Welcome to our roundup of some of the most significant mining investment, exploration, and development stories on Theassay.com from the last seven days.
Financing and M&A
In finance news, we heard that Westhaven Gold Corp. (TSXV: WHN) has arranged to issue on a non-brokered private placement basis for gross proceeds of up to C$3M.
The gross proceeds from the offering will be used to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) related to Westhaven’s projects in British Columbia. The company will renounce these expenses to the purchasers with an effective date of no later than 31 December 2022.
Westhaven is a gold-focused exploration company advancing the high-grade discovery on the Shovelnose project in Canada’s newest gold district, the Spences Bridge Gold Belt. The company controls 37,000 hectares (370 square kilometres) with four 100% owned gold properties spread along this underexplored belt.
New exploration and development
In exploration and development, American West Metals Ltd (ASX: AW1) commenced high-impact drilling and exploration activities at the Storm Copper Project on Somerset Island, Nunavut.
This drilling programme is the first since American West Metals became project operator, under the option agreement with Aston Bay Holdings.
“We are very pleased to report that drilling is underway at the Storm Copper Project in Nunavut, Canada,” Managing director, Dave O’Neill, said.
Talisman Mining Ltd (ASX: TLM) identified several high-priority exploration targets within its 100%-owned Lachlan Copper-Gold Project in NSW, after receiving preliminary results from project-wide geophysical surveys completed earlier this year.
Assays returned for the company’s recent Reverse Circulation (RC) drill programme at the project’s Carpina North outline wide intervals of gold mineralization, confirming the gold-in-soils target. The assays include 40m @ 0.51g/t Au from 24m down-hole in hole CNRC0012. Furthermore, complete assays returned for the RC drill programme at the Kaolin Shaft area have confirmed the presence of polymetallic base & precious metal mineralization, including 2m @ 1.42 g/t Au and 2.5g/t Ag from 16m down-hole, 2m @ 0.67% Pb, 2.28% Zn and 5.1g/t Ag from 92m down-hole and 4m @ 0.50% Pb, 1.41% Zn and 2.5g/t Ag from 106m down-hole in KSRC0012.
Voyager Metals Inc. (TSXV: VONE) announced the results of a new Preliminary Economic Assessment at its 100% owned Mont Sorcier iron and vanadium project located near Chibougamau, Quebec.
The PEA outlined a robust economic assessment of an after tax NPV of US1.6B and IRR of 43% for Voyager’s Mont Sorcier project. These results are based upon a traditional open pit mining scenario with magnetic separation processing and a reverse flotation circuit to produce approximately 5.0Mt per annum of low sulphur, vanadium-rich iron concentrates, with low levels of impurities.
Based on test work to date, this material is amenable for blast furnace use in either China or Europe. The findings also estimated an annual average EBITDA of US$348M and average annual free cash flow of US$235M over 21-year life of mine.
Drilling results
In drilling news, Centaurus Metals Ltd (ASX: CTM) obtained “outstanding” new drill results from ongoing resource growth and development drilling at its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil.
Managing director, Darren Gordon, said the results are expected to contribute to an increase in the global Mineral Resource Estimate (MRE), due for delivery at the end of September, as well as to upgrade more of the Jaguar MRE into the higher confidence Measured and Indicated categories in advance of Ore Reserve estimation as part of the DFS.
“The resource development in-fill programme has been our focus for the past six months and continues to demonstrate the consistency and quality of the nickel sulphide mineralization that sits within the planned open pit limits,” Mr Gordon said.
Eloro Resources Ltd (TSXV: ELO) identified the highest grade and longest intersection thus far in assay results from two additional diamond drill holes from its on-going drilling programme at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
Overall, the company has completed 64,573m in 102 drill holes to-date at Iska Iska, including four holes in progress.
Tudor Gold Corp. (TSXV: TUD) has achieved further success with its third set of drill results for Phase l of the 2022 exploration programme at the Treaty Creek, located in the heart of the Golden Triangle of north-western British Columbia.
“We are extremely pleased to report this second consecutive high-grade, visible gold intercept from our north-eastern step-out drilling,” president and CEO, Ken Konkin, said.
Also in the news
To round things up, Horizonte Minerals Plc (AIM: HZM | TSX: HZM) announced the signing of a community skills training agreement with Brazil’s leading national industrial training provider, Serviço Nacional de Aprendizagem Industrial (“SENAI”), for the Araguaia Nickel Project. Local community members will be trained to develop core skills required during Araguaia’s construction and operational phases.
Thanks for reading, and don’t forget to subscribe to The Assay Weekly newsletter.
