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 last seven days, Ascot Resources Ltd. (TSX: AOT | OTCQX: AOTVF) has agreed with Seacan Labs Corp. to acquire its full-service assay laboratory facility in Stewart, British Columbia. The assay lab will be used to perform the testing required by Ascot for mineral exploration, mining operation, and environmental monitoring.
Seacan purchased the assay lab and installed it at the World Port facility in Stewart, BC, in early 2022. Previously, Ascot had entered into a service agreement with Seacan, and a portion of Ascot’s 2022 exploration drill assays and environmental testing was completed by Seacan.
The company decided to purchase the lab outright in order to further de-risk the project and minimize external reliance. The company is now in the process of planning for the staffing and operation of the assay lab in advance of targeted production start in the first quarter of 2024.
Sky Metals Limited (ASX: SKY) has exercised the option to acquire the Iron Duke project from Balmain Minerals Pty Limited. With the issuing of 6,841,294 shares and 781,862 options at A$0.064 each, the company will acquire 100% of the issued capital in Balmain Minerals.
“While SKY remains focused on exciting developments at the Tallebung tin project and continues to work towards mine scoping studies…, the purchase of 100% of the Iron Duke project brings additional valuable exposure to copper-gold into SKY’s existing copper-gold portfolio,” commented SKY CEO, Oliver Davies.
New exploration and development
Also, Odessa Minerals Limited (ASX: ODE) has provided a further update on the exploration programme underway at its Yinnetharra Lithium Project at Lockier Range in the Gascoyne region, Western Australia.
Pegmatites at the Yinnetharra Lockier Range project have surpassed 56,000m of total strike-length mapped, with an additional 10,400m strike-length of previously undiscovered pegmatites now mapped and sampled at the central pegmatite field and Mt Yaragner. A total of 187 rock and 1,900 soil samples have been collected to date.
Additionally, the newly completed soil sampling programme infilled the company’s current lithium-in-soil anomalies to 100m x 100m spacing and has provided higher definition data on potential drill targets.
Renforth Resources Inc. (CSE: RFR | OTCQB: RFHRF | FSE: 9RR) has announced that 62 additional claims have been staked at its Surimeau property to encompass the mineralized magnetic anomaly north of Lalonde. This was discovered in the company’s just completed prospecting programme, as well as historic government soil samples with anomalous lithium and cesium, and using extremely detailed satellite photos.
Renforth is still awaiting the results from samples taken and permits required for drilling and stripping operations anticipated for October. When field operations resume (time and weather permitting) an effort will be made to prospect certain areas of the newly acquired claims.
Renforth is a secure multi-commodity area play with the dominant brownfield land position south of the world class Cadillac-Larder Lake Fault (CLLF) in the prolific Cadillac and Malartic mining camps of Quebec’s Abitibi.
Drilling results
Meanwhile, American West Metals Limited (ASX: AW1 | OTCQB: AWMLF) has confirmed further copper discoveries at the Storm Copper Project on Somerset Island, Nunavut.
Dave O’Neill, managing director, commented, “I am very pleased to report that assays from the exploration diamond drill holes have confirmed the presence of high-grade sediment-hosted copper sulphide mineralization at depth, with significant implications for the exploration potential of the project.”
The company said that significantly, all drill holes have intersected copper sulphide mineralization at the same stratigraphic level, with grades up to 2.7% Cu from hole ST23-03, indicating the potential of the system to host high-grade mineralization.
North Arrow Minerals Inc. (TSXV: NAR) has received new lithium assays from the company’s wholly-owned MacKay Lake property, Northwest Territories.
Six of eight rock sawn channel samples from the MK1 spodumene pegmatite, discovered in June 2023, have returned Li2O assay results of 1.16%, 1.34%, 1.87%, 1.90%, 1.93%, and 2.30%. These samples were collected over 1m intervals in July 2023 and compliment the assays of prospecting grab samples that returned from 2.45% to 3.74% Li2O.
Other company news
Finally, Pan Global Resources Inc. (TSXV: PGZ | OTCQX: PGZFF) has completed its first sustainability assessment report from the independent assessment platform, Digbee ESGTM.
The ESG report has given a thorough evaluation of the company’s performance across a range of ESG measures. Importantly, it has provided Pan Global with a standing to target further improvements in future as part of the standardized scoring process by Digbee’s independent panel of qualified mining ESG experts.
In addition to Pan Global’s commitment to environmental stewardship, social responsibility, and governance excellence, the company is aligned with the inclusion of copper in the EU Critical Raw Materials Act.
As a copper exploration company in Spain, the company’s commitment to responsible exploration of copper and other metals contributes to the EU’s efforts to establish a robust supply chain for critical raw materials.
