Welcome to our roundup of the most read-worthy mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
In finance news we heard that First Mining Gold Corp. (TSX: FF) made an offer to acquire all the issued and outstanding shares of Beattie Gold Mines Ltd, a private company that owns the mineral rights to mining claims that make up the former Beattie mining concession which forms a large part of the Duparquet Gold Project located in Quebec, Canada.
First Mining, directly and through its wholly owned subsidiary, Clifton Star Resources Inc., already owns approximately 25.3% of the issued and outstanding shares of Beattie Gold. The total consideration of the Beattie Offer is C$4.43641 cash per Beattie Gold share and 35 First Mining Shares per Beattie Gold share for a total cash consideration of C$6,227,176 and the issuance of 49,127,820 First Mining common shares.
“This transformational acquisition has been a few years in the making and grows First Mining’s M&I gold resources by 40% and inferred gold resources by 50%,” said Keith Neumeyer, chairman of First Mining Gold.
New exploration and development
In exploration and development news, Cyprium Metals Ltd (ASX: CYM) unveiled the company’s maiden Mineral Resource Estimate for the Nanadie Copper-Gold Mine deposit in Western Australia. The Mineral Resource Estimate forms part of Cyprium’s broader Murchison Copper-Gold Project.
Executive Director, Barry Cahill, said the broader Nanadie Well model further highlights the potential to expand the known resource both along strike and down dip. The current resource tapers with depth and the potential exists to expand this laterally at depth with further deeper drilling.
Exploits Discovery Corp. (CSE: NFLD | OTCQX: NFLDF | FSE: 634) has announced the preliminary results of the Alpha IP™ survey on its Titan property conducted by Simcoe Geoscience as part of the company’s 2022 exploration programme. The drilling programmes are focused along structural lineaments where recent significant high-grade gold discoveries have been announced in central Newfoundland, Canada.
Preliminary results of Alpha IP survey have identified the potential for deeper and more extensive mineralization and assisted in generating new drill targets at Titan. According to the company, historic drilling did not clearly reveal these mineralized trends. Exploits also states that Titan is fully permitted for diamond drilling.
St George Mining Ltd (ASX: SGQ) continues to make strong progress with its diamond drill programme at its 100% owned Paterson Project, in the East Pilbara region of Western Australia.
The programme is testing priority structural targets to assess the potential to host large copper-gold systems. An important element of the drilling is to confirm host lithologies as well as deliver evidence of hydrothermal/mineralizing processes. Three drill holes – PDD003, PDD004 and PDD005 – have been completed since late June.
Drilling results
In major drilling news over the last seven days, Galileo Mining Ltd (ASX: GAL) has continued to hit mineralization in its ongoing Reverse Circulation (RC) drilling programme at the Callisto discovery within the company’s 100% owned Norseman project in Western Australia.
Eleven additional drill holes have been completed with each drill hole intersecting disseminated sulphide mineralization geologically consistent with the first round of drilling. The first round of drilling, and the first assays from the second round of drilling, showed the sulphide layer at the base of the layered ultramafic sill to be associated with palladium, platinum, gold, rhodium, nickel, and copper metal.
Similarly, Thomson Resources (ASX: TMZ) intersected further strong mineralized greisens in recent drilling at the Thomson’s 100% owned Bygoo Tin Project, located in the Lachlan Fold Belt in New South Wales.
Results have now been received for two more batches of assays from the 2022 drilling programme, including four holes drilled at the new discovery at “Stewarts”, 300m NW of the Main Zone. The holes were following up an intersection of 111m at 0.45% Sn from 57m depth in BNRC69.
Production news
Production news saw KEFI Gold and Copper (AIM: KEFI), a gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, unveil a quarterly operational update on its various activities.
This update encompasses the activities of KEFI Minerals (Ethiopia) Ltd (KME) and Tulu Kapi Gold Mines Share Company (TKGM) in Ethiopia, and Gold & Minerals Ltd (G&M) in Saudi Arabia, for the period from 1 April 2022 to 30 June 2022, along with any material subsequent developments.
Also in the news
To round things up, Red 5 Ltd (ASX: RED) has appointed Patrick Duffy as chief financial officer of the company, effective from 1 September 2022.
Mr Duffy is currently Red 5’s Chief Corporate Development Officer and this role will be consolidated with the CFO position. This restructure, which will become effective as of 1 September 2022, arises from the resignation of John Tasovac, who will leave Red 5 on 31 August 2022, for personal reasons, having played a pivotal role in the company’s transition from the Philippines to the acquisition of the Darlot and King of the Hills projects in Western Australia, culminating in the successful development of King of the Hills and achievement of first gold production.
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