Welcome to our roundup of 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
Our roundup this week starts with Tudor Gold Corp. (TSXV: TUD) closing a bought-deal, private placement offering for aggregate gross proceeds of approximately C$18.5M, including the full exercise of the over-allotment option.
The offering was led by Research Capital Corporation, as the lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, including Red Cloud Securities Inc. and Roth Canada, Inc.
Eric Sprott, through 2176423 Ontario Ltd, a corporation beneficially owned by him, has aso subscribed for approximately C$2M in the offering.
Similarly, Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) announced a C$4.0M non-brokered flow through private placement, the proceeds of which will be used to fund the company’s 2023 exploration programme at its Premier Gold Project, located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.
Derek White president and CEO, commented, “We are pleased to announce this flow through private placement with a single investor. The proceeds will be used to advance our 2023 exploration programme at PGP, both for surface drilling on high-priority targets such as the Day Zone and Sebakwe Zone, and various IP geophysics activities for further target generation.”
Grid Metals Corp. (TSXV: GRDM) entered into agreements with arms’ length third party vendors to acquire additional property in southeast Manitoba, Canada.
The acquisitions have enabled Grid to establish a dominant land position prospective for nickel, copper, platinum group metals and cobalt – all key critical metals. Additional ground in the belt has been acquired through staking. The new properties provide a significantly enhanced scope for the discovery of additional nickel-copper-PGM mineralization in the belt.
New exploration and development
In exploration and development news, we heard that Rumble Resources Limited (ASX: RTR) has reported a high-quality maiden Mineral Resource Estimate (MRE) for its Earaheedy Zn-Pb-Ag Project, 110km north-east of Wiluna, Western Australia.
The MRE occurs within the E69/3464 (75% Rumble / 25% Zenith Minerals Ltd (ASX: ZNC) and E69/3787 (100% Rumble) tenements.
The MRE confirms that the project represents one of the largest zinc sulphide discoveries globally in the last decade.
Over in Brazil, Cerrado Gold Inc. (TSXV: CERT) expects to deliver its Feasibility Study (FS) for its Monte do Carmo (MDC) gold project in Tocantins State, by the end of May.
The operational team, in conjunction with independent engineering firms SRK and GE21, have completed or are at near completion of all disciplines required to deliver a Feasibility Study by the end of May. Additional work streams to incorporate the underground mining are well-advanced.
Drilling results
Lots of positive drill news over the last week, starting with Siren Gold Limited (ASX: SNG) announcing a Maiden JORC (2012) Mineral Resource Estimate (MRE) for its Big River Gold Project in New Zealand.
The Big River gold project consists of six identified gold mineralized shoots across more than 500m of strike, with potential to discover additional high-grade shoots.
Maiden 105Koz resource at 3.94g/t Au was defined from two of these six shoots.
Kuniko’s (ASX: KNI) latest drill core visual results at the Myrmalm conductor target on the Nyberget licence in the Undal-Nyberget Copper Project in Norway show the company intersected new sulphide mineralization in two distinct zones.
The West zone has observed strike length of 210m and the Middle zone a strike length of 128m. A total of eight holes were drilled into the Myrmalm conductor target on the Nyberget licence, for a total of 1,544m.
Eloro Resources Ltd. (TSX: ELO) also obtained high-grade assay results from the last eight diamond drill holes from the definition drill programme at Santa Barbara in the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
Two of these drill holes (DSB-45 and DSB-47) filled in gaps in previous drilling of the High-Grade Zone. The remaining six holes (DSB-44. DSB-48, DSB-49, DSB-50, DSB-51 and DSB-52) tested the potential south-south-eastern extension of the High-Grade Zone at Santa Barbara.
Also in the news
Cyprium Metals Limited (ASX: CYM) announced a number of board changes. Including the appointment of John Featherby as a non-executive director of the company, effective immediately.
Mr Featherby has extensive experience in the stockbroking and wealth management industry. His skills in securing finance, corporate relations and business development will be integral to the Company’s strategic review on all assets in the company.
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