Metals Update 24/7/2020

Cantex to begin drilling at North Rackla mid-August

Cantex Mine Development Corp. has released an update on the work program at its 100-per-cent-owned 14,077-hectare North Rackla claim block in the Yukon.

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Tristar’s metallurgical samples average 98% Au recovery

Tristar Gold Inc. has received results from six composite metallurgical samples as part of the prefeasibility study at Castelo de Sonhos. All six bottle roll tests returned over 96% gold recovery with an average gold recovery from the samples of 98%. Additionally, exploration work is due to restart at Castelo de Sonhos in August with drilling expected to start soon after in September.

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Santacruz Silver to sell Zacatecas properties in Mexico

Santacruz Silver Mining Ltd. has entered into an agreement with Zacatecas Silver Corp. for the sale of a 100-per-cent interest in the Zacatecas properties located in the Zacatecas mining district in Mexico for consideration of $1.5-million (U.S.) and the issuance of five million common shares of Zacatecas Silver.

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Almaden arranges private placement of 3.1 M units

Almaden Minerals Ltd. has arranged a non-brokered private placement financing of 3.1 million units, at a price of 65 cents per unit.

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Cartier increases private placement to $8.5M

In connection with its previously announced best efforts private placement offering, Cartier Resources Inc. and Paradigm Capital Inc. have agreed to increase the size of the offering to up to aggregate gross proceeds of $8.5-million. The Company will now issue up to 19,767,500 common shares of the Company that qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Quebec)) (“FT Shares”) to be issued at C$0.43 per FT Share (the “Offering”).

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Falco Resources appoints Brunet as director

Falco Resources Ltd. has appointed Benoit Brunet to the corporation’s board of directors as a nominee of Osisko Gold Royalties Ltd.

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Erdene arranges $20M placement; Sprott to participate

Erdene Resource Development Corp. has arranged a non-brokered private placement of approximately $20-million, led by a $15-million strategic investment from Eric Sprott. Paradigm Capital acted as lead financial adviser to Erdene on the transaction. Haywood Securities acted as co-adviser.

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Copper Fox waives accelerated warrant expiry date

Further to the news release dated July 22, 2020, regarding an automatic acceleration of the expiry date for the warrants issued on March 30, 2020, and April 27, 2020, as part of Copper Fox Metals Inc.’s most recent non-brokered private placement, due to the company’s projects being fully financed throughout 2020, the company has decided to waive the acceleration of the expiry date. Accordingly, the expiry date shall remain as stated in each applicable warrant certificate.

American Manganese to spin out B.C. projects

American Manganese Inc. is proposing to maximize shareholder value by spinning out its B.C. mineral claims into a new company. Current shareholders of the company would receive shares of the new company, provided that the proposed plan of arrangement through which the spinout occurs is approved by the shareholders, the TSX Venture Exchange and other regulatory authorities.

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Galway Metals royalty purchase agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to a purchase agreement dated July 15, 2020, between Galway Metals Inc. and an arm’s-length party. Pursuant to the agreement, the company will acquire a 2-per-cent net smelter return royalty held by the vendor covering certain mineral claims at the company’s Clarence Stream property in southwest New Brunswick, Canada.

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GR Silver drills 3.1 m of 1,181 g/t AgEq at Plomosas

GR Silver Mining Ltd. has provided high-grade drill results from the San Juan-La Colorada area at its 100-per-cent-owned Plomosas silver project in Sinaloa, Mexico.

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Brixton Metals arranges $4-million private placement

Brixton Metals Corp. has arranged a non-brokered private placement of a combination of units and flow-through shares of the company for gross proceeds of up to $4-million. Each unit is being offered at a price of 25 cents and will comprise one common share of the company and one common share purchase warrant. Each flow-through share is being offered at a price of 28 cents and will comprise one common flow-through share of the company. Each warrant entitles the holder thereof to acquire one common share of the company at a price of 35 cents for a period of 36 months from the date of closing of the offering.

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