Welcome to our roundup of some of the most-read investment, exploration, and development stories on Theassay.com over the last seven days. To keep up to date with all the latest headlines, subscribe to our weekly newsletter.
Financing news
To kick things off, Horizonte Minerals Plc (AIM: HZM | TSX: HZM) recently announced the completion of a fundraise following admission to AIM and the TSX of the fundraise shares.
Horizonte intends to use the net proceeds of the fundraise to meet increased capital requirements for the construction of the company’s Araguaia ferro-nickel project in Brazil, as well as for general working capital purposes.
The placing was conducted by Peel Hunt LLP and BMO Capital Markets Limited acting as joint bookrunners in relation to the Placing, with Paradigm Capital Inc. acting as a financial adviser in relation to the placing.
Tudor Gold Corp. (TSXV: TUD) and Goldstorm Metals Corp. (TSXV: GSTM) successfully closed their previously announced spin-out arrangement, by way of a court-approved statutory plan of arrangement under the Business Corporations Act (British Columbia).
Tudor Gold shareholders on record as of 10 November 2022, received approximately 0.251 of a common share of Goldstorm for every one common share of Tudor Gold held.
Goldstorm acquired the Crown property, consisting of six contiguous mineral properties located in the Golden Triangle Area in north-western British Columbia in consideration for Goldstorm issuing 49,847,967 Goldstorm Shares to the Tudor Gold shareholders.
As a result of the arrangement, Goldstorm ceased to be a wholly owned subsidiary of Tudor Gold, and shareholders of Tudor Gold became shareholders of Goldstorm.
Exploration and development news
Plenty of exploration and development news occurred over the last seven days, starting with American West Metals Ltd (ASX: AW1) confirming that the Utah Geological Survey (UGS) has received a US Federal grant to study critical and strategic metals at the West Desert project in Utah.
Large resources of zinc, an essential component for many metal alloys, and copper, one of the most important commodities for electric vehicles and efficient energy grids, have been defined at West Desert. Significantly, the West Desert deposit also contains unusually high levels of indium – which is classified as a critical metal in the USA and widely used in the defence, energy, and telecommunications sectors.
“We are excited for the opportunity to study the unique geology of this deposit and learn more about why so many important critical mineral resources are concentrated here,” Dr Stephanie Mills, Senior Geologist with the UGS and principal investigator of the study, said.
Centaurus Metals (ASX: CTM) has unveiled a significant increase in both the size and confidence levels of the mineral resource for its flagship 100%-owned Jaguar nickel sulphide project in northern Brazil, cementing its position as a Tier-1 global nickel sulphide development project with class-leading GHG emission credentials.
The updated JORC 2012 mineral resource estimate (MRE), comprising 108.0Mt @ 0.87% Ni for 938,500t of contained nickel, confirms Jaguar as one of the largest nickel sulphide resources held by an ASX-listed company and the largest outside the major mining companies.
Provenance Gold Corp. (CSE: PAU | OTCQB: PVGDF) has announced that its NI 43-101 technical report has been filed on SEDAR for its Eldorado gold property in Malheur County, Oregon, USA.
The purpose of the report was for Provenance to form a baseline for the property, which will be expanded further in 2023 following a confirmation drilling programme planned by the company.
Eldorado has a historic drill hole database consisting of 242 drill holes that have outlined a large shallow open-ended gold system. This historical database is currently not sufficient as the basis for developing a current mineral resource, but work is underway to verify and bring current the historical data.
Drilling results
In drilling news, we heard that Venture Minerals Ltd (ASX: VMS) has discovered very high grade REE surface mineralization at its Vulcan prospect within the Golden Grove North project in Western Australia.
Results included several values over 1% TREO ranging up to 12.5% TREO with 5,460ppm (0.55%) Praseodymium Oxide (Pr6O11) and 14,575ppm (1.46%) Neodymium Oxide (Nd2O3).
The new REE target is supported by historic soil sampling originally focused on VMS style mineralization that was also assayed for two REEs being La and Ce. Recently completed soil sampling in which the TREE suite was analysed (all 14 rare earth elements excluding promethium plus yttrium), confirmed and defined the discovery.
Similarly, Westhaven Gold Corp. (TSXV: WHN) has obtained positive drill results from its ongoing, fully financed drill campaign at its 100% owned 17,623ha Shovelnose gold property in British Columbia.
“The recent drilling results at Shovelnose continue to build assurance in the continuity of gold mineralization as we move northwest at the FMN Zone towards the Franz Zone. The overall gold-silver endowment is growing steadily,” president and CEO, Gareth Thomas, said.
Also in the news
Finally, to round things up, Pan Global Resources Inc. (TSXV: PGZ | OTC: PGNRF) has appointed Jason Mercier as vice president of investor relations and communications. Mr Mercier is an investor and media relations professional with more than 20 years of experience that has been acquired in a range of mining companies, from exploration stage juniors to a $15B market cap producer.
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