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, Andromeda Metals Limited (ASX: ADN) has announced that it has entered into a binding offtake agreement with Traxys Europe S.A. for the sale and purchase of Andromeda’s kaolin products for the first five years of production.
Bob Katsiouleris, CEO, and managing director, said, “We are excited to seal our comprehensive strategic partnership with Traxys. Traxys is an ideal strategic partner for Andromeda, one in whom we can trust, and one that shares our commitment to meeting the increasing global need for superior industrial minerals.
“Traxys’ binding commitment for significant volumes during the initial stages of production, and its support of future expansions, acknowledges both the high-quality of kaolin products from The Great White Project and the certainty provided through securing an offtake from this new, large source of kaolin supply.” Added Katsiouleris.
New exploration and development
Lode Resources Ltd (ASX: LDR) has provided an update regarding a new drill programme at the 100% owned Webbs Consol Silver Project (EL8933). Follow up drilling at the Webbs Consol Silver Project has commenced with the initial hole underway and targeted at the Webbs Consol North discovery.
Webbs Consol North reported previous intercepts of 13.0m @ 193 g/t AgEq from 10.0m & 21.0m @ 122 g/t AgEq from 2.0m, including high-grade zones such as 779 g/t AgEq over 3m and 592 g/t AgEq over 3m.
This is the first hole in a 2,200m, 17-hole programme being undertaken by Centurion Drilling at the Webbs Consol Project with the entire programme expected to take around six weeks.
To date, the majority of extension drilling has been at Tangoa West, in the southern end of the Project, where 12 drill holes intercepted exceptionally high-grade silver mineralization down to a vertical depth of 300m.
Drilling results
In addition, White Cliff Minerals Limited (ASX: WCN) has announced that further widespread, IOCG-U polymetallic, mineralization has been visually observed during the maiden fieldwork programme at the company’s 100% owned Great Bear Lake U-Cu-Au-Ag Project in northern Canada and that works have now commenced at its 100% owned Nunavut Cu-Ag-Au Project.
A total of four large IOCG hydrothermal systems have now been identified and sampled within the project area, all prospects are visibly mineralized with chalcopyrite +/- bornite and associated copper secondary minerals.
The company announced the newly discovered “Cleaver” project, a broad zone of chalcopyrite bearing alteration at surface indicating a large and fertile IOCG system is in place. Cleaver includes large scale deep seated structures with widespread earthy hematite alteration (including uranium up to 4000 counts per second (CPS)) and secondary copper.
Further groundwork at Spud Bay (north) has identified widespread copper mineralisation along a structural corridor that can be traced for 450m N/S before disappearing under cover that including surficial bornite.
Meanwhile, Dart Mining NL (ASX: DTM) has announced that it has received initial results from the Phase 2 diamond drilling within the company’s 100% owned Rushworth Gold tenement package.
The first results from the Phase 2 diamond drilling programme at Star of the West and Henry Horne prospects have been received, with 799m of the planned 1,630m of diamond drilling has been completed to date. Results of additional sampling of GHDD002, following detailed project interpretation of the Growlers Hill Phase 1 programme, have also been received.
Drilling has confirmed the company’s mineral systems model of the Rushworth Goldfield, with sulphide mineralization presenting as key identifier for potential high-grade structures.
James Chirnside, chairman, commented, “The company is extremely happy to report todays results from our ongoing exploration at Rushworth. Receiving high-grade results from reef structures within zones of gold bearing sulphide mineralization is a key step to refining our mineral systems model of the project.”
Other news
Finally, White Cliff Minerals Limited (ASX: WCN) has strengthened its team with the appointment of John Hancock as a strategic advisor to its board. The company expects significant growth with its current and future portfolio of projects in the coming 12 months and is working now to secure appropriate personnel to assist with this.
“The board views John’s appointment at this pivotal time in the company’s evolution to be a logical next step as we move to complete our stated strategy of a three-project portfolio in Canada as well as significantly expand our exploration work at both Great Bear Lake and the Rae Copper (Nunavut-Coppermine) Project.” Said Troy Whittaker, managing director.
White Cliff has shared some of John’s extensive experience in the mining and exploration industry, which began more than 40 years ago visiting Pilbara iron ore prospects with his grandfather, Lang Hancock. During the 1990s he was part of marketing missions representing the Hope Downs Iron Ore project to customers and investors in China, Japan, and Germany, including co-presenting the project at the 1997 Iron and Steel Conference held in Berlin.
After two years working in South Africa with Iscor Mining (now Kumba) and on return to Australia completing an MBA, John transitioned to the role of investor and over the last 20 years has built a record of successful early-stage investments in lithium and uranium, including substantial holdings in Vulcan Energy and Aura Energy.
