Abcourt’s Elder breaks 10,010 t Au mineralization in May
After a temporary closure of almost one month due to COVID-19, mining operations at Abcourt Mines Inc.’s Elder mine were restarted successfully. The necessary sanitary measures and distancing were respected, as requested by Quebec Health. When distancing is not possible, for example in the cage, masks are used. No COVID-19 cases were reported by the company’s employees.Read More
After their return to work, the Elder miners managed to break 10,010 tonnes of gold mineralization in May, the best result for the 12-month period ended June 30, 2020.
Also, during the shutdown, some repairs were done to the skips and to the ore and waste bins. This was done to avoid a temporary shutdown in the future.
Drift development on the fourth and 10th levels at Elder is progressing normally and should provide access to good gold mineralization in about one month.
Strategy and outlook
Currently, the company is focusing on gold. At the Elder mine, the company’s objective is to produce 12,500 tonnes per month of gold mineralization.
The company wishes to use the full capacity of the Sleeping Giant mill by opening the Sleeping Giant mine. This should reduce the operating cost per tonne treated.
For the long term, in the gold sector, the company is planning a drilling program at the Sleeping Giant gold property where substantial unexplored gold mineralization is found.
Canada Silver closes acquisition of Polymet assets
Canada Silver Cobalt Works Inc. has completed its previously announced acquisition of the assets of Polymet Resources Inc., including an assay laboratory and a bulk-sampling plant located in Cobalt, Ont. The asset acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly owned subsidiary of Canada Silver Cobalt.Read More
In payment for the assets, Canada Silver Cobalt issued 690,409 shares to Polymet Resources at a deemed price of 45 cents per share for a total deemed consideration of approximately $311,000. Canada Silver Cobalt also assumed outstanding liabilities of Polymet Resources in the amount of approximately $339,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant entitles Polymet Resources to acquire one additional common share of Canada Silver Cobalt at a price of 50 cents for a period of two years. The shares and warrants are subject to a four-month hold period, in accordance with applicable securities regulations and the policies of the TSX Venture Exchange.
Maple Gold closes $4-million first tranche of financing
Maple Gold Mines Ltd. has closed a $4-million first tranche of its previously announced hard-dollar non-brokered financing (see press releases on July 23 and July 29, 2020). The Company has issued approximately 23,530,000 common shares (the “Shares”) at a price of C$0.17 per Share in conjunction with this first tranche. The Company previously increased its financing for aggregate gross proceeds of up to C$4,750,000 (the “Offering”) and expects to close its second tranche in approximately one week.Read More
Certain directors and officers (the “Insiders”) of the Company are subscribing for approximately 300,000 Shares in this first tranche. The subscription of Shares to Insiders pursuant to the private placement is considered to be a related party transaction subject to Multilateral Instrument 61-101. The Company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the private placement by insiders will not exceed 25% of the fair market value of the Company’s market capitalization.
The Company intends to use the net proceeds from the private placement to continue advancing the Douay Gold Project and for general corporate purposes.
All securities issued in connection with the Offering are subject to a statutory hold period in accordance with applicable Canadian securities law until December 1, 2020.
Euro Sun shareholders elect seven directors at AGM
In accordance with the policies of the Toronto Stock Exchange, the nominees listed in Euro Sun Mining Inc.’s management information circular dated July 3, 2020, for the 2020 annual meeting of shareholders of the company have been elected as directors of the company. 40.33% of all of the issued and outstanding shares of the Company were represented at the Meeting.Read More
Detailed results of the vote for the election of directors held at the Meeting on July 31, 2020 in Toronto, Ontario are set out below.
Election of Directors
The shareholders approved the election as directors of the persons listed below, based on the following vote.
% Votes For % Votes Withheld G. Scott Moore 61.93 38.07 David C. Danziger 92.55 7.45 Daniel Callow 95.64 4.36 Eva Bellissimo 89.47 10.53 Bruce Humphrey 92.07 7.93 Peter Vukanovich 98.04 1.96 Paul J. Perrow 98.20 1.79
Shareholders at the annual meeting also approved the appointment of the Company’s auditors.
Following the filing and mailing of the Circular, the board of directors of the Company determined to withdraw the resolutions approving the Company’s stock option plan and the changes to the deferred share unit plan given the feedback from ISS and Glass Lewis and the fact that the board has retained a consultant to review the compensation policies of the Company. Accordingly, those resolutions were not be put to shareholders at the Meeting.
Euro Sun’s board would like to express its gratitude to its shareholders for their continued support.
Critical Elements arranges $3-million placement
Critical Elements Lithium Corp. has arranged a non-brokered private placement of up to 10 million common share units of the corporation at a price of 30 cents per unit for aggregate gross proceeds of $3-million.Read More
Each unit will comprise one common share of the corporation and one-half of one common share purchase warrant of the corporation. Each warrant will entitle the holder thereof to purchase one common share of the corporation at a price of 45 cents per common share at any time on or before that date which is 24 months after the closing date of the offering.
The net proceeds of the offering will be used by the corporation to advance the Rose lithium-tantalum project as well as for working capital and general corporate purposes.
The corporation may pay finders’ fees of 6.0 per cent of the gross proceeds from the sale of the units sold under the offering payable in cash. The offering is subject to TSX Venture Exchange approval, and all securities issued will be subject to a four-month hold period.
Galway Metals, Jubilee Gold property agreement
The TSX Venture Exchange has accepted for filing the documentation relating to an acquisition agreement dated July 27, 2020, between the company and Jubilee Gold Exploration Ltd. (the vendor), an arm’s-length party to the company, to buy back a 1-per-cent net smelter return (NSR) royalty covering certain mineral claims at the company’s Clarence Stream property in southwest New Brunswick.
Pursuant to the acquisition, the company will pay the vendor $100,000 in cash and shall issue 400,000 common shares upon closing of the acquisition in order to buy back the 1-per-cent royalty.
Alpha Lithium clarifies promotional nature of article
Alpha Lithium Corp. is clarifying certain promotional third party disclosures made about the company.Read More
Investingtrends.com published an article about the Company entitled “As the World Wrestles Control from China…Don’t Go To Sleep on Lithium. Because While Other Commodities are Crashing, Li is Still $7,750 a Ton, Even After the Pandemic Calamity!” (the “Article”). The author of the article was engaged and compensated by Promethean Marketing Inc., a third-party investor relations consultant of the Company to prepare the article, as more particularly described in the Article. The Company did not review or approve the contents of the Article, and was not aware of the publication of the Article. The Company wishes to ensure information disseminated in respect of the Company is complete and balanced, and accordingly wishes to clarify that the opinions of the author included in the Article are solely the opinions of the author, and were not disseminated with the approval or at the direction of the Company. As noted in the Article, the Company wishes to clarify to investors that it is an early-stage exploration issuer, and the total deposit size and economic potential of the Company’s Tolillar Project has not yet been established. The Company has not entered into any offtake or supply agreement in respect of the Tolillar Project, nor has it engaged in any discussions with large consumers (including Tesla) or producers of Lithium in respect of the acquisition of the Company by such large consumers or producers. Any implication in the Article that the Company’s share price may increase proportionately to those of companies noted in the Article with similar projects near the Company’s Tolillar Project is speculative in nature and solely made by the author of the Article. The Company has determined to conduct an internal review of its investor relations protocols to ensure balance and consistency in materials going forward. Investors interested in learning more about the Company are encouraged to visit the Company’s website at https://alphalithium.com/, where Company-prepared, up-to-date information in respect of the Company is available, including its press releases and links to its SEDAR filings.
Globe says new coverage rates Prime Mining “neutral”
The Globe and Mail reports in its Saturday, Aug. 1, edition that Desjardins Securities analyst David Stewart rates Prime Mining “buy” in new coverage. The Globe’s David Leeder writes in the Eye On Equities column that Mr. Stewart target the shares at $2.75. Mr. Leeder notes that Mr. Stewart is currently the lone analyst on the Street covering the stock. The Globe points out that Prime Mining is focused on its Los Reyes gold-silver project in Sinaloa, Mexico. Mr. Stewart says in a note: “We believe the current valuation is underpinned by the existing resource, but the shares are not pricing in the true exploration potential to significantly grow the resource and make new discoveries. Prime introduced trenching to the property and that has shown to be a low-cost method for adding plenty of resource ounces. Los Reyes has not been drilled since 2015; however, later this year Prime will begin drilling not only near surface to rapidly expand current resources, but also at depths of 350 metres to increase pit shell depths and potentially delineate high-grade underground resources. The 2020 exploration program will be crucial in paving the path toward potentially 2–3 million ounces or more.”
Excellon closes $17.9M debenture placement
Excellon Resources Inc. has closed the previously announced private placement of secured convertible debentures for total proceeds of $17.91-million. The proceeds will be used for (i) repayment of the US$6 million 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. All amounts are in Canadian dollars, unless otherwise indicated.Read More
“We had incredible support for this financing from existing, long-term shareholders and we look forward to delivering returns in this developing precious metals bull market,” stated Brendan Cahill, President and CEO. “The additional funds will be put to immediate use drilling our Silver City Project in Saxony, Germany and our exciting Jaboncillo and PDN targets at Platosa in Mexico, with exploration at Kilgore in Idaho ramping up over the coming months. We expect to release updates on each of these projects in the coming weeks.”
The Debentures have a term of 36-months and are convertible into common shares (“Common Shares”) of the Company prior to maturity at a conversion price of $1.06 per Common Share. The Debentures bear interest at an annual rate of 5.75%, payable in cash semi-annually. Interest on the Debentures may alternatively be paid in Common Shares of the Company at the Company’s option based on (i) the 10-day volume-weighted average price of the Common Shares prior to the payment date and (ii) an effective annual rate of 10%. The Debentures are secured against the Company’s assets in Mexico.
On or after the second anniversary of the date of issue and prior to maturity, the Company may accelerate the conversion of the entire issuance of Debentures, provided that the 20-day VWAP of the Common Shares on or after such 24-month anniversary is equal to greater than $2.50, upon the Company providing the Debenture-holders with 30-calendar days prior written notice of such accelerated conversion.
The purchasers of the Debentures were also issued 281 Common Share purchase warrants (“Warrants”) per $1,000 principal amount of Debentures. Each Warrant is exercisable at a price of $1.15 for a period of three years from the date of issuance.
In connection with the Financing, the Company has granted 684,434 Common Share purchase warrants (the “Broker Warrants”) with an exercise price of $1.15 and a term of 36 months. The Common Shares underlying the Debentures, Warrants and Broker Warrants shall be subject to a four-month hold period following closing of the Financing in accordance with applicable securities legislation. The Company has additionally paid finders’ fees in the amount of $81,000 to certain parties.
Excellon expects to release Q2 2020 financial results at the close of market on August 13, 2020.
Amerigo Resources appoints Amezquita CFO
Amerigo Resources Ltd. has appointed Carmen Amezquita, CPA, CA, as chief financial officer, effective Aug. 1, 2020.Read More
Ms. Amezquita has served as the chief financial officer and corporate controller for mining companies with both producing mines and exploration properties located in Latin America. Previous to that, she worked in the audit and assurance group at PricewaterhouseCoopers.
Ms. Amezquita is fluent in Spanish and received her chartered accountant designation in 2010. She holds a bachelor of arts degree from the University of British Columbia and has a diploma in accounting from Sauder School of Business at UBC.
Kincora arranges $5-million private placement
Kincora Copper Ltd. has arranged a non-brokered private placement of units at 10 cents per unit to raised up to $5-million. The units will be comprised of one share and one warrant, each warrant entitling the holder to acquire a further share at a price of 25 cents for a term of two years.Read More
The company is also pleased to have received strong indicative support from many existing and new shareholders, and Australian-based brokers.
Sam Spring, president and chief executive officer, noted: “Initial drilling at the Trundle project has been very positive at our first two targets, Trundle Park and Mordialloc, and strongly warrants expanding the ongoing initial six-hole program.
“A total of 22 holes are now proposed to aggressively pursue targets that our industry leading exploration team feel offer the potential for multiple clusters of high grade porphyry related copper-gold systems and position Kincora as the leading pure play porphyry explorer in Australia’s foremost porphyry belt”.
Chairman, Cameron McRae, commented: “A strong and successful offering will provide the platform for a significant drilling program at Trundle, advancement of our district scale project pipeline in the Macquarie Arc and pursuit of a corporate strategy to maximise the value of our portfolio.
It is pleasing to see our initial drilling results at Trundle attract considerable interest from the market, including resource sector specialists and leading Australian based brokers.”
Morgans Corporate Ltd. has been engaged as a finder for a portion of the non-brokered placement, and lead agent and manager for a proposed listing on the Australian Securities Exchange.
As previously announced1, initial drilling results at the Trundle project have provided strong encouragement in the search for the core, ore-grade parts of a cluster of porphyry copper-gold systems in a brownfields setting to Australia’s second largest porphyry mine, Northparkes, on the Macquarie Arc of the Lachlan Fold Belt in NSW, Australia.
Given the nature of the skarn and pencil/finger porphyry targets and results to date at the Trundle Park and Mordialloc targets, the primary use of funds of the non-brokered private placement is expanding the current ongoing 6-hole program to a total of 22 holes with a further 11,000 metres of drilling. Other uses of funds include: advancing the understanding of the near surface skarn system at the Trundle Park target; advancing the Company’s earlier stage licenses and project pipeline (7 additional licences), several of which are now surrounded by the likes of FMG and Inflection Resources’; general working capital; and, pursuing a listing on the Australian Securities Exchange (“ASX”).
PROPOSED USE OF FUNDS ('000) Drilling at Trundle - 16 further holes for ~11,000 m 3,950 Technical report, incl. skarn exploration target & SoW for a PEA 60 ASX IPO (other than technical report) 390 G&A (incl. offering costs) 600 Total 5,000
At the conclusion of the raise and completion of the ongoing six-hole program, Kincora will have over $6 million in cash.
The offering is proposed to close Aug. 18, 2020, and units will be allocated on a pro rata basis if the offering is over-subscribed. ThecCompany may however elect to increase the size of the offering to accommodate subscribers, subject to the consent of the TSX Venture Exchange.
Closing is subject to receipt of approvals of the TSX Venture Exchange. All Units issued in connection with the private placement will be subject to a four (4) month hold period.
The Company may pay finders’ fees in connection with the Offering in accordance with the policies of the TSX Venture Exchange.
Further details are provided in the latest corporate presentation on the Kincora website.
The Trundle project
The Trundle project is located 30km west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold mill and five economic deposits, in the same Northparkes Igneous Complex.
Past explorer drilling has been extensive with the completion of 2208 holes for 61,146 metres but deeper drilling utilising modern exploration knowledge has been very limited.
Over 92% of prior drilling has been to less than 50 metres depth, a depth that the existing major mines in this belt suggest is just too shallow, with just 11 holes beyond 300 metres (0.5% of holes drilled).
Existing significant drill intersections supports vectoring to very compelling targets for Kincora’s ongoing phase 1 drilling program at three existing mineralised systems – Trundle Park, Mordiallic and Bayleys. These systems have not been drilled since industry leading Induced Polarisation survey’s, including HPX’s proprietary Typhoon system, and magnetic modelling were completed.
The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified Persons for the purpose of NI 43-101.
The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.
Millrock Resources, Capstone settlement agreement
The TSX Venture Exchange has accepted for filing documentation pertaining to a settlement and release agreement dated July 27, 2020, between Millrock Resources Inc. and Capstone Mining Corp., whereby the company has agreed to issue 500,000 common shares to Capstone in return for the relinquishment and elimination of a net smelter return (NSR) royalty on the Sharp, Ster, Par, Cen and PC claim blocks, located in the Goodpaster mining district, Alaska, that the company had purchased from Kiska Metals Corp. in 2016. A Kiska predecessor company had granted the NSR to Capstone.