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 previous week, AKORA Resources Limited (ASX: AKO) has successfully completed a capital raising comprised of a placement for A$801,000 and an entitlement offer for A$3M.
AKORA’s managing director, and CEO, Mr Paul Bibby, said, “I would like to thank AKORA shareholders who have supported their company in a difficult equity market. This ensures the
focused work programmes are fully funded and allows continued progression across all projects. A major capital injection by Futureworld Management Pty Ltd is welcomed.”
New exploration and development
KEFI (AIM: KEFI) has announced that the board of Tulu Kapi Gold Mines (TKGM) has formally launched the project. The TKGM board includes representatives from both KEFI and the Ethiopian Federal and Oromia Regional Governments.
This decision to launch Tulu Kapi follows deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project’s finance syndicate.
An updated corporate presentation will be uploaded to the company website and includes a summary of early works, major works, key milestones, finance plan, and key economic metrics.
In addition, before September 2024, the company will complete preparation for community resettlement, detailed engineering for procurement, community consultations on social development plans, and recruitment and other organizational development.
Also, White Cliff Minerals Limited (ASX: WCN) Is preparing for its upcoming maiden field campaign in Northwest Territories and Nunavut, Canada. The company has now prioritized a number of highly prospective targets, which includes additional targets from the initial review of the southern half of the Great Bear Lake Project, Northwest Territories, as new areas are realized through the digitization and GIS integration of historic datasets.
Commenting on the update, White Cliff managing director, Troy Whittaker said: “Historic rock chips results from the southern parts of the Great Bear Lake Project have continued to reveal an underexplored, district scale opportunity which will be assessed during the upcoming 2024 field work. Whilst works continue on this review, these initial results continue to demonstrate the district and regional potential of the entire Project area.”
Meanwhile, Lahontan Gold Corp (TSXV: LG | OTCQB: LGCXF) has announced that it is has mobilized a reverse-circulation drill rig and support equipment to its flagship Santa Fe Mine project located in the Walker Lane of mining friendly Nevada.
The drill rig, a track-mounted MPD-1500, will begin drilling immediately in the Slab open pit target area at Santa Fe. The previously announced drill programme will total approximately 3,000m.
The drill programme will target areas that have the potential to greatly expand the project’s mineral resource estimate (MRE) and help support a preliminary economic assessment (PEA) of the project planned for later this year.
Drilling results
Finally this week, Askari Metals Limited (ASX: AS2) has announced the assay results from a total of 32 rock chip samples collected at the Kestrel Pegmatite Target located on EPL 8535 as part of an extensive multi-faceted 2024 field exploration campaign at the Uis Lithium Project in Namibia, Africa.
Cliff Fitzhenry, exploration and project manager, stated, “These results are highly encouraging and confirm that, with widths up to 30m and a strike length of more than 1.4km, Kestrel is a pegmatite of scale. It also displays high-grade lithium mineralization with a total of 10 samples displaying assays of >1% Li2O with the best results being 3.06%, 2.97%, 2.91%, 2.88%, and 2.28% Li2O.”
Detailed mapping and rock chip sampling at the Kestrel pegmatite has revealed a significant pegmatite body with a strike length in excess of 1.4km, open in both directions, and up to 30m in width.
Assay results have demonstrated that the Kestrel pegmatite hosts high-grade mineralization with lithium assay results up to 3.06% Li2O with visible dominant spodumene identified during field mapping. Mineral zonation together with chemical element ratio plots and mapped textures confirm that the Kestrel pegmatite is a highly fractionated, fertile LCT type pegmatite which is well mineralized across its entire strike and width.
The company is now planning an in-house hyperspectral remote sensing study, project wide stream sediment and soil geochemical sample programmes across the “corridor of interest” with an aim to delineate further anomalous areas, and a detailed mapping and rock chip sampling of promising new targets.
