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.
New exploration and development
Over the last seven days, Lotus Resources Limited (ASX: LOT | OTCQB: LTSRF) has provided a revised mineral resource estimate (MRE) for its Letlhakane Uranium Project in Botswana, based on the principle of “reasonable prospects for eventual economic extraction” as required by the JORC Reporting Code.
The revised mineral resource estimate (MRE) is 155.3Mt at 345ppm U3O8 for 118.2Mlb U3O8, including 34.4Mlb indicated resources. The revised Letlhakane MRE is constrained by pit shells demonstrating reasonable prospects of eventual economic extraction (RPEEE) and is based on a 200pm U3O8 cut-off grade.
Managing director, Keith Bowes, commented, “This analysis has resulted in Letlhakane’s potential significantly exceeding our initial expectations, with it clearly having the capacity to be a major uranium producing asset for a very long time. Letlhakane’s revised MRE of 118Mlb could deliver ~80Mlb of recovered uranium over its life, based on 2015 technical study recoveries (~70%).”
Puma Exploration Inc. (TSXV: PUMA | OTCQB: PUMXF) has launched its 2024 exploration programme at its 100%-owned Jonpol Gold property located 8km east of its Williams Brook property in Northern New Brunswick.
Puma is expanding its regional exploration fieldwork to prospective areas of the Williams Brook Project to identify additional priority targets and add to the Williams Brook gold inventory. A focused exploration programme will be deployed this summer at the Jonpol Gold property and its new expansion to advance the company’s understanding of the sizeable orogenic gold system at play in the region and identify additional potential gold deposits.
The 2024 summer programme at Jonpol aims to investigate and revisit gold showings found by previous operators using Puma’s proven exploration strategy. These gold occurrences are associated with mafic intrusions along and parallel to structures closely related to the Rocky Brook Millstream Fault a major orogenic structure trending ENE and known to host numerous gold occurrences and deposits.
Drilling results
In addition, Silver Storm Mining Ltd. (TSXV: SVRS | OTCQB: SVRSF | FSE: SVR) has announced further drill results from its Phase 1 diamond drilling programme at the company’s 100% owned La Parrilla Silver Mine Complex, located in Durango, Mexico.
Results from the four holes are from the C1940, San Rafael, and La Estrella Zones in the Quebradillas mine. These three zones were not modelled or included in the NI 43-101 mineral resource estimate prepared by SRK for the La Parrilla Silver Mine Complex published on 1- August 2023.
Greg McKenzie, president, and CEO commented, “We are pleased with the strong returns from the La Estrella, San Rafael, and C1940 Zones. High-grade mineralization can be traced at La Estrella over a strike length of 225m, vertical extent of 135m, and true thickness of up to 6m. Limited mining was previously conducted by First Majestic within these zones, and they were not included in the August 2023 resource estimate. We anticipate these results will have a positive impact on future resource updates.”
KEFI Gold and Copper Plc (AIM: KEFI), the gold and copper exploration and development company which has focused on the Arabian-Nubian Shield since 2008, has announced an operational update for the Hawiah Copper-Gold Project in the company’s minority-owned Gold & Minerals Ltd (GMCO) joint venture.
Recent drilling highlights include:
- – HWD_222 intersecting 8.6m (7.5m ETW) of massive sulphide averaging 0.8% copper, 0.4% zinc, 0.5g/t gold and 8.1g/t silver from 970.2m; and
- – HWD_246 intersecting 9.3m (8.4m ETW) of massive sulphide averaging 0.7% copper, 1.0% zinc, 0.6g/t gold and 10.2g/t silver from 872.7m
These intercepts have extended the vertical depth of known mineralization at Hawiah to 740m and increased the down-plunge extent of the crossroads extension lode by a further 270m.
Other news
Finally, Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has announced that it has filed with the applicable Canadian securities regulatory authorities the management information circular dated 8 May 2024 and related meeting materials of Steppe Gold for use at the annual general and special meeting of Steppe Gold shareholders to be held in connection with the proposed transaction with Boroo Gold LLC and Boroo Pte Ltd., or one of its affiliates, as previously announced on 11 April 2024.
Steppe Gold has also mailed copies of the meeting materials to shareholders entitled to vote on the transaction at the meeting.
At the meeting, shareholders will be asked to consider and, if deemed advisable, to approve the transaction. If the transaction is completed: (i) Steppe Gold will acquire all of the issued and outstanding shares of Boroo Gold in return for the issuance of that number of common shares in the capital of Steppe Gold that would result in Boroo Singapore, directly or indirectly, holding 55.9% of the issued and outstanding common shares; and (ii) Boroo Singapore will acquire the Tres Cruces Oxide Project by purchasing all of the issued and outstanding shares of two of Steppe Gold’s indirect, wholly-owned subsidiaries for aggregate cash consideration of approximately C$12M.
