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, American West Metals Ltd (ASX: AW1) has received firm commitments to raise A$7.8M via a combination of a flow-through shares placement under the Income Tax Act (FTS placement), and a placement of ordinary fully paid shares to investors.
Dave O’Neill, American West managing director, said “American West is delighted with the high level of interest in this capital raising from quality investors in Australia and globally. The opportunity to raise funds at a significant premium to the current share price provides the company with additional working capital while minimizing dilution to existing shareholders.”
Under the FTS placement, the company will raise C$6M through the issue of 35,231,944 shares at an issue price of C$0.1703 per share.
The FTS placement is facilitated by Canadian flow-through share dealer, PearTree Securities Inc, pursuant to a subscription and renunciation agreement with American West. PearTree will not receive any fees or commissions from the company for its role in respect of the FTS placement.
New exploration and development
North Arrow Minerals Inc. (TSXV: NAR) has staked prospective spodumene bearing pegmatites discovered in the MacKay Lake area of the Northwest Territories, immediately adjacent to the winter road connecting Yellowknife with the Lac de Gras diamond mines.
The Mackay pegmatites were identified and staked by North Arrow in an area where, in the 1940’s, the Geological Survey of Canada noted tantalite mineralization within tourmaline-muscovite pegmatites.
Initial prospecting samples from the pegmatites have been submitted for analysis and results will be reported shortly.
Additionally, the LDG project has an exploration camp and drilling permit in place, with the camp well positioned to support further evaluation of the MacKay spodumene pegmatites, as is the annual Lac de Gras winter road, that runs along Mackay Lake immediately adjacent to the newly staked mineral claims.
Meanwhile, Grid Metals Corp. (TSXV: GRDM | OTCQB: MSMGF) has announced a maiden mineral resource estimate (MRE) on its 75% owned Donner Lake lithium project with an inferred resource of 6.81Mt grading 1.39% Li2O.
In addition, the company has signed a binding lease agreement with 1911 Gold Corporation to use its nearby True North mill to produce lithium spodumene concentrate. The lease of the True North mill, an existing processing facility, will be reconfigured to enable lithium spodumene production.
“We believe the resource and mill lease announced today are essential building blocks for the development of a lithium production business focused in southeastern Manitoba,” commented Grid Metals CEO, Robin Dunbar.
Drilling results
In drilling announcements, Mako Gold Limited (ASX: MKG) has received the remainder of assays from a recent 10,000m RC drill programme completed on the company’s flagship Napié project, Côte d’Ivoire.
The assay results received are from 11 holes at the Tchaga West target, one of the first of four targets to be drilled out of the 15 large targets identified during the company’s recent auger drill programme.
Mako Gold Limited (ASX: MKG) has received the remainder of assays from a recent 10,000m RC drill programme completed on the company’s flagship Napié project, Côte d’Ivoire.
The assay results received are from 11 holes at the Tchaga West target, one of the first of four targets to be drilled out of the 15 large targets identified during the company’s recent auger drill programme.
Lahontan Gold Corp (TSXV: LG | OTCQB: LGCXF) has announced results from an additional six reverse-circulation rotary (RC) drill holes from the company’s 7,000m phase three drilling campaign at its Santa Fe mine project in Nevada’s Walker Lane.
These drill holes are the first exploratory drill holes completed in the York pit area in over 30 years, historic drilling had outlined significant oxide domain gold and silver resources that remained open along strike and down-dip.
The six drill holes reported herein, totalling 1,271m, targeted potential extensions to these gold and silver resources. Highlights include:
- Hole YOR23-006R: 30.5m @0.74g/t Au and 0.5g/t Ag of oxide metallurgical domain mineralization
- including 10.7m @1.01g/t Au and 1.9g/t Ag
Other company news
Finally, Century Lithium Corp. (TSXV: LCE | OTCQX: CYDVF) has appointed Dr. Corby G. Anderson to its board of directors.
Bryan Disher, chair of Century Lithium said “We are pleased to welcome Dr. Anderson to the company’s board of directors. As technical advisor, Dr. Anderson has been instrumental in the advancement of our Clayton Valley Lithium Project, and we look forward to his continued contribution to the company in his new role on the board of directors.”
Dr. Anderson is a licenced professional chemical engineer with over 40 years of global experience in engineering, design, industrial plant operations, corporate level management, education, research, and professional service.
