Alpha Lithium increases bought deal to $20-million
ALPHA LITHIUM INCREASES “BOUGHT DEAL” PUBLIC OFFERING TO $20,000,000
Alpha Lithium Corp. has amended the agreement with Echelon Wealth Partners Inc. and Leede Jones Gable Inc., as co-leads and joint bookrunners, pursuant to which the underwriters have increased the size of the previously announced short form prospectus offering of units of the company at a price of 81 cents per unit. Under the amended terms, the underwriters have agreed to purchase, on a bought deal basis, 24.7 million units for gross proceeds to the company of $20,007,000. The remaining terms remain unchanged.Read More
The offering is expected to close on or about Feb. 16, 2021, or such other date as the company and the underwriters may agree, and is subject to customary closing conditions, including the approval of the securities regulatory authorities and the TSX Venture Exchange.
About Alpha Lithium Corp.
Alpha Lithium is a growing team of industry professionals and experienced stakeholders focused on the development of the Tolillar salar. The company has assembled a 100-per-cent ownership of what may be one of Argentina’s last undeveloped lithium salars, encompassing 27,500 hectares (67,954 acres) and neighbouring multibillion-dollar lithium players in the heart of the renowned Lithium Triangle. Other companies in the area that are exploring for lithium brines or are currently in production include: Galaxy Lithium, Livent and Posco at the Hombre Muerto salar; Orocobre at the Olaroz salar; Eramine SudAmerica SA at the Centenario salar; and Gangfeng and Lithium Americas at the Cauchari salar.
We seek Safe Harbor.
Metallic Minerals to begin trading on OTCQB Jan. 26
Metallic Minerals Corp. has received approval from OTC Markets Group Inc. for trading on the OTCQB Venture Market, under the symbol MMNGF, as of Jan. 26, 2021. The company’s common shares will continue to trade on the TSX Venture Exchange under the symbol MMG.Read More
The company’s upgraded listing from the OTC Pink Sheets to the OTCQB is anticipated to provide improved liquidity and, by enhancing the overall trading experience for current and potential United States investors, add to the company’s shareholder base. By meeting and maintaining the stricter eligibility requirements of the OTCQB listing, Metallic Minerals benefits from blue sky exemptions and certain U.S. state securities laws, which have the potential to further enhance trading volumes through an expansion of investment advisers’ ability to recommend investments to their U.S. clients.
Greg Johnson, chief executive officer and chairman of Metallic Minerals, stated: “Uplisting our common shares is an important step in the advancement of Metallic Minerals, particularly as we have seen a marked increase in interest from U.S. precious metals investors against the backdrop of increasing silver prices over the past one-half years. With a limited number of primary silver exploration opportunities, and particularly those in top North American mining jurisdictions, we are confident this new visibility will improve trading volumes and liquidity as we continue to introduce Metallic Minerals to new investors in the U.S.”
StreetSmart Live! event
Metallic Group chief executive officers Greg Johnson of Metallic Minerals, Michael Rowley of Group Ten Metals and Tim Johnson of Granite Creek Copper will be joining mining industry experts John Feneck, president of Feneck Consulting LLC, and John Newell, independent analyst and portfolio manager, for a live event to discuss upcoming macro-economic and geo-political catalysts, opportunities in the mineral exploration industry, and the specific opportunities within the Metallic Group of Companies.
The event will be hosted by Streetwise Reports as part of its StreetSmart Live! series and will take place on Tuesday, Jan. 26, 2021, at 10 a.m. PST.
About Mr. Newell
Mr. Newell is the portfolio manager for the Cordilleran Resources 2021 Flow-Through LP and president and chief executive officer of Golden Sky Minerals Corp. He has 38 years of experience in the investment industry acting as an officer, director, portfolio manager and investment adviser with some of the largest investment firms in Canada, including Scotia McLeod, CIBC Wood Gundy and Richardson Greenshields (RBC Capital Markets). Mr. Newell is a specialist in precious metal equities and related commodities and follows a disciplined proprietary approach incorporating equity research, analytical frameworks and risk controls to evaluate and select long and short stocks primarily from the Canadian small-cap and mid-cap coverage. Many large, mid-cap and junior precious metal companies use his technical charts.
About Mr. Feneck
Mr. Feneck is a portfolio manager and consultant at Feneck Consulting. He began his career in 1992 as an equity analyst on the Merrill Lynch global allocation fund (MALOX). From 1993 to 2019, Mr. Feneck was a senior executive for mutual fund and exchange-traded fund (ETF) providers, spending most of his career at Merrill Lynch Funds (now Blackrock) and JP Morgan Chase Funds. He was ranked No. 1 in both gross and net sales once at Merrill Lynch and three times at JP Morgan Chase, out of 40 senior executives. Mr. Feneck has conducted over 250 seminars and has been part of an investment roundtable at four global events. He has also been a regular and recent contributor to numerous other media channels, including Kitco.
Mr. Feneck was a member of the precious metals team at Sprott in 2017 and has developed a compelling record based on a proprietary methodology which combines technical analysis with public information gathered from direct interaction with senior management of commodities companies.
About Metallic Minerals Corp.
Metallic Minerals is a growth-stage exploration company, focused on high-grade silver and gold in underexplored brownfields mining districts. Its objective is to create shareholder value through a systematic, entrepreneurial approach to exploration in the Keno Hill silver district, La Plata silver-gold-copper district and Klondike gold district through new discoveries and advancing resources to development. All three districts have seen significant mineral production and have existing infrastructure, including power and road access. Metallic Minerals is led by a team with a record of discovery and exploration success on several major precious and base metal deposits, as well as having large-scale development, permitting and project financing expertise.
© 2021 Canjex Publishing Ltd. All rights reserved.
Galway Metals drills four m of 19.5 g/t Au at Clarence
Galway Metals Inc. has released full and partial assay results from eight new holes plus results from two holes that had some assays pending in the 650-metre gap between the Richard and George Murphy zones (GMZ) at the company’s Clarence Stream project in southwest New Brunswick, Canada. The latest results are highlighted by likely extensions to the east of previously identified veins and new veins to the north, which are denoted as new 1, 2 or 3.Read More
Hole 128 had pending assays added to the previously released results with the full intersect now returning 3.5 grams per tonne (g/t) Au over 40.0 metres (m), including the previously released 5.3 g/t Au over 25.5 m, which includes 54.6 g/t Au over 0.5 m, 20.9 g/t Au over 2.5 m and 13.7 g/t Au over 2.4 m, starting at a vertical depth of 190 m below surface. It is 92 m below hole 125, but is now interpreted to be a different vein. Hole 125 intersected 17.0 g/t Au over 5.5 m, including 163.0 g/t Au over 0.5 m with visible gold. Hole 128 intersected three additional veins: 17.9 g/t Au over 2.0 m (new 2), including 33.4 g/t Au over 0.5 m, plus 1.1 g/t Au over 8.4 m (new 1), plus previously reported 0.5 g/t Au over 13.0 m, starting at vertical depths of 375 m, 281 m and 63 m, respectively.
Hole 133 intersected three veins: 9.5 g/t Au over 6.5 m, including 27.2 g/t Au over 1.0 m, plus 2.2 g/t Au over 15.5 m, including 30.2 g/t Au over 0.7 m, plus 10.0 g/t Au over 3.0 m (new 2), including 18.7 g/t Au over 1.0 m, starting at vertical depths of 148 m, 172 m and 319 m, respectively. The 3.5 g/t Au over 40.0 m from hole 128 is thought to be the same zone as the 9.5 g/t Au over 6.5 m and 2.2 g/t Au over 15.5 m, with 72 m and 47 m between them. Assays are pending for 17.0 m of the 18.5 m interval between the 9.5 g/t Au over 6.5 m and 2.2 g/t Au over 15.5 m intersects.
Hole 130 intersected four veins: 75.9 g/t Au over 1.1 m (new 2), plus 1.3 g/t Au over 25.0 m (new 3) (included to show the scope of mineralization in this new vein; used the 0.42 g/t Au lower cut-off for pit-constrained mineralization but the depth likely precludes its inclusion in a pit), including 18.5 g/t Au over 0.65 m, plus shallower intersects returning 0.6 g/t Au over 30.0 m, including 5.3 g/t Au over 1.0 m, plus 0.5 g/t Au over 17.0 m, including 1.6 g/t Au over 1.0 m, starting at vertical depths of 420 m, 472 m, 71 m and 137 m, respectively. If the intersections are dipping south similar to the Richard vein interpretations, then the 10.0 g/t Au over 3.0 m from hole 133 is thought to be a new vein, and the same as the 75.9 g/t Au over 1.1 m from hole 130 and the 17.9 g/t Au over 2.0 m from hole 128. With these intersects, this vein has now been drilled over 174 m along strike and remains open, as are all veins discussed herein. These new veins are close to the intrusive that is thought to control mineralization. The intersect hosing 18.5 g/t Au over 0.65 m, starting at 472 m below surface, is the deepest in any of the four zones not in resource at Clarence Stream, including the Adrian, GMZ, Richard and Jubilee zones. The South zone has been intersected below 500 m.
Hole 136 intersected 19.5 g/t Au over 4.0 m (new 1), including 51.6 g/t Au over 1.0 m, with the rest of the hole pending, starting at a vertical depth of 273 m below surface. This is thought to be another new vein that lines up with the 1.1 g/t Au over 8.4 m in hole 128.
Robert Hinchcliffe, president and chief executive officer of Galway Metals, said: “The new veins contain some nice high grades. We’ll expand out from them and follow up other high-priority targets to increase the upcoming resource. There are simply so many obvious potential extensions to known and recently discovered veins that the company has decided to push out the resource update by a few months. To expedite this effort, Galway recently added one drill rig at Clarence Stream to bring the total to six and will add a seventh in February as we continue our fully funded, 100,000 m drill program to be completed by year-end. Galway’s aim is to not only expand the existing zones, but to also continue making new discoveries to further demonstrate that Clarence Stream is an important new gold district in North America.”
There now appears to be six vein zones present in the area of the current drilling, with three interpreted to correlate with the previously identified Richard zone horizons; the other three appear to be new. The 3.5 g/t Au over 40.0 m in hole 128 appears to line up best and is 232 m east of the northernmost vein that Galway intersected at the time of the discovery of the Richard zone, which returned 5.4 g/t Au over 11.0 m. The 3.5 g/t Au over 40.0 m is also located 262 m northeast of the previous eastern Richard limit defined by the discovery hole intersection that returned 7.3 g/t Au over 36.7 m. Galway is continuing to fill in the 650 m gap between the Richard zone and the GMZ. All veins appear to be subparallel to the granite to the north and mimics its dip at about 60 degrees to 65 degrees. Assays have been returned for five additional holes to the east of, plus one drilled south of, the highlight holes noted above, with intersections ranging up to 7.5 g/t Au over 1.05 m, 0.6 g/t Au over 10.0 m and 0.5 g/t Au over 10.0 m. In general, the better results to date are from steeper holes.
ASSAY RESULTS Hole ID From (m) To (m) Intercept (m) Au (g/t) GWM-20BL-136 61.00 291.00 Pending 291.00 295.00 4.00 19.5 including 294.00 295.00 1.00 51.5 303.00 321.00 Pending 324.00 446.00 Pending GWM-20BL-133 56.00 136.00 Pending 137.00 138.00 1.00 1.3 139.00 140.00 1.00 0.6 150.50 157.00 6.50 9.5 including 153.00 154.00 1.00 27.2 157.00 174.00 Pending 175.50 191.00 15.50 2.2 including 175.50 176.20 0.70 30.2 203.00 204.50 1.50 0.5 260.00 284.00 Pending 328.00 331.00 3.00 10.0 including 330.00 331.00 1.00 18.7 337.00 353.00 Pending GWM-20BL-130 72.00 102.00 30.00 0.6 including 73.00 74.00 1.00 5.3 95.50 97.00 1.50 1.3 113.50 114.50 1.00 0.7 117.00 118.00 1.00 0.4 132.00 149.00 17.00 0.5 including 132.00 133.00 1.00 1.4 including 141.00 142.00 1.00 1.6 149.00 225.00 Pending 237.90 378.60 Pending 383.00 384.50 1.50 1.0 (1) 388.00 388.50 0.50 1.1 (1) 430.00 431.00 1.10 75.9 433.00 435.00 2.00 1.7 (1) 476.00 501.00 25.00 1.3 (1) including 479.00 479.65 0.65 18.5 including 497.80 498.30 0.50 4.4 GWM-20BL-128 64.00 77.00 13.00 0.5 (2) including 64.00 65.00 1.00 1.9 (2) 89.50 91.00 1.50 0.6 128.00 129.00 1.00 1.6 193.50 233.50 40.0 3.5 VG including 208.00 233.50 25.50 5.3 VG (2) including 214.40 214.90 0.50 54.6 (2) including 220.90 221.50 0.60 8.3 including 224.10 226.50 2.40 13.7 including 231.00 233.50 2.50 20.9 (2) 288.00 296.40 8.40 1.1 including 295.00 296.40 1.40 2.4 299.00 299.60 0.60 1.0 357.00 359.00 2.00 17.9 including 358.00 358.50 0.50 33.4 494.00 494.60 0.60 0.5 (1) GWM-20BL-126 59.00 69.00 10.00 0.6 133.00 134.00 1.00 1.2 267.50 269.00 1.50 1.5 GWM-20BL-125 60.00 61.00 1.00 0.7 (2) 64.00 67.15 3.15 0.44 (2) 135.00 135.50 0.50 0.6 137.00 141.00 4.00 0.5 145.00 146.00 1.00 1.0 150.00 155.50 5.50 17.0 (2) including 154.00 154.50 0.50 10.8 (2) including 154.50 155.00 0.50 163.0 VG (2) 160.00 162.00 2.00 0.6 296.00 298.00 1.50 1.8 340.00 350.00 10.00 0.5 GWM-20BL-123 233.00 238.00 5.00 0.7 302.00 303.00 1.00 0.4 304.00 304.50 0.50 0.7 GWM-20BL-121 35.00 36.60 1.60 1.3 65.00 67.00 2.00 0.6 70.00 71.00 1.00 0.8 130.50 133.50 3.00 0.7 GWM-20BL-119 43.00 44.00 1.00 0.4 46.00 47.00 1.00 0.6 67.50 70.00 2.50 0.6 76.00 79.00 3.00 0.8 82.00 83.50 1.50 0.5 108.95 110.00 1.05 7.5 155.00 240.00 Pending 301.00 314.00 Pending GWM-20BL-117 66.00 67.00 1.00 2.4 90.90 92.00 1.10 0.5 121.00 124.10 3.10 1.0 including 122.00 122.50 0.50 2.4 142.00 143.50 1.50 1.7 189.00 190.00 1.00 0.8 (1) Intersection used 0.42 g/t Au for the bottom cut-off as per pit-constrained resources but is at likely too much depth. Shown to indicate scope of mineralization (TW means true widths, which are calculated -- sectional measuring may give slightly different numbers). True widths are unknown if not noted. VG means visible gold, and 0.42 g/t Au was used for the bottom cut-off. (2) Previously reported
New Brunswick junior mining assistance program
Galway would like to acknowledge financial support from the New Brunswick junior mining assistance program, which partially funded drilling of the GMZ, Jubilee and Richard zones.
Geology and mineralization
The recent discovery of the Richard zone in hole 12 contains elevated levels of bismuth, arsenopyrite and antimony, in multiple quartz veins, with tungsten in the vicinity. This is similar to other Clarence Stream deposits, which can be characterized as intrusion-related, quartz-vein-hosted gold deposits. Richard zone contains multiple zones of quartz veining with sulphides and sericite alteration. In general, mineralization at Clarence Stream consists of 10 per cent to 70 per cent quartz stockworks and veins with 1 per cent to 5 per cent fine pyrite plus pyrrhotite plus arsenopyrite plus stibnite in sericite-altered sediments. The Jubilee mineralization consists of 2 per cent to 5 per cent disseminated pyrite, sphalerite, galena, arsenopyrite, chalcopyrite and pyrrhotite in sediments with white to smoky grey quartz veining. Locally there is up to 10 per cent sphalerite and semi-massive galena veinlets. The 2.5-kilometre trend that hosts the GMZ, Richard and Jubilee zones contains a mineralized mafic intrusive locally, similar to the South zone, which currently hosts most of the property’s last reported gold resources (September, 2017). A more complete description of Clarence Stream’s geology and mineralization can be found on the Galway Metals website.
Review by qualified person, quality control and reports
Michael Sutton, PGeo, director and vice-president of exploration, for Galway Metals, is the qualified person who supervised the preparation of the scientific and technical disclosure in this news release on behalf of Galway Metals. All core, chip/boulder samples and soil samples are assayed by Activation Laboratories, 41 Bittern St., Ancaster, Ont., Canada, which has ISO/IEC 17025 accreditation. All core is under watch from the drill site to the core processing facility. All samples are assayed for gold by fire assay with gravimetric finish and other elements assayed using ICP. The company’s QA/QC program includes the regular insertion of blanks and standards into the sample shipments, as well as instructions for duplication. Standards, blanks and duplicates are inserted at one per 20 samples. Approximately 5 per cent of the pulps and rejects are sent for check assaying at a second lab, with the results averaged and intersections updated when received. Core recovery in the mineralized zones has averaged 99 per cent.
About Galway Metals Inc.
Galway Metals is well capitalized with two gold projects in Canada, Clarence Stream, an emerging gold district in New Brunswick, and Estrades, the former-producing, high-grade, volcanogenic massive sulphide mine in Quebec. The company began trading on Jan. 4, 2013, after the successful spinout to existing shareholders from Galway Resources following the completion of the $340-million (U.S.) sale of that company. With substantially the same management team and board of directors, Galway Metals is keenly intent on creating similar value as it had with Galway Resources.
We seek Safe Harbor.
Eastern Platinum closes $11.78-million rights offering
Eastern Platinum Ltd. has completed the previously announced rights offering to its shareholders (see news release of Dec. 11, 2020), subject to final approval of the Toronto Stock Exchange (the TSX) and the Johannesburg Stock Exchange (the JSE).Read More
Eastern Platinum issued 36,841,741 common shares of the company at a price of 32 cents per common share for rights exercised on the TSX and 3.77136 South African rands per common share for rights exercised on the JSE. The company is very pleased to have raised total gross proceeds of approximately $11,788,835 (TSX: $11,364,188 and JSE: 5,010,825 rands).
A total of 32,808,630 common shares were issued under the basic subscription privilege, and an additional 4,033,111 common shares were issued under the additional subscription privilege. As of the closing date, 137,480,773 common shares of Eastern Platinum are issued and outstanding. No common shares were issued under a standby commitment, and no fees or commissions were paid in connection with the distribution.
To the knowledge of the company, after reasonable inquiry, no person who was not an insider of Eastern Platinum became an insider as a result of the distribution under the rights offering.
Further to the rights offering circular of the company dated Dec. 11, 2020, the company confirms that Ka An Development Co. Ltd., an insider by virtue of beneficial ownership of, or control or direction over, directly or indirectly, securities of the company carrying more than 10 per cent of the voting rights attached to all the company’s outstanding voting securities, has exercised its basic subscription privilege to acquire 22,134,536 common shares and its additional subscription privilege to acquire 730,928 common shares, for a total of 22,865,464 common shares, bringing Ka An’s holdings after the rights offering to 45 million common shares of the company, representing 32.73 per cent of the total issued and outstanding common shares of the company.
The company intends to use the net proceeds from the rights offering to commence and/or complete various projects as described in the rights offering circular to expand and increase Eastern Platinum’s revenue potential. Eastern Platinum will provide a more detailed and definitive update in regard to the specific projects and priorities early in February, 2021.
South Africa remains at alert Level 3 regarding COVID-19 cases. The company continues to follow the health guidelines of the government of South Africa. The retreatment project remains in full operation, and continues to produce and transport chrome and platinum group metal end products. The effects of COVID-19 are evolving and changing, and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the company’s business, operations, liquidity and cash flows.
About Eastern Platinum Ltd.
Eastern Platinum owns, directly and indirectly, a number of platinum group metals (PGM) and chrome assets in the Republic of South Africa. All of the company’s properties are situated on the western and eastern limbs of the Bushveld complex, the geological environment that hosts approximately 80 per cent of the world’s PGM-bearing ore.
Operations at the Crocodile River mine currently include remining and processing its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility and the processing and extraction of PGMs.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.