Welcome to our roundup of the latest investment, exploration, and development stories on Theassay.com over the last seven days. To keep up to date with all the headlines, subscribe to our weekly newsletter.
Financing
Financing news this week kicked off with Libero Copper & Gold Corp. (TSXV: LBC) closing the final tranche of its non-brokered private placement for aggregate gross proceeds of approximately C$1.9M. The net proceeds will be used for exploration at the Mocoa and Esperanza porphyry copper projects and general working capital.
Existing strategic investor, Anglo Asian Mining (AIM: AAZ), invested in the final tranche of the offering to maintain their 19.9% interest in Libero Copper by purchasing 2,600,000 units, which, along with 70,000 units purchased by the CEO, will be subject to a four month hold period ending 7 May 2023 pursuant to applicable policies of the TSX Venture Exchange. Ian Slater, Chairman, participated in the offering for 1,000,000 units which will be subject to a four month hold period ending 1 May 2023 pursuant to applicable policies of the TSX Venture Exchange.
Thomson Resources (ASX: TMZ) and Lind Global Fund II, LP agreed to enter into a monthly share purchase agreement for an initial term of one year.
Under the agreement, the company can draw down monthly tranches aggregating no more than A$3,500,000 over the 12-month term, which term can be extended for a further 12 months at Thomson’s election.
The first tranche under the agreement is for a net amount of A$288,000 (after deduction of establishment and tranche fees payable to Lind of A$112,000).
Exploration
In exploration news, Iceni Gold Ltd (ASX: ICL) announced a new target area has been identified at Goose Well in Western Australia, with metal detecting discovering a surface gold nugget anomaly.
Surface sampling has identified gold and multi-element anomalism in rock chip samples, with strong circular geophysical anomalies (magnetics and radiometrics) coincident with the multi-element anomalies.
“The link between gold anomalism and the syenite related intrusion at Goose Well is significant, considering the established association between syenites and gold mineralization in the Laverton District,” technical director, David Nixon, said.
The positive news continued, with KEFI Gold and Copper (AIM: KEFI) unveiling an upgrade to the Mineral Resource Estimate (MRE) at the Hawiah Copper-Gold Project, part of the KEFI-operated Saudi Arabian joint-venture Gold and Minerals Company Limited.
The Hawiah Mineral Resource Estimate increased by 4.1Mt to 29.0Mt at 0.89% copper, 0.94% zinc, 0.67g/t gold and 10.1g/t silver, representing a tonnage increase of 16%.
“The updated Mineral Resource Estimate for the Hawiah Copper-Gold Project achieved our key objectives: a tonnage increase of approximately 16%, plus a higher overall increase in metal content due to overall improved grades, plus the increase in the Indicated Resource category, plus the increased open pittable component,” executive chairman, Harry Anagnostaras-Adams, said.
Drilling
Galileo Mining Ltd (ASX: GAL) continuing to receive high-grade drill assays from diamond core drilling at the Callisto palladium-platinum-gold-rhodium-copper-nickel discovery within the company’s wholly owned Norseman project in Western Australia.
Drilling at the Callisto deposit is now focused on determining the size and grade of the sulphide zone and understanding the relationship with the much larger host sill, while looking for a possible source of the discovery to the east. Assays are pending for more than 15 diamond core and RC drill holes.
Tinka Resources Limited (TSXV: TK | BVL: TK | OTCQB: TKRFF) announced results for four drill holes from the company’s ongoing infill and resource expansion drill programme at its Ayawilca zinc project in central Peru.
Dr Graham Carman, Tinka’s president and CEO stated: “The ultra-high-grade zinc intercept in A22-202 is a potential game changer for the Ayawilca project. The interval of 10.4m grading 42% zinc consists of almost pure zinc sulphide mineralization, while part of this interval grading ~50% zinc is reflective of zinc concentrate grade accepted by smelters. Importantly, the mineralization is relatively shallow (~140m depth) and comes from an area of the resource that could be accessed early in a mine plan.”
All four drill holes are from South Ayawilca. Hole A22-202 has returned the best drill intercept ever made at Tinka’s Ayawilca project at 38.9m grading 20.0% zinc, including an ultra-high-grade interval of 10.4m grading 42.0% zinc.
Finally, Westhaven Gold Corp. (TSXV: WHN) received strong initial drill results from its recently completed drill campaign at its wholly owned Skoonka Creek gold property. Skoonka Creek is located within the prospective Spences Bridge Gold Belt (SBGB), a four-hour drive from Vancouver, and 12km northeast of Lytton, British Columbia.
Also in the news
Defense Metals Corp. (TSXV: DEFN) has added John Robins, P.Geo. of the Discovery Group, as a strategic advisor.
“We are excited to welcome John to our team,” said Craig Taylor, CEO of Defense Metals. “John brings over 35 years of mining and exploration experience to Defense Metals, most recently with the sale of Great Bear Resources to Kinross for $1.8B.”
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