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 past week, we heard that Roscan Gold Corporation (TSXV: ROS) undertook a non-brokered private placement financing for gross proceeds of up to C$2M.
The gross proceeds will be used for exploration and development of the company’s Kandiolé project, working capital, and general corporate purposes.
“The private placement allows us to further advance our work programmes towards further resource growth as well as de-risking efforts towards obtaining the final mining permit, a key element that triggers the remaining C$5M investment from Osisko Gold Royalties as per Royalty Sale Agreement announced in December 2022,” president and CEO, Nana Sangmuah, said.
“I am also pleased with the continued support of our director and largest shareholder Michael Gentile in this private placement, while welcoming new strategic partners and shareholders”.
Elsewhere, American West Metals Limited (ASX: AW1) extended the closing date (and subsequent dates) of its Entitlement Issue Prospectus dated for 13 March 2023. The prospectus relates to a non-renounceable entitlement issue to raise A$2,655,418.
The company has extended the closing date due to a delay in mail, given several eligible shareholders have not received their application forms. The closing date is now at 5:00pm Friday, 21 April 2023.
New exploration and development
In exploration and development news, KEFI Gold and Copper (AIM: KEFI) released a maiden MRE for its Al Godeyer project, which forms part of the Hawiah Complex. This is part of KEFI’s Saudi Arabian joint-venture with Gold and Minerals Company Limited (GMCO).
In Saudi Arabia, the company’s Jibal Qutman Gold and Hawiah Copper-Gold projects are under GMCO (now planned to be 25 to 30% owned by KEFI). In Ethiopia, the Tulu Kapi Gold Project is under TKGM (now planned to be 70-80% owned by KEFI). Final beneficial ownership will depend on project financing requirements.
Canadian company Falcon Gold Corp. (TSXV: FG) has announced the acquisition of 4,000ha of exploration claims pertinent to its Area 51 Project located in the Inca Del Oro mining district, Atacama Region, northern Chile. The Inca Del Oro mining district is situated along Chile’s Paleocene age mineral belt, known to host multiple porphyry, skarn, and epithermal mineral deposits.
Some of the highlights of the Area 51 Project include wholly-owned exploration claims totalling 4,000ha, located approximately 80km northeast of Copiapó mining city and airport. The project benefits from road access, proximity to infrastructure, and existing mine operations as well as year-round working conditions.
“We are very pleased to have acquired such an impressive land package in Chile, the country with the largest copper reserves in the world and one of Latin America’s most stable jurisdictions. The Area 51 project is strategically situated in the same camp as Newmont and Freeport McMoran. This further adds to our new focus of expanding to jurisdictions outside of North America,” stated CEO Karim Rayani.
Concurrently, Arafura Rare Earths Limited (ASX: ARU) has released an update on activities related to its Nolans Neodymium-Praseodymium (NdPr) project in Australia’s Northern Territory.
A successful capital raising completed across December 2022 and January 2023 has reinforced the confidence of Arafura’s Board of Directors and underpinned their approval for commencement of a range of activities critical to the construction of the Project.
Enabling works are now underway at Nolans, including establishment and rehabilitation of more than 25km of site access roads, earthworks for the construction camp and installation of the fly camp.
Drilling results
A few drilling highlights over the past few days include Hot Chili Limited (ASX: HCH | TSXV:HCH) obtaining encouraging drill results that confirm the potential for further resource growth at the Cortadera copper-gold resource, the centrepiece of the company’s low-altitude, Costa Fuego copper- gold project in Chile.
Cortadera’s Mineral Resource comprises three porphyry centres, which extend from surface over a strike extent of 2.3km.
Cortadera’s two eastern porphyries have been defined to vertical depths up to 1.3km, however, drilling across the western-most porphyry had previously not intersected higher grade mineralisation below 220m depth prior to 2023’s drill programme.
New drill results now confirm that higher grade mineralization (+0.3% CuEq) extends and remains open at depth below Cuerpo 1 ahead of a planned Mineral Resource update for the second half of 2023.
We also saw Cannindah Resources (ASX:CAE) has obtained significant new results in southern extension drilling at the Mt Cannindah Project in Queensland, Australia.
The company has now received the next set of completed assay results from the drilling program currently underway at Mt Cannindah, copper gold silver project south of Gladstone near Monto in central Queensland pertaining to the bottom of hole 23CAEDD018.
The latest results are from the next 200m down hole from the 0m to 274m reported in a recent announcement. Hole 19 is currently being drilled and Cannindah is eagerly awaiting the assays.
Also, Kuniko’s (ASX:KNI) expedited assays for its first diamond drill hole in its maiden drill programme at Ertelien Nickel Project in Norway have returned high-grades for nickel, copper, and cobalt.
“These high-grade results continue to demonstrate the developing potential of the Ertelien project. The assays underpin our earlier field observations of massive sulphides in the drill core and align well with those from historical drill core,” CEO, Antony Beckmand, said.
“We look forward to keeping a continued high priority focus on the Ertelien project and our goal of a maiden resource estimate.”
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