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 seven days, Medallion Metals Limited (ASX: MM8) has received binding commitments for a two tranche placement to raise approximately A$5M before costs. Established gold producer Alkane Resources Limited (ASX: ALK) corner stoned the placement and will hold 4.9% of the Medallion shares on issue upon settlement. Alkane’s support of the placement is a strong endorsement of Medallion’s management, assets, and strategic direction.
In addition to Alkane’s commitment, the placement received strong support from new and existing institutional and professional shareholders.
The placement comprises:
- The issue of 63,319,106 fully paid ordinary shares to sophisticated investors at an issue price of 5 cents per share, placed under the company’s ASX Listing Rule 7.1 and 7.1A capacity
- The issue of 36,680,894 fully paid ordinary shares at the same issue price as the Tranche 1 placement (inclusive of 2,512,680 fully paid ordinary shares to directors of the company), subject to shareholder approval
New exploration and development
Additionally, White Cliff Minerals Limited (ASX: WCN) has announced the first batch of assay results from rock chip samples collected during the maiden field programme at the company’s Great Bear Lake Project in northern Canada. These results have confirmed widespread high-grade precious and base metal mineralization associated with multiple IOCG and epithermal systems.
“This initial batch of rock chip assays from Phoenix, the first project area to be sampled due to its proximity to the existing large airstrip at Great Bear, has delivered outstanding initial results. Not only have we confirmed the historical results and sample locations, but we have also expanded the area of known mineralization at the project. This first success gives us great optimism regarding the other four project areas at Great Bear.” Stated Troy Whittaker, managing director.
Asian Battery Metals (ASX: AZ9) has announced interim results from reconnaissance exploration at its Oval prospect in Mongolia, identifying a new copper-nickel system within the broader Yambat project.
The exploration programme included geophysical studies, ground mapping, and sampling across the 106.06km2 land package, plus a 2,500m Phase 1 drilling campaign. 1,320m of that programme has been completed to date.
Detailed geophysical work employed pole-dipole induced polarization, controlled source audio frequency magnetotelluric, and audio-frequency magnetotelluric methods to generate new targets.
Ground mapping was conducted across a 5.77km2 area within the western sector of Oval and focused on delineating copper-nickel-bearing mafic units, establishing lithological contacts, characterizing alteration mineralogy and identifying structural trends to guide the subsequent exploration of mineralized zones.
Drilling results
Meanwhile, Astute Metals NL (ASX: ASE) has stated that assay results from its final four holes from its inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, have returned high-grade mineralization.
Assay results from the final batch of samples include the following drill intersections:
- RMRC008: 25.9m @ 1,120ppm Li / 0.60% Lithium Carbonate Equivalent1 (LCE) from 73.2m
- RMRC009: 50.3m @ 908ppm Li / 0.48% LCE from 15.2m 18.3m @ 904ppm Li / 0.48% LCE from 68.6m 13.7m @ 995ppm Li / 0.53% LCE from 99.1m 29.0m @ 1,060ppm Li / 0.57% LCE from 123.4m to End of Hole
- RMRC010: 33.5m @ 1,260ppm Li / 0.67% LCE from 19.8m 30.5m @ 898ppm Li / 0.48% LCE from 74.7m
- RMRC011: 44.2m @ 905ppm Li / 0.48% LCE from Surface 48.8m @ 834ppm Li / 0.44% LCE from 51.8m 13.7m @ 1,260ppm Li / 0.67% LCE from 120.4m end of hole
Other news
Finally, Fission Uranium Corp (TSX: FCU) has announced that Institutional Shareholder Services Inc. has completed their analysis of the previously announced plan of arrangement with Paladin Energy Limited (ASX: PDN) and ISS recommends shareholders of Fission vote for the arrangement.
The special meeting of Fission security holders is being held on 26 August 2024 at 10:00am to consider the arrangement, whereby Paladin will acquire all of the issued and outstanding shares of the company, and in return Fission Shareholders will receive 0.1076 shares of Paladin for each Fission share held.
In their analysis, ISS notes the “offer consideration represents a substantial premium of 25.9% over the price on the day prior to the announcement,” “makes strategic sense”, and that “it is anticipated the transaction will enhance value for shareholders through ownership in a company with growth potential, increased liquidity, improved cash flow, and is expected to benefit from an enhanced capital markets presence.”
