Welcome to our roundup of some of our most-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
In capital raising news, Libero Copper & Gold (TSXV: LBC) has decided to increase its non-brokered private placement announced on 7 February 2023 to now raise gross proceeds of approximately C$2M.
The net proceeds raised is to ensure that at a minimum, the company will have positive working capital for a period of 12 months following the closing of the Offering and for Libero Copper to maintain its operations at the Mocoa and Esperanza porphyry copper projects. Any increased amount raised will be used for further exploration at the properties.
Development news
American West Metals (ASX: AW1) has welcomed the release of a maiden JORC 2012 compliant Mineral Resource Estimate (MRE) for its wholly-owned West Desert Project in Utah, USA.
The Maiden Independent JORC Indicated and Inferred MRE has defined 33.7Mt @3.83% Zn, 0.15% Cu and 9.0g/t Ag.
“We are thrilled to announce a very significant milestone for American West Metals with the Maiden JORC compliant resource for the West Deposit,” Managing Director, Dave O’Neill, said.
Argonaut Resources NL (ASX: ARE) has welcomed reports that the Zambian High Court has ordered the Minister for Mines to decide an appeal by an Argonaut subsidiary, Mwombezhi Resources Ltd.
The appeal is against the purported cancellation of the Lumwana West licence and the hasty and illegal re- grant to a newly registered company. The Minister must decide the appeal within 30 days.
This order comes two months after the same court suspended both the cancellation of the Lumwana West licence, and the grant of a new licence over the same area.
Legal action by Argonaut is aimed at the prompt reinstatement of the Lumwana West licence in North- western Zambia to the company’s 90% held subsidiary, Mwombezhi.
Lithium developer Century Lithium (TSXV: LCE) has revealed it is working with Koch Technology Solutions (KTS) in the application of the Li-Pro™ process for direct lithium extraction (DLE) at its lithium extraction facility in Amargosa Valley, Nevada, USA.
Bill Willoughby, president & CEO of Century Lithium, said, “Century Lithium’s collaboration with KTS and KES has been productive, and we look forward to working together as we broaden our relationship.”
“Our DLE process in the Pilot Plant is performing very well and we are excited to work with Koch as we advance the Project.”
Drilling results
Cannindah Resources (ASX: CAE) has received promising results from the next set of completed assay results from the drilling programme currently underway at the Mt Cannindah, copper gold silver project in central Queensland.
The most significant results were obtained in hole 22CAEDD016. Drilling hole #16 in a north to south direction (i.e. right angles to the majority of the previous drilling), has demonstrated that the mineralized zone at the northern section of the Mt Cannindah deposit is a robust high-grade copper (gold, silver) rich breccia body.
“The Mt Cannindah project has again delivered excellent grade over a significant intercept. Having 155m @1.12% CuEq which included 74m @2.04% CuEq in hole 16 shows drilling at Mt Cannindah is continuing to be a great success for the company,” Executive Chairman, Tom Pickett, said.
Aussie-listed Kuniko’s (ASX: KNI) maiden drill hole at Ertelien Nickel Project in Norway has intersected observed massive sulphide mineralization.
The company has also had success with a programme reviewing assay results of historical drill core confirm high grades of nickel, copper and cobalt over 28.1m @1.34% nickel, 1.19% copper, 0.07% cobalt.
“We are delighted that our maiden drill hole at Ertelien has delivered a great result, returning several intersections of observable massive sulphides,” CEO, Antony Beckmand, said.
“This, combined with the high-grade assay results from the historic drill core demonstrates this project and the Ringerike area is, as expected, highly prospective for further development,” he added.
Also in the news
Ascendant Resources (TSX: ASND) has appointed Clinton Swemmer as chief technical officer for the company. Previously, Mr Swemmer held the position of vice president of technical services for Ascendant.
Ascendant has stated that the Mr Swemmer’s appointment as chief technical officer reflects his significant contribution to the company, specifically to the ongoing feasibility study and plans for the upcoming development of the Venda Nova Deposit within the Lagoa Salgada Project, on the Iberian Pyrite Belt, Portugal.
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