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
This week, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and bookrunner on behalf of a syndicate of agents in connection with a best-efforts private placement for gross proceeds of up to C$20,000,000 from the sale of up to 20,000 convertible debenture units of the company at a price of C$1,000 per unit.
Each unit will consist of 1,000 12% per annum gold-linked senior unsecured convertible debentures of the company. Furthermore, each unit will consist of 500 common share purchase warrants of the company, with each warrant entitling the holder to purchase one common share of the company at a price of C$0.70 per Common Share at any time on or before that date which is 36 months after the Closing Date.
The agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the offering, to sell up to an additional 3,000 units for additional gross proceeds of up to C$3,000,000.
New exploration and development
Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF) announced it is now drilling the first hole of an approximate 10,000m diamond drilling campaign at the San Pietro iron-copper-gold-cobalt project in Chile. The goal of the 2024 campaign is to provide additional drill data to facilitate the first mineral resource estimate for the project.
Brian McEwen, VP Exploration and Development for Golden Arrow, commented, “We are excited to have the drills turning at San Pietro. Recent surface mapping and relogging of existing drill core has allowed us to fine tune the programme as well as identify new targets. It is all coming together in a very positive way.”
Also, Newcore Gold Ltd. (TSXV: NCAU | OTCQX: NCAUF) has announced positive results from the independent, updated preliminary economic assessment completed for the company’s 100%-owned Enchi Gold Project in Ghana.
The PEA was led by Lycopodium Minerals Canada Limited of Toronto, Canada and provides a base case assessment of developing Enchi as a low capital intense, open pit, heap leach operation, processing 8.1Mtpa utilizing contract mining. The PEA incorporated updated costing as well as development work completed on the project since 2021 including a larger MRE completed in 2023, a significant amount of bench-scale and bulk sample metallurgical testwork and an updated environmental and social baseline study.
Luke Alexander, president, and CEO of Newcore stated, “The PEA confirms the opportunity at Enchi to develop an open pit, heap leach operation with robust economics. This is a notable milestone and an important step in advancing the development of our Enchi Gold Project in Ghana towards a construction decision. The PEA is a culmination of several years of de-risking work that included an updated Mineral Resource Estimate completed in 2023 and significant metallurgical testwork on the project.”
Drilling results
Meanwhile, Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced results from the first 12 diamond drill holes from its initial drill programme on the company’s Corral Copper Property in Cochise County, Arizona. The favourable results from the first 12 holes confirm the 3km long trend of near surface carbonate replacement and related supergene enrichment oxide copper-gold-silver-zinc mineralization in the Holliday, Earp, and Ringo zones, which falls within Intrepid’s private property consisting of patented mining claims and additional surface rights. The planned 5,000m diamond drill programme is ongoing within the three main mineralized zones on the property.
“The results from the first 12 drill holes returned long runs of robust CRD style mineralization punctuated by highly attractive high-grade intervals of copper-gold-silver-zinc, which confirms our confidence in the economic potential of the property,” stated Ken Brophy, CEO of the company. “Additional drilling will be completed at Corral Copper to further confirm historical copper-gold-silver-zinc grade and continuity and to lay the foundation for future exploration drilling designed to expand the Holliday, Earp and Ringo zones along strike and at depth and to identify a possible porphyry copper source for this mineralization.”
Other company news
Finally, Atlantic Lithium Limited (AIM: ALL | ASX: A11 | OTCQX: ALLIF) has received approval from the Ghana Stock Exchange’s Listing Commitee and Ghana’s Securities and Exchange Commission to list the company’s ordinary shares by introduction on the main market of the GSE.
As the country’s first near-term lithium producer to list on the GSE, the company believes that Admission to trading reflects Ghana’s pioneering approach to establishing a route to the long-term supply of lithium to support the electrification transition and to meet global climate change objectives.
Atlantic Lithium is a responsible, modern mining company, advancing its flagship project, the Ewoyaa Lithium Project, a globally significant hard rock spodumene deposit in Ghana’s Central Region, towards production as the country’s first lithium mine. According to the June 2023 Definitive Feasibility Study for the Project, Ewoyaa is expected to produce a steady state of 365,000t of spodumene concentrate per annum, making it one of the largest spodumene mines in the world.
