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, Mink Ventures Corporation (TSXV: MINK) has announced it is undertaking a non-brokered private placement for aggregate gross proceeds of up to C$1M.
The company plans to use the net proceeds raised from the sale of the HD units and FT units under the offering for the exploration and advancement of the company’s Montcalm nickel copper cobalt project, the Warren copper nickel project, and for general working capital purposes.
Ascendant Resources Inc. (TSX: ASND | OTCQB: ASDRF |FRA: 2D9) has announced that with joint venture partner Mineral & Financial Investments AG, they have agreed to an extension in the earn-in option agreement for the Lagoa Salgada project, to allow for the completion date of the feasibility study to be on or before 3 August 2023.
Located 80km from Lisbon and surrounded by excellent infrastructure, Lagoa Salgada offers a low-cost entry to a significant exploration and development opportunity and has already showed its mineable scale and cashflow generation potential.
In connection with the amendment, Ascendant has agreed to issue M&FI 500,000 common share purchase warrants, with each warrant exercisable into one common share for a period of 30 months at a price of C$0.20 per share.
New exploration and development
In exploration and development news, American West Metals Ltd (ASX: AW1) has placed a total of 32.5M ordinary fully paid shares to investors pursuant to s708(8) of the Corporations Act 2001 at an issue price of US$0.095 per share, to raise a total of US$3,087,500.
All shares will be issued using the company’s listing rule 7.1 placement, and funds will be applied primarily towards an expansion of the drill programme at the Storm Copper Project in Canada, as well as for working capital and administration expenses.
American West managing director, Dave O’Neil, commented “It is very pleasing to be able to expand the 2023 drill programme so that we can aggressively test the new geophysical targets and to provide further opportunity to significantly increase the known copper endowment at Storm.”
Drilling results
Meanwhile, Aston Bay Holdings Ltd. (TSXV: BAY) has received significant new drill results from the spring reverse circulation (RC) drilling programme at the Storm Copper Project on Somerset Island, Nunavut, Canada.
The programme was conducted this April and May by American West Metals Limited, who are the project operator since entering an option agreement with Aston Bay in March 2021.
Assay results have been received and interpreted on drill holes SR23-07, SR23-08, SR23-09, SR23-13, SR23-14, and SR23-15. The drill holes are located within the central part of the 4100N Zone and have been prioritized to allow resource modelling on drill sections with complete data sets.
The drilling results continue to demonstrate consistent copper grades and excellent lateral continuity of the known copper mineralization. The mineralization is open along most sections and is defined by broad intervals of vein and fracture-style chalcocite, bornite and lesser chalcopyrite hosted within a distinct, horizontally extensive dolomite.
Siren Gold (ASX: SNG) has successfully detected mineralization 500m below surface with an ionic leach trial at the Sams Creek Project in New Zealand.
Sams Creek is an intrusion-related gold deposit (IRGD) with mineralization contained within a porphyry dyke over 7kms long, up to 60m thick, extending down dip for at least 1km.
Further, the Sams Creek MRE comprises 9.1Mt @2.82g/t Au for 824koz (1.5g/t cut-off), with only around 15% of the SCD drilled to date.
An interpreted magnetic anomaly below the main zone could represent a large felsic intrusion that may be the source of the SCD and gold mineralization.
Other company news
Ionic Rare Earths Limited (ASX: IXR) has named Nitin Tyagi as a new non-executive director of the company with effect from 1 July 2023.
Mr Tyagi is currently VP of supply chain at Our Next Energy (ONE), a battery company based in Novi, Michigan.
“Mr Tyagi is pivotal to us monetizing our technology for our mining, refining, and recycling of magnets and heavy rare earths which are critical for the energy transition, advanced manufacturing, and defence,” Tim Harrison, managing director at Ionic, said.
Finally, Kuniko (ASX: KNI) has welcomed the Norwegian government’s announcement of the Fast Track Mining Initiative for critical minerals.
As a critical minerals explorer in Norway, the company said the government’s plan will enhance security and sustainability within the country.
The aim of the initiative is to ensure access to minerals for Norway, its allies, and partners while reducing reliance on non-European supply chains.
