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Puma Makes New High-Grade Gold Discoveries With Surface Sample Grading 241.0 g/t Au at its Williams Brook Property, NB, Canada
Las Alteras Project Presentation - April 2024
ARGENTINA URANIUM
NUCLEAR INDUSTRY – CURRENT LANDSCAPE
- Argentina has 3 nuclear reactors operating along with small modular reactors (SMR) under construction plus negotiations for the possible construction of a fourth nuclear power plant are ongoing
https://www-pub.iaea.org/MTCD/Publications/PDF/CNPP- 2021/countryprofiles/Argentina/Argentina.htm#:~:text=Argentina%20has%20three%20nuclear%20power,%2C%20and%20E mbalse%20(CNE) - Argentina currently imports approximately 500,000 lbs of U3O8 annually
https://blueskyuranium.com/assets/docs/Argentinas-Expanding-Nuclear-Energy-Industry-Needs-Domestic- Uranium-Supply.pdf - No significant uranium production in the country
- With rising uranium prices, there is a likely exploitation of known resources previously defined at Cerro Solo, Laguna Salada, Sierra Pintada, and Ivana
- Integrated exploration at an Argentinian basin level has not been carried out and the known resources are plausibly only a fraction of country’s uranium potential
- Centre for Nuclear Energy in Agriculture Centro (CNEA) controls Argentina's uranium market (since the 1950s) however this may change with the new administration and current uranium price environment
LAS ALTERAS PROJECT
- Via Greenshift Commodities Ltd (GCOM) subsidiary Buenavida Metales S.A; Norfolk has exclusivity to 22 claims totaling 60,396 hectares know as the Las Alteras Project
- Las Alteras project is a uranium project portfolio along Paleochannels and Calcrete environments favorable to giant uranium deposits
- Las Alteras land package represents a significant opportunity to be a major uranium explorer within the Cerro Solo District
- Fluvial and pyroclastic sediments constituting the Chubut Group settled down upon a Jurassic age basement
- These Jurassic volcanics (grouped as the Marifil Formation) covered much of eastern Chubut and Rio Negro and potentially supplied the material that makes up the Chubut Group sediments that host the mineralization
- Uranium hosted with pyrobitumen, indicating fluid mixing with methane. Potential for major uranium district with in-situ leach mining extraction considerations
Click here for the full ASX Release
This article includes content from Norfolk Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
$80 Million Equity Raise Investor Presentation - April 2024
Investment Highlights
Rapid Resource Growth & Step-Out Exploration Success
- Growth of Never Never Mineral Resource to 953koz @ 5.7g/t1 – drill campaign funded for 2024/2025 and updated Mineral Resource Estimate expected to be released in mid-2024
- Never Never Exploration Target of 8.1 – 9.9 million tonnes at a grade of between 5.8 – 6.7g/t for 1.6 – 1.9Moz (inclusive of December 2023 MRE)2
- Multiple high-grade, wide intercepts in the past 18 months, including 59.0m @ 12.5g/t, 12.6m @ 34.5g/t and 54.0m @ 6.55g/t3
- One of the highest-grade deposits and most exciting recent discoveries in Australia
High-Impact Regional Targets
- Exploration success at Pepper including 17.5m @ 15.9g/t4 validates Spartan’s exploration thesis at the Dalgaranga Gold Project (Dalgaranga)
- Pepper sits parallel to Never Never and displays the same Never Never style mineralisation characteristics
- Multiple additional high-grade targets extending from the Gilbey’s Pit, including Four Pillars, West Winds and Sly Fox – lookalike mineralisation to Never Never
- Positive intercepts from recent drilling, including 17.5m @ 15.9g/t4 (Pepper), 20m @ 3.49g/t4 (West Winds) and 15m @ 6.06g/t4 (Four Pillars)
Infrastructure & Proximity
- < 6-year-old processing plant located less than 2.5km from Never Never and Gilbey’s deposits
- Installed infrastructure substantially reduces timeline and expenditure to restart operations
- Spartan currently investigating multiple strategies on potential development approach, including optimizing mill throughput to match sustainable mining schedules
Well Positioned to Execute Strategy
- Strong balance sheet strength with pro-forma cash of $110m5 and nil-debt on completion of the Offer
- Focused team with proven experience in exploration and resource development
- Spartan focused on exploration with proposed underground exploration decline to take Spartan within 50 to 100 metres of the Never Never orebody
- Importantly, this investment in the underground exploration decline will offset any future restart capex and reduce lead time to production
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A$80m Fully Underwritten Equity Raising to Accelerate Exploration and Development of Dalgaranga Gold Project
Proceeds to fund underground exploration decline to facilitate drill-out of Never Never, Pepper and Four Pillars, ongoing surface drilling, development studies and regional exploration
Spartan Resources Limited (Spartan or Company) (ASX:SPR) has today announced a fully underwritten $80 million Equity Raising to be conducted via a $33 million 1-for-17 pro rata accelerated non- renounceable entitlement offer and a $47 million placement to institutional, professional and sophisticated investors.
Highlights
- Fully underwritten $80m equity raising (Equity Raising) comprising:
- Institutional placement to raise approximately $47m (Placement); and
- A 1-for-17 pro rata accelerated non-renounceable entitlement offer of 56.8m shares to raise approximately $33m (Entitlement Offer).
- Equity Raising being conducted at a fixed offer price (Offer Price) of $0.58 per share, representing a 11.5% discount to the last closing price of $0.655 per share on 17 April 2024.
- The Equity Raising follows the Company’s continued run of exploration success at the high-grade Never Never deposit and its very recent success with the discovery of the high-grade Pepper Prospect, including an intersection of 17.5m @ 15.9g/t1:
- Pepper sits perpendicular to Never Never just 90m to the south and displays the same “Never Never” style mineralisation characteristics;
- The Pepper discovery further validates Spartan’s exploration thesis for the Dalgaranga Gold Project and will be a key focus for its upcoming drilling campaign along with other key targets including Sly Fox, Four Pillars and West Wings.
- Proceeds from the Equity Raising to be used to underpin a significantly expanded exploration campaign at Dalgaranga in 2024/25, including:
- Accelerated Resource extension drilling at Never Never, Pepper and the broader Gilbey’s Complex including “lookalike” targets (Sly Fox, Four Pillars, West Wings);
- The development of an underground exploration decline, which is scheduled to commence in the second half of 2024; and
- Site infrastructure early works, general working capital, care and maintenance, tenement commitments and corporate and transaction costs.
- Spartan is well-funded with pro-forma cash position of $110m on completion of the Equity Raising2.
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said:
“This is a landmark capital raising for Spartan which puts the Company in an exceptional position to deliver on the huge potential of the Never Never discovery and our other recent exploration successes at Dalgaranga.
“The proceeds will allow us to establish an underground exploration decline that will take underground development to within 50 to 100 metres of the Never Never orebody. This will allow us to cost effectively drill-out Never Never, the new Pepper discovery and Four Pillars to a very high level of definition, while also testing other ‘look-alike’ targets in the vicinity.
“Importantly, the underground exploration decline is also likely to provide for an accelerated pathway to re-commence mining at the time of a Final Investment Decision to re-start production. The Spartan team is committed to ensuring a thorough and diligent approach is taken to the delineation of the high-grade orebodies at Dalgaranga. The proceeds of this capital raise will ensure we have the balance sheet strength to progress our robust and thorough re-start plan, and the financial flexibility to commence early works in advance of the re-start decision.”
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Spartan Resources Limited (ASX: SPR) – Trading Halt
Description
The securities of Spartan Resources Limited (‘SPR’) will be placed in trading halt at the request of SPR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 22 April 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exclusivity for Las Alteras Acquisition
Norfolk Metals Ltd (Norfolk or the Company) has executed an Exclusivity and Due Diligence Deed with Green Shift Commodities Ltd (GCOM), a company incorporated in Canada, to acquire 100% of the Las Alteras uranium project in Chubut, Argentina (Las Alteras). The successful acquisition will position Norfolk as a multinational multi-project uranium exploration company. This is an important step towards Norfolk’s plans to accumulate high value exploration projects in proven regions while maintaining a favorable company structure and cash reserves.
- Norfolk signs exclusivity agreement with Green Shift Commodities Ltd (TSXV GCOM) to acquire Las Alteras uranium project located in Argentina
- Las Alteras uranium project surrounded by non-JORC foreign estimates* at URAmerica’s Meseta Central deposit (19.1Mlbs eU308¹), CNEA’s Cerro Solo deposit (11.49Mlbs U308²), ISO Energy’s Laguna Salada deposit (10.1Mlbs U308³) along with the Cerro Condor and Los Adobes historical uranium mines
- Norfolk receives firm commitments for a strategic placement of A$415,746 via ASX Listing Rule 7.1 capacity
- Additional funding to assist in expediting due-diligence on Las Alteras and exploration planning on the Company’s projects
- Strong cash position of A$3.49m as at 31 December 2023
- Norfolk continues to review complementary projects as the Company looks to expand uranium project suite
- Norfolk to conduct executive search for additional Key Management Personal to progress Australia and Argentina uranium exploration projects
Figure 1: Location map of Las Alteras uranium project
Commenting on Norfolk Metals, Executive Chairman, Ben Phillips, states:
“Norfolk has secured an exceptional opportunity in Argentina where we expect to see strong increase in positive sentiment from government, uranium explorers and investors throughout 2024. Las Alteras is surrounded by multiple uranium deposits to the east, west and south with historical mines located to the north and south. We are currently reviewing the historical drill information boarding the eastern block of Las Alteras where uranium has been delineated in the same structures as the flagship Cerro Solo deposit. This uranium trend is increasing as the holes approach Las Alteras ground making this area one of several priorities of our focus.”
Las Alteras Exclusivity
Las Alteras uranium project is surrounded by non-JORC foreign estimates* at URAmerica’s Meseta Central deposit (19.1Mlbs eU308¹), CNEA’s Cerro Solo deposit (11.49Mlbs U308²), ISO Energy’s Laguna Salada deposit (10.1Mlbs U308³) along with the Cerro Condor and Los Adobes historical uranium mines. AlterasAs the uranium market continues to evolve globally it is Norfolk’s view that the Chubut region of the San Jorge Basin hosting the renowned government owned Cerro Solo deposit presents an exceptional opportunity to diversify and grow the Company. The addition of the Las Alteras project suite will allow Norfolk to progress the appointment of Key Management Personnel and advisors.
Please see the Company presentation regarding the Las Alteras uranium project released today on the ASX on the 18th of April 2024.
Click here for the full ASX Release
This article includes content from Norfolk Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Underway at Trafalgar High-Grade Gold Prospect
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Phase 3 drilling has commenced at Trafalgar high-grade gold prospect
- Previously reported drilling included multiple intersections grading >100g/t Au, including:
- TFD001:
- 5.0m @ 12.56g/t Au, incl. 0.4m @ 150.0g/t Au from 202.0m
- TFDD003:
- 1.2m @ 65.9g/t Au, incl. 0.5m @ 143.0g/t Au from 57.5m
- TFDD005:
- 12.3m @ 16.8g/t Au, incl. 0.7m @ 152.5g/t Au from 120.3m
- TFDD013:
- 4.0m @ 23.7g/t Au, incl. 0.5m @ 169.8g/t Au from 25.9m
- TFD001:
- New geological vein model for Trafalgar indicates multiple sub- parallel high-grade veins
- An initial 1,500m drill program is planned that will comprise infill and extension drilling targeting down-dip and along-strike extensions to previous high-grade gold intercepts
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/DP4MXy
Geological modelling of the multiple high-grade veins intersected in drilling at the Trafalgar Prospect in 2022/23 has been completed. The next phase of diamond drilling (Phase 3) has commenced to test in-fill and extensional drilling targets generated from the new geological model.
Managing Director and CEO, Neil Marston commented,
“Since the completion of drilling at the Trafalgar prospect at Golden Ridge in 2023, Flynn Gold has been undertaking geological modelling of the high-grade gold intersected in multiple vein sets.
“This modelling work, in combination with our recent soil sampling activities, demonstrates the potential for extensive gold mineralisation at Golden Ridge.
“Based on the latest information we have designed a program of drill holes with the goal being to target down-dip and along-strike extensions to previous high-grade gold intercepts.
“As gold prices hit record highs, it’s an exciting time for our team to be drilling this new Tasmanian gold discovery.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Geological Vein Model
A 3D geological vein model was recently completed for the Trafalgar prospect. The model interprets 3 main gold mineralised veins, accompanied by a network of subsidiary mineralised splay veins and sheeted vein swarms bifurcating off the main veins (see Figure 2).
All of the main mineralised veins transect the granodiorite – hornfelsed metasediments contact, with gold mineralisation hosted in both the granodiorite and metasediment host rocks.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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