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, Chesapeake Gold Corp. (TSXV: CKG | OTCQX: CHPGF) and its wholly owned subsidiary, Alderley Gold Corp. have entered into an agreement with Hycroft Mining Holding Corporation to acquire the patents, patent applications, technology, and certain other rights to a leaching technology which are currently held under licence from Hycroft by Alderley.
Pursuant to the purchase agreement, Chesapeake has agreed to pay C$2,000,000 in cash and to issue 1,026,518 common shares of the company for the intellectual property rights. The common shares will be subject to a hold period of four months and one day.
Upon closing of the purchase agreement:
- Alderley will have acquired sole and exclusive ownership and control of the Intellectual Property Rights, which includes issued patents and pending applications in several countries, worldwide
- The existing Alderley License will be terminated, and Alderley’s obligation to pay certain royalties and various other obligations under the Alderley Licence will be extinguished
- No further payments will be due to Hycroft in the future; and
- Hycroft will not retain any rights to the Intellectual Property Rights
New exploration and development
Also, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical report in support of the preliminary feasibility study for its 50%-owned Aguablanca Project in Extremadura, Spain.
The technical report, entitled “Technical Report and Preliminary Feasibility Study for the Aguablanca Nickel-Copper Mineral Deposit, Extremadura Region, Spain” with an effective date of 24 March 2024, was prepared by Resource Development Associates.
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development, and eventual operation of polymetallic mining projects in high-grade districts.
Ionic Rare Earths Limited (ASX: IXR) has signed a non-binding memorandum of understanding (MOU) with UK based metals and alloy manufacturer Less Common Metals Limited (LCM) to work collaboratively on building a Western supply chain for rare earth permanent magnet (REPM) production.
Under the MOU, both IonicRE and LCM aim to formalize definitive agreements to collaborate on the supply of materials for high purity rare earth oxides (REOs). The MOU also encompasses additional collaboration with the governments of the UK and other international entities to pursue mutual incentives.
Ionic Rare Earths’ executive chairman, Mr Brett Lynch commented, “We are delighted to progress the relationship further with Less Common Metals and work together on a much more expanded ambition to build resilience in new rare earth supply chains. LCM’s decades-long experience and its innovative approach make it a valuable partner and we look forward to progressing this partnership further as we build a Western rare earths supply chain from recycled magnets.”
Drilling results
Meanwhile, Silver Storm Mining Ltd. (TSXV: SVRS | OTCQB: SVRSF | FSE: SVR) has announced further drill results from its Phase 1 diamond drilling programme at the company’s 100% owned La Parrilla Silver Mine Complex, located in Durango Mexico.
Numerous high-grade intercepts were encountered within the Rosarios Mine underneath and in proximity to previous mined stopes. The current drill results, when combined with historical holes drilled by FM, are expected to have a positive impact on future mineral resources.
In Central Rosarios, hole RO-24-015 returned 598g/t Ag.Eq over 3.91m including 1,170g/t Ag.Eq over 0.50m and 1,071g/t Ag.Eq over 1.35m. RO-24-014 returned 431g/t Ag.Eq over 0.69m and 285g/t Ag.Eq over 1.02m. Hole RO-24-020 returned 300 g/t Ag.Eq over 1.87m including 588g/t Ag.Eq over 0.46m. Hole RO-24-018 returned 928g/t Ag.Eq over 0.50m, and hole RO-24-017 that returned 225g/t Ag.Eq over 1.48m.
