to Sprott,” CEO, Dan Wilton, said. “Sprott is an existing royalty holder across the Goliath Gold Complex with a deep understanding of the project and this transaction is a further endorsement of the potential of the asset.
“First Mining continues to retain exposure to the success of the project as the largest shareholder of Treasury Metals while the proceeds from this royalty sale will provide the Company with additional financial flexibility as we continue to focus on advancing our two flagship assets, Springpole and Duparquet.”
Horizonte Minerals Plc (AIM: HZM) has satisfied all conditions needed for the first utilisation under the senior secured project finance debt facilities of US$346.2M.
Importantly, the company is now in receipt of the first tranche of funds from the senior lenders. This milestone unlocks the balance of the funding required to complete construction, commissioning, and ramp-up at Horizonte’s 100%-owned Araguaia Nickel Project in Brazil, where construction is underway, and progress remains on schedule.
In addition, Horizonte has also satisfied all of the conditions precedent in relation to utilization of the COF and has fully drawn down the US$25M of COF funding from Orion.
Kincora Copper Limited (ASX: KCC | TSXV: KCC) has obtained strong market support for its plans to exploit its high-quality assets in New South Wales’s Lachlan Fold Belt – one of Australia’s hottest exploration locations.
The company has revealed today that it has received binding commitments from unrelated professional and sophisticated investors for a A$2.4M capital raising.
“Following the oversubscribed offering Kincora is well funded and positioned to commence a high impact and high conviction drilling programme. This will initially commence at our brownfield Trundle porphyry project in January,” President and CEO, Sam Spring, said.
Exploration news
In exploration news, we heard that Ionic Rare Earths Limited (ASX: IXR) has highlighted its focus on the development of the Makuutu Rare Earths Project in Uganda and acceleration of magnet recycling technology scale up at Ionic Technologies in Belfast in an update on the progress made across calendar year 2022, and an insight into the expected activities for H1 2023.
Managing Director, Tim Harrison, said 2022 has been a year of significant growth within Ionic as it further advanced the Makuutu Rare Earths Project towards the finalisation of a Mining Licence Application (MLA) in Uganda, underpinned by a significant resource base upgrade and approval of our Environmental and Social Impact Assessment (ESIA).
Zacapa Resources Ltd. (TSXV: ZACA | OTCQB: ZACAF | DE: BH0) has acquired the ‘Sober Up’ claim adjacent to its South Bullfrog project, in exchange for 184,318 common shares of Zacapa effective 1 December 2022.
Zacapa has also granted 300,000 DSUs to independent directors and 1,775,000 stock options to employees at a price of US$0.11, expiring on 8 December 2027.
Drilling results
We’ve seen a successful week of drilling, starting with Galileo Mining Ltd (ASX: GAL) identifying the highest nickel and copper grades to date in drill assays from diamond core and RC drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel discovery within the company’s 100% owned Norseman project in Western Australia.
“The nickel results from disseminated sulphides in diamond core show we are drilling a quality mineralized system capable of producing high grades of nickel, copper, and palladium within disseminated sulphides,” Managing Director Brad Underwood said.
Lahontan Gold Corp. (TSXV: LG | OTCQB: LGCXF) has announced results from an additional five reverse-circulation rotary drill holes from its Phase Two drilling campaign exploring the Slab pit area of the company’s 19km2 Santa Fe Project located in Nevada’s Walker Lane. The five drill holes have now concluded the company’s Phase Two drilling campaign, and totalled 1,111m.
The drill holes targeted down-dip extensions of oxidized gold and silver mineralization east and northeast of the Slab pit. Past mining and historic drilling had outlined significant potential oxide and transition domain resources east of the Slab pit that remained open down dip from the pit.
Also in the news
To round things up, Bluestone Resources Inc. (TSXV: BSR) announced several executive appointments, effective immediately.
Peter Hemstead will join the Board of Directors and assume the role of President and CEO of the company, while Nevin Lau will become the CFO.
Former President and CEO, Jack Lundin, will remain as a director of the company. However, due to his expanding role within the Lundin Group he will step down from his daily management responsibilities at Bluestone.
“As the largest shareholder, the Lundin Family will remain committed to Bluestone Resources,” Mr Lundin said.
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