Welcome to our roundup of the most-read mining investment, exploration, and development stories on Theassay.com from the last week.
Financing news
We heard that Candente Copper Corp. (TSX: DNT) has appointed Steven Latimer and Jeremy Meynert as directors of the company and entered into a loan agreement with Nascent Exploration Pty Ltd, a wholly owned subsidiary of Fortescue Metals Group Limited for a loan in the aggregate principal amount of C$1,000,000 for a 12-month term at 10% interest to be repaid on maturity.
“I am very pleased to announce the appointment of Steven Latimer and Jeremy Meynert to the Board of Directors of Candente Copper,” executive chair, Giulio Bonifacio, said.
“Their collective capital markets experience in the mining sector, and track record of value creation will contribute significantly to Candente Copper’s future success.
“Additionally, the loan from Fortescue, Candente Copper’s largest shareholder, demonstrates their ongoing support while providing the company with working capital as we evaluate various opportunities to advance the Cañariaco Copper Project by advancing engineering and environmental studies and further drilling, all of which will lead to a publication of a feasibility study.”
Tudor Gold Corp. (TSXV: TUD) closed its previously announced brokered private placement offering, with a non-brokered portion of the offering, for aggregate gross proceeds of approximately C$7.75M.
The Offering was led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Canaccord Genuity Corp. and Roth Canada Inc.
Eric Sprott, through 2176423 Ontario Ltd, a corporation beneficially owned by him, subscribed for C$2M in the offering.
Development News
Blue Sky Uranium Corp. (TSXV: BSK) has announced the launch of a comprehensive field exploration programme at the Cateo Cuatro sector, to refine drilling targets and has advanced the Ivana East target in Argentina to the drill-testing stage.
The Ivana East target is 10km east of the Ivana deposit while Cateo Cuatro is located 32km to the southwest. These important targets have been prioritised by the company as part of its strategy aimed at defining additional uranium deposits within the 145km long and wholly owned Amarillo Grande Uranium-Vanadium Project in Rio Negro Province, Argentina (AGP).
These target areas were identified through Blue Sky’s ongoing detailed review and reinterpretation of over 15 years of geological data and classification of compelling targets with high potential for uranium-vanadium mineralization like the company’s cornerstone Ivana deposit.
Horizonte Minerals Plc (AIM: HZM | TSX: HZM) announced that its 100% owned Araguaia Nickel Project, currently in development, has been approved as a “strategic minerals project” by the Brazilian federal government.
The company says this approval will ensure that the Araguaia Nickel Project is treated on a priority basis by the various government agencies engaged in the construction and operation of the mine, through the support of an Inter-ministerial committee.
Jeremy Martin, CEO of Horizonte Minerals, commented: “The selection of the Araguaia Nickel Project as a strategic minerals project further demonstrates the global importance of nickel as a critical metal of the future as well as the project’s strategic importance to Brazil.
“We recognize the positive steps the Brazilian government are taking to help expedite these strategically important projects and we look forward to working closely with them as we advance Araguaia towards production.”
Thomson Resources (ASX: TMZ) has identified visual indications of base metal mineralization on the margins of the Strauss-Kylo open pits at the Mt Carrington gold-silver-base metal project in New South Wales, Australia.
The new assessment follows relogging and drill hole core cutting of the geotechnical holes drilled by the company in 2021.
Drilling results
Plenty of drilling news occurred over the last week, starting with American West Metals Limited (ASX: AW1) confirming a significant discovery at the Storm Copper Project on Somerset Island, Nunavut, Canada, with initial assay results from drill hole ST22-10.
“I am very pleased to be able to report that initial assays from drill hole ST22-10 confirm the presence of sediment hosted type copper and zinc sulphide mineralization, with huge implications for the potential metal endowment of the project,” said Dave O’Neill, managing director.
Cerrado Gold Inc. (TSXV: CERT | OTCQX: CRDOF) announced additional assay results from its Gogó da Onca satellite exploration target, being drilled currently at the company’s Monte do Carmo Project located in Tocantins State, Brazil.
The company has reported 10 drill holes exclusively from Gogó, a new satellite exploration target at MDC. As of 1 September 2022, 19 drill holes, totalling 4,050m, have been completed at Gogó, with an additional three holes currently in progress.
Assay results received to date outline a shallow mineralized north/northwest corridor of approximately 250m in strike length, located less than 300m north of the Serra Alta PEA open pit.
To round things up, Eloro Resources Ltd. (TSXV: ELO) identified the longest continuously mineralized intersection obtained in drilling thus far in assay results from 21 diamond drill holes from its on-going drilling programme at the Iska Iska silver-tin polymetallic project southern Bolivia.
Overall, the company has completed 74,782m in 113 drill holes to-date at Iska Iska, including five holes in progress.
“These results, combined with the enhanced geological and geophysical interpretation, show the continuing expansion of the already extensive Iska Iska high-grade mineralized system, which has a potential strike length of at least two km,” CEO, Tom Larsen, said.
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