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, Argentina Lithium & Energy Corp. (TSXV: LIT | FSE: OAY3 | OTC: PNXLF) has entered into a definitive agreement for a US$90M investment by Stellantis, one of the world’s leading automakers and mobility providers with iconic brands including Alfa Romeo, Chrysler, Citroën, Dodge, Fiat, Jeep®, Maserati, and Peugeot.
Stellantis subsidiary, Peugeot Citroen Argentina S.A., has agreed to invest this amount to acquire shares of Argentina Lithium (ALE). Further, Stellantis has been granted the right to exchange all ALE shares for up to 19.9% of the outstanding common shares of Argentina Lithium (on an undiluted basis) in the future, subject to certain conditions. The proceeds will be used to advance development of the company’s lithium projects held through its wholly owned subsidiary in Argentina, and for general corporate purposes.
Blue Sky Uranium Corp. (TSXV: BSK | FSE: MAL2 | OTC: BKUCF) has announced a non-brokered private placement for the sale of up to 13,333,333 units at C$0.075 each for aggregate gross proceeds of C$1M. Red Cloud Securities Inc. will be acting as a finder in connection with the offering.
Each unit will consist of one share and one transferrable share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional share in at an exercise price of C$0.12 per warrant share for a period of three years following the issue date of the unit.
Subject to compliance, the units will be offered for sale to purchasers’ resident in Canada other than Quebec, and in certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. The units may also be sold in certain other jurisdictions pursuant to applicable securities laws.
New exploration and development
Also, Galileo Mining Ltd (ASX: GAL) has announced a maiden MRE for the Callisto deposit within the company’s 100% owned Norseman project in Western Australia. The Callisto discovery is the first deposit of its type identified in Australia and is analogous in mineralization style to the Platreef deposits found in South Africa.
Galileo’s managing director, Brad Underwood, commented, “Galileo’s discovery of the Callisto deposit has been a breakthrough in understanding the geology and prospectivity at our Norseman project. We have now defined a significant resource from a total of 147 drill holes (38,695m) within an established mining district of Western Australia. The discovery occurs on a granted mining Lease just 15km from the town of Norseman and with extensive nearby infrastructure including gas pipeline, water pipeline, railway, and sealed highway.”
American Lithium Corp. (TSXV: LI | NASDAQ: AMLI | Frankfurt: 5LA1) has announced a new lithium discovery from an initial drill hole completed at one of the company’s key discovery targets previously identified from 2021 field work conducted near the community of Quelcaya. Further holes have been drilled near this discovery with identical geology to the discovery hole and full assays expected shortly.
The Quelcaya exploration project comprises three areas of mapped surface lithium mineralization located 5.5 to 11km west of the company’s Falchani lithium deposit near the village of Quelcaya in Puno, southeastern Peru.
The company has also reported the presence of cesium grades typically higher than average grades in the main lithium bearing mineralization at Falchani, with similar potassium grades.
Drilling results
Meanwhile, Northisle Copper and Gold Inc. (TSXV: NCX) has received an additional assay result from its 2023 drill programme at its Northwest Expo target on the North Island project. This result represents the highest grade and thickness result ever drilled on the target site.
The highest grade and thickness result drilled on the Northwest Expo target was drilled within 65m from surface. Multiple assay results remain pending from 2023 drilling programmes.
Highlights included:
- Hole NW23-13: 130m grading 1.65g/t Au and 0.33% Cu (2.13g/t Au Eq. or 1.58% Cu Eq)
- including 72m grading 2.22g/t Au and 0.413% Cu (2.79g/t Au Eq. or 2.07% Cu Eq)
- including 15m grading 3.42 g/t Au and 1.15% Cu (5.01g/t Au Eq. or 3.71% Cu Eq)
Other company news
Finally, Canada Nickel Company (TSXV: CNC | OTCQX: CNIKF) has successfully finished piloting its carbon storage plant, demonstrating the value of its novel process, in-process tailings (IPT) carbonation.
The company processed more than seven tonnes of tailings, gives hope that IPT can be applied to other projects, and confirmed the engineering design parameters for IPT carbonation, which will be integrated into the feasibility study due on 12 October 2023.
“Our successful pilot plant results, coupled with this study, confirm the significant value potential of the company’s IPT carbonation process. The potential demand for more than 20Mtpa of CO2 storage is well in excess of the 1Mt capacity for Crawford.” Commented Mark Selby, Canada Nickel’s CEO.
