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
In financing news, Power Minerals Limited (ASX: PNN) has signed a binding term sheet to purchase 100% of the Argentinian lithium subsidiaries of TSX Venture Exchange-listed Ultra Lithium Inc. (TSXV: ULT).
Ultra Lithium holds 100% of the extensive +250,000ha Laguna Verde lithium-brine projects in the Catamarca Province, within the world-renowned lithium triangle in northwest Argentina. Power has stated that the acquisition of the Laguna Verde projects aligns with its strategy of becoming a leading lithium brine developer in Argentina and complements the company’s core focus of developing its Salta Lithium project with its direct lithium extraction partners.
The acquisition will expand Power’s portfolio of lithium development assets in Argentina’s lithium triangle to 2,837.70km2, making it one of the largest lithium landholders in the region and providing it with a significant pipeline of development projects.
Also, Steppe Gold Ltd (TSX: STGO) has successfully completed a non-brokered private placement, raising a total of C$12.1M, which was upsized from the original estimate of C$9M.
The private placement included participation from the company’s management and 2176423 Ontario, a company beneficially owned by Eric Sprott.
“I am thrilled to participate in this offering, and we are delighted to welcome a significant new shareholder and grateful for the continued support of our existing major shareholders, including Eric Sprott,” said president and CEO, Bataa Tumur-Ochir.
New exploration and development
Siren Gold Limited (ASX: SNG) has unveiled a JORC (2012) Mineral Resource Estimate (MRE) for its Supreme Gold Project in Reefton, New Zealand.
The Cumberland permit comprises the northern and southern areas of the previous Globe Progress mining permit.
The MRE based on historical data down to only 200m depth with significant intersections including 14.0m @3.5g/t Au, 14.0m @3.2g/t Au, 29.0m @2.6g/t Au, 10.0m at3.5g/t Au, and • 9.5m @4.1g/t Au.
Additionally, Mako Gold Limited (ASX:MKG) has commenced a phase 1 programme of a planned 10,000m of RC drilling on the company’s 90% owned flagship Napié Project in Côte d’Ivoire.
Drilling will target four of the 15 multi-kilometre-long anomalies identified during our recent auger drill programme independent of the Tchaga and Gogbala resource zones.
The targets are situated along the 30km-long Napié Shear, which hosts the Tchaga and Gogbala deposits, both of which constitute the maiden resource of 868Koz at 1.2g/t Au.
Drilling results
In drilling results, Talisman Mining Ltd (ASX: TLM) has received highly encouraging gold and base metal assay results from recent reverse circulation drilling (RC) at the Durnings Prospect, which forms part of the company’s wholly-owned Lachlan Copper-Gold Project in NSW.
Results show a high-grade intersection of 8m @6.3g/t Au, 0.77% Cu, 0.27% Pb, 0.36% Zn, and 6.3g/t Ag from 82m down-hole in DRRC0001 was returned from drilling at the Durnings Prospect, with sulphide mineralization returned through the entire hole to end-of-hole.
Talisman’s CEO, Shaun Vokes, said: “These initial results from Durnings are very encouraging, both in terms of the high-grade gold intersection returned and the pervasive combinations of base and precious metals returned in the step-out holes. In combination with the results from the Kaolin Shaft drilling just to the north-west, these results highlight that this whole area is highly mineralized.”
Also, Centaurus Metals (ASX: CTM) has made a new nickel sulphide discovery at the Twister Prospect with greenfields exploration drilling at its wholly-owned Jaguar Nickel Sulphide Project (JNP) in northern Brazil.
Managing director, Mr. Darren Gordon, said the discovery of shallow nickel sulphide mineralization at Twister represents the second greenfields discovery to be made on the property since it was acquired from Vale and shows the nickel prospectivity across the entire tenement.
“Our 2023 regional exploration focus has paid immediate dividends, with significant nickel sulphide intercepts returned in multiple holes over a significant strike extent at Twister. Over the past 18 months, the RC rig has been focused on project development and sterilization drilling but has now been freed up this year to drill out the exciting greenfield targets on the tenement, and we are starting to see the results of this work.”
Other company news
In other news, Ionic Rare Earths Limited (ASX: IXR) has appointed Sufian Ahmad as a non-executive director of the company.
Mr Ahmad brings strong legal, business and marketing expertise to the board with over 10 years’ experience in the resource sector in the provision of corporate advisory services.
Mr Ahmad is also the founder of Sixty Two Capital, an advisory firm specializing in the growth and funding of emerging ASX companies.
