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 seven days, Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has closed the first tranche of its previously announced best efforts private placement for gross proceeds of C$10,025,000 from the sale of 10,025 convertible debenture units of the company at a price of C$1,000 per unit.
The first tranche was led by Red Cloud Securities Inc. as lead agent and bookrunner, on behalf of a syndicate of agents, including Clarus Securities Inc. and Haywood Securities Inc., and forms part of a larger private placement of up to 20,000 units for total gross proceeds of C$20,000,000. The company expects to complete the offering in one or more additional tranches on or before 13 June 2024.
In connection with the offering, insiders of the company, including Mr. Serafino Iacono and Mr. Federico Restrepo-Solano, acquired a total of C$5,150,000 of units. In conjunction with the offering, the company paid a total of C$158,175 of fees in cash to the Agents. Mr. Iacono settled directly with the company and the agents did not receive a fee on Mr. Iacono’s subscription.
New exploration and development
St George Mining Limited (ASX: SGQ) has announced the acceleration of exploration at the C1 target – a high-priority target for a potential mineralized carbonatite at the Destiny Project (100% St George) located in the Eastern Goldfields region of Western Australia.
Destiny is part of St George’s portfolio of clean energy metals projects in Western Australia. The company’s efforts are focused on making a discovery of major new mineral deposits, based on a pipeline of exploration targets for niobium, rare earths, lithium, copper, and nickel sulphide.
John Prineas, St George Mining’s executive chairman, said, “We are delighted that our systematic exploration at the Destiny Project has identified exciting targets for carbonatite-hosted mineralization. The C1 target, in particular, has a geophysical signature and geological setting that is consistent with a late-stage intrusion such as a carbonatite. We are prioritizing exploration at C1 in light of its similarities to known mineralized carbonatites in Western Australia – such as Mt Weld and Luni.”
In addition, Elevate Uranium Limited (ASX: EL8 | OTC: ELVUF) has now completed excavation of eight test pits at its Koppies Uranium Project in Namibia, where the company has a JORC resource of 58Mlb eU3O8.
To expedite and obtain samples for metallurgical beneficiation testwork, the company has excavated test pits to provide representative samples for the testwork. The shallow nature of the resource at Koppies provides the opportunity to collect these samples from pits that are excavated to a maximum depth of only six metres.
Drilling results
Furthermore, Sky Metals Limited (ASX: SKY) has announced the first batch of assay results from the ongoing drilling programme at the Tallebung Tin Project, NSW. The results include high-grade tin mineralization discovered in the southern-most hole.
SKY CEO, Oliver Davies, commented, “To intercept high-grade tin so early in the ongoing drilling programme is the result of the great work by the SKY exploration team as we build our geological understanding of the Tallebung tin deposit. The team has also acted very quickly to plan additional infill and extension drillholes around this exceptional new high-grade tin results. The next rounds of assay results from this programme are eagerly anticipated.”
The southernmost drillhole, TBRC078, represents a 150m step out of the mineralization along strike, extending tin mineralization well beyond the previous extent of drilling and well outside of the resource envelope.
Other company news
Finally, Electric Metals (USA) Limited (TSXV: EML | OTCQB: EMUSF) has announced that Dr. Quinton Hennigh and Mr. Tyson Hall will stand for election as directors at the company’s upcoming annual general and special meeting to be held on 26 June 2024 at 12 noon EST along with incumbents Brian Savage (also CEO), Dr. Henry Sandri, John Kutkevicius, Megan McElwain, and Steve Durbin.
“We are extremely pleased that Dr. Hennigh and Mr. Hall have agreed to join our board,” said Oliver Lennox-King, Chair of EML. “The expansion of the EML board reflects the growth and strategic initiatives of the company as we further advance the Emily Project, for which we have just filed an updated NI43-101 technical report. Their disparate knowledge, experience and technical, operational, and financial acumen will be a strong complement to our company.”
