Welcome to our pick of mining investment, exploration, and development news from the last week on Theassay.com. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing
We kicked off some financing news withAscendant Resources Inc. (TSX: ASND) announcing it has entered into a US$15M metals stream agreement with Sprott Private Resource Streaming and Royalty Corp. for its Lagoa Salgada VMS project located close to Lisbon, Portugal.
Mark Brennan, Ascendant’s executive chairman, said, “We are thrilled to be partnering with the very experienced and talented team at Sprott Streaming to fully finance our feasibility study at Lagoa Salgada in a non-dilutive and timely manner allowing us to continue development of the project to a construction decision.”
Mr Brennan also said that the proceeds will be used to complete the ongoing 43-101 compliant feasibility study for the project and to advance permitting activities, as well as to fund the last instalment related to the earn-in for an 80% interest in the project and general corporate and working capital purposes.
Brixton Metals Corp. (TSXV: BBB | OTCQB: BBBXF) closed its previously announced non-brokered private placement of common shares in the capital of Brixton by BHP Investments Canada Inc., a wholly owned subsidiary of BHP Group Ltd, with the goal of advancing the company’s Thorn Project located in Northwest British Columbia, Canada.
Pursuant to the private placement, BHP Investments Canada Inc. acquired 75,743,391 common shares, representing 19.9% of the issued and outstanding common shares on an undiluted basis following completion of the offering, for aggregate gross proceeds of C$13,633,810.
Lastly, Australia’s St George Mining Limited (ASX: SGQ) signed a non-binding Memorandum of Understanding (MoU) with China’s Shanghai Jayson New Energy Materials Co., Ltd to establish a strategic relationship to consider a range of lithium-related business opportunities.
“We are excited about this important strategic relationship with Jayson, a global leader in the new energy sector,” St George Mining’s Executive Chairman, John Prineas, said.
Exploration and development
Grid Metals Corp (TSXV: GRDM) is making strong progress with its drill programme at its Donner Lake Lithium Property, located in the Bird River Greenstone Belt of south-eastern Manitoba, Canada.
The programme will include resource delineation drilling at the Main and Northwest dykes and a series of exploration holes targeting untested spodumene bearing pegmatites. The company maintains the near-term goal of establishing a maiden resource from the Main and Northwest dykes via the current drilling program. The property is a 75%/25% joint venture between Grid Metals Corp. and Lithium Royalty Corp.
Hot Chili Limited (ASX: HCH | TSXV: HCH) has further consolidated its Cortadera copper-gold discovery in Chile.
The company has succeeded in securing several new prospective mining rights at a recently held, government-run, public auction for the Huasco region of Chile. The new mining rights are located alongside mining rights of the recently announced transaction with Antofagasta Minerals S.A. (AMSA).
Together, these new landholdings consolidate the western extension of Cortadera and allow Hot Chili to test a potentially much larger copper porphyry cluster.
Drilling results
In drilling news we heard that Eloro Resources Ltd. (TSXV: ELO) hasreleased more high-grade assay results from eight additional diamond drill holes from its on-going drilling programme at the Iska Iska silver-tin polymetallic project in the Potosi Department, southern Bolivia.
Six of these holes (DSB-35 and DSB-37 to DSB-41) tested the south-eastern extension of the high-grade feeder zone at Santa Barbara while METSBUG-03 is a metallurgical hole drilled from the Santa Barbara adit underground drill bay. Hole DM2-01 is a reconnaissance drill hole near the Mina 2 adit in the southeast part of the property.
To-date, the company has completed 84,495m in 122 drill holes at Iska Iska which completes the definition drill programme in the Santa Barbara target area.
Similarly, Iceni Gold Ltd (ASX: ICL) obtained positive drill results confirming its 2.5km long Guyer North target in Western Australia.
The Guyer Well target area lies in the south-eastern part of Iceni’s tenure. It lies over a north-northwest striking belt of mafic greenstone sequences, bounded to the west by the Danjo Batholith and to the east by felsic volcanics.
The eastern part of the Guyer Well target area is cut by the north-northwest trending Guyer Fault. The Guyer Fault/Shear is interpreted to be a splay of the main Celia Fault. 15km of strike of the prospective Guyer Fault is controlled by Iceni within the 14 Mile Well Project.
Finally, to roundup this week’s news, Renforth Resources Inc. (CSE: RFR | OTCQ: RFHRF) announced that it has received assay results which show that channels cut within three stripped trenches at the company’s Surimeau property, Quebec, have shown the intersection of surface battery metals mineralization.
In addition to this, Renforth has further announced that three drill holes, Prop5 (SUR-22-30), Prop4 (SUR-22-31), and Prop2 (SUR-22-31), have been completed at Lalonde in an ongoing Surimeau drill programme, successfully intersecting the surface mineralization in the undercutting drill hole.
Each hole drilled starting in the sediments to the north, drilled through the mineralized/ultramafic package to the point of contact with the sediments in the south.
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