Metals Update 23/7/2020

Highgold increases Johnson drill program to 15,000 m

Highgold Mining Inc. has increased the scope and budget for the 2020 exploration program at its flagship Johnson Tract gold project in south-central Alaska. The previously announced plan for 7,000 metres to 10,000 metres of diamond drilling utilizing two drill rigs (see Highgold’s news release dated June 30, 2020) has been expanded to a planned minimum of 15,000 metres. A third drill rig has been contracted for arrival on site in the first week of August.

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Orea raises $2.96-million from financing, share sale

Orea Mining Corp. has raised $2,965,000. The funds were raised in a combination of private placement of Orea units (see news release dated March 31, 2020) and the sale of common shares of a third party publicly traded company held in Orea’s investment portfolio.

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Excellon increases private placement to $15M

Due to significant demand from existing investors, Excellon Resources Inc. has increased to $15-million the previously announced private placement of secured convertible debentures. The proceeds will be used for (i) repayment of the $6-million (U.S.) bridge loan with Sprott Private Resource Lending II (Collector) LP entered into in connection with the acquisition of Otis Gold Corp., (ii) exploration on the Silver City, Platosa and Kilgore projects, and (iii) general corporate purposes. References to principal amounts and conversion or exercise prices in respect of the financing are in Canadian dollars.

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Copper Fox accelerates warrant expiry to Aug. 21

The expiry date for Copper Fox Metals Inc.’s warrants, issued on March 30, 2020, and April 27, 2020, with regard to the company’s recent non-brokered private placement (see news releases dated March 30 and April 27, 2020), has been accelerated to 30 days from today’s date (for a new expiry date of Aug. 21, 2020). The acceleration of the Expiry Date is due to a Trigger Event (as defined in the Warrant certificates), which occurred due to the weighted average price of the common shares being above $0.15 for a period of 20 consecutive trading days, thereby automatically accelerating the Expiry Date of the Warrants. The Trigger event was disclosed in the private placement’s news releases and in the respective Warrant certificates. The Warrants that are unexercised will expire and be of no further value on August 22, 2020.

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Amarillo arranges $57.2-million in financings

Amarillo Gold Corp. has entered into an agreement with Mackie Research Capital Corp. (MRCC) for a $35.7-million underwritten private placement and a $21.5-million bought-deal short-form prospectus public offering for total gross proceeds of $57.2-million.

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Noront Resources 2,628,618 shares for debt

The TSX Venture Exchange has accepted for filing the company’s proposal to issue 2,628,618 shares to settle outstanding debt for $410,853.

Number of creditors:  one creditor

Insider:  Resource Capital Fund V LP, $410,853, 2,628,618 shares at 15.63 cents

For further information, please refer to the company’s news release dated July 17, 2020.

Alpha Lithium hires Promethean for IR services

Alpha Lithium Corp. has retained Promethean Marketing Inc. to provide the company with strategic investor relations, general awareness and communications services pursuant to an agreement dated effective Oct. 15, 2019. The Agreement carried a minimum one-month term, and has been renewed by the Company to continue until September 1, 2020.

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Blue Lagoon starts phase 1 drilling at Dome Mountain

Blue Lagoon Resources Inc.’s planned phase 1 drilling program has started on the company’s Dome Mountain gold project located a 50-minute drive from Smithers, B.C. The Dome Mountain gold mine project holds a mining permit and Environmental Management Act Permit (EMA) providing for up to 75,000 tonnes production annually and 15 known high-grade gold veins identified, with a significant portion of the property yet to be explored.

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Fenixoro samples up to 41 g/t Au at Abriaqui

Fenixoro Gold Corp. has released results of its first phase soil sampling program at the Abriaqui project in Antioquia, Colombia. As previously reported, FenixOro has discovered three significant gold mineralization types at Abriaqui. The primary target is a sequence of more than 80 high grade, “Buritica style” mesothermal veins outcropping over 800 vertical meters with areas of intervening lower grade stockwork mineralization. FenixOro has also discovered additional targets: Manto-style replacement mineralization up to 25 meters thick; as well as a zone of gold-mineralized, porphyry-style, potassic alteration.

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Roscan Gold receives $3.38M from warrant exercise

Further to Roscan Gold Corp.’s news release of April 24, 2020, the company has received additional proceeds of $3,382,665 from the exercise of an additional 20,729,185 warrants.

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Kincora Copper completes two holes at Trundle

Kincora Copper Ltd. has provided further strong encouragement in the search for the core, ore-grade parts of a cluster of porphyry copper-gold systems at the brownfields project at Trundle on the Macquarie Arc of the Lachlan fold belt in New South Wales, Australia.

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Queen’s Road to invest $6-million (U.S.) in IsoEnergy

Queen’s Road Capital Investment Ltd. has entered into an agreement with IsoEnergy Ltd. whereby the company will invest $6-million (U.S.) in IsoEnergy by way of convertible debenture.

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Metallic Minerals begins drilling at Keno project

Metallic Minerals Corp. has moved the first of two drills planned to be utilized in carrying out the 2020 exploration program on the company’s 100-per-cent-owned Keno silver project in the high-grade Keno Hill silver district of Canada’s Yukon territory. The 166 square kilometer property is the second largest land position in the district, directly adjoining Alexco Resource Corp., which is set to return to production in Q4 2020. Keno Hill is one of the world's highest-grade silver districts, with nearly 300 million ounces of silver in past production and current M&I resources1,2. The district also benefits from excellent existing infrastructure, including grid power, road access and nearby community services.

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Alpha Lithium arranges $5-million financing

Alpha Lithium Corp. has entered into an agreement with Leede Jones Gable Inc. pursuant to which the underwriter has agreed to purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 7,692,310 units at a price of 65 cents per unit for aggregate gross proceeds to Alpha of $5,000,001.50.

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Allegiant Gold optionee begins drilling at Bolo

Drilling has commenced at Allegiant Gold Ltd.’s 100-per-cent-owned, Carlin-style, Bolo gold project in Nevada.

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Amerigo produces 12.97M lb Cu in Q2

Amerigo Resources Ltd. has provided its Q2 2020 production results from Minera Valle Central (MVC), the company’s 100-per-cent-owned operation located near Rancagua, Chile.

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Maple Gold Mines arranges $4-million private placement

Maple Gold Mines Ltd. is undertaking a non-brokered hard-dollar financing for aggregate gross proceeds of up to $4-million through the issuance of up to approximately 23.53 million common shares at a price of 17 cents per share.

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