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Oreninc Index Update: May 22, 2017

ORENINC INDEX sees strong rebound as gold strengthens

 

ORENINC INDEX - Monday, May 22, 2017

North America’s leading junior mining finance data provider

 

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Last week index score: 40.84 (updated)

This week: 69.70

Kootenay Silver (TSXV: KTN) began a 7,500m drilling program at its La Cigarra silver project in the Parral mining district of Chihuahua, Mexico.

NuLegacy Gold (TSXV: NUG) is ramping up its 2017 drilling campaign at its Iceberg project in Nevada, USA.

The Oreninc Index climbed in the week ending May 18th, 2017 to 69.70 from 40.84 as gold continued to rebound.

Total raises announced increased to C$110.5 million, a two-week high, which included seven brokered financings for a total of C$64.5 million, a four-week low within which there were three bought-deal financings for C$34.0 million, a six-week high. The average offer size decreased to C$2.9 million, a four-week low, whilst the total number of financings announced increased to 38, a three-week high.

The gold price recovered part of the losses of the previous two weeks to close at US$1,253 as the US dollar had its worst week since April 2016, ceding much of its gains since Donald Trump became president. President Trump continues to be the centre of news that contributes to turbulent markets, such as his firing of FBI Director James Comey, who was investigating his alleged links with Russia, and then moderating his stance on the NAFTA free trade agreement, stating the he wants to renegotiate it rather than withdraw from it as he had said previously.

With the gold price recovering, the van Eck managed GDXJ returned to growth and is now up 3.36% so far in 2017. The inventory of the SPDR GLD ETF continued to fall and closed at 850.7 tonnes, down from 851.8 tonnes the previous week.

In other commodities, silver was up on the week to close at US$16.84 whilst copper returned to growth to close the week at US$2.58. Oil continued to strengthen as WTI crude broke through the US$50 per barrel mark to close at $50.3.

The Dow Jones Industrial Average experienced a 200-point fall mid-week but had a strong finish to recover some of the lost ground to close the week down at 20,804. Canada’s S&P/TSX Composite Index followed a similar pattern with a 300-point mid-week fall with a strong close to end the week down at 15,458. The S&P/TSX Venture Composite Index didn’t seem to be affected by such things and closed the week slightly up at 806.90.

Summary:

  • Number of financings jumped up to 38, a three-week high.
  • Seven brokered financings were announced for $64.5m, a four-week high.
  • Three bought-deal financings were announced for $34.0m, a six-week high.
  • Total dollars increased to $110.5m, a two-week high.
  • Average offer size decreased to $2.9m, a four-week low.

 

Financial news highlights

Falco Resources (TSX-V: FPC) opened a C$25 million offering on a bought deal basis @ C$1.29.

  • Underwritten by a syndicate led by BMO Capital Markets
  • Funds to advance the Horne 5 deposit in Quebec, Canada, including the dewatering program, refurbishing of the shaft and ordering of long-lead items.

Northern Empire Resources (TSXV: NM) opened a C$ =INT( 20,000,000.00 )/1000000 20 million offering on a best efforts basis.

  • Underwritten by a syndicate led by Cormark Securities.
  • Priced at C$0.25 per subscription receipt.
  • Expected to close on or about May 30th.
  • Proceeds will be used to acquire the Sterling property from Imperial Metals for US$10.1 million.

Major Financing Openings:

  • Falco Resources (TSX-V:FPC) opened a C$ =INT( 25,000,200.00 )/1000000 25 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. Each unit includes half a warrant that expires in 18 months. The deal is expected to close on or about June 7th.
  • Northern Empire Resources (TSX-V:NM) opened a C$20 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis. The deal is expected to close on or about May 30th.
  • Transatlantic Mining (TSX-V:TCO) opened a C$10 million offering on a best efforts basis. Each unit includes half a warrant that expires in 24 months. The deal is expected to close on or about June 14th.
  • Eastmain Resources (TSX:ER) opened a C$9.03 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. The deal is expected to close on or about June 8th.

 

Major Financing Closings:

  • Continental Gold (TSX:CNL) closed a C$ =INT( 34,360,000.00 )/1000000 34.36 million offering on a strategic deal basis.  
  • Barkerville Gold Mines (TSX-V:BGM) closed a C$27.03 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. Each unit includes half a warrant that expires in 18 months.  
  • Razor Energy (TSX-V:RZE) closed a C$17.75 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit included half a warrant that expires in 12 months.  
  • Barkerville Gold Mines (TSX-V:BGM) closed a C$17.17 million offering on a best efforts basis.  

Company news

  • Kootenay Silver (TSXV: KTN) began a 7,500m drilling program at its La Cigarra silver project in the Parral mining district of Chihuahua, Mexico.Focus on the expansion of the La Cigarra mineral resource
  • Plan to update the resource before year end
  • Drilling testing satellite targets later this year

La Cigarra currently hosts a NI 43-101 measured and indicated mineral resource of 51.5Moz silver within 18.5Mt @ 86.3 g/t silver, and an inferred resource of 11.5Moz silver within 4.5Mt @ 80 g/t silver.

Conclusion

This drill program should add to and upgrade the La Cigarra mineral resources enabling the company to update its mineral resource estimate and set the groundwork to embark on a preliminary economic assessment. With producing silver mines located nearby and on trend, advancing the project should elicit interest from a producer for a JV or takeover.

NuLegacy Gold (TSXV: NUG)

Is ramping up its 2017 drilling campaign at its Iceberg project in Nevada, USA.

  • Three drill rigs operating on site as it seeks to add to the dimensions of its discoveries
  • Looking to define a big Carlin-style gold system
  • Iceberg is on trend from Barrick Gold’s (TSX: ABX) multi-million ounce Pipeline, Cortez and Goldrush gold mines.
  • A second RC rig and a diamond drill core rig have arrived on site and drill the first 12 of 24 holes planned to expand Iceberg.

Conclusion

NuLegacy has discovered the Iceberg and the Avocado Carlin-style gold deposits and has identified four more highly prospective exploration targets as it aims to find deposits with 90-110Mt tonnes of 0.9 to 1.1g/t of gold that could position it as a takeover target.

 

 

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Oreninc Index Update: May 15, 2017

ORENINC INDEX continues to slide

 

ORENINC INDEX - Monday, May 15, 2017

North America’s leading junior mining finance data provider

 

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Last week index score: 46.28

This week: 36.89

The Oreninc Index fell in the week ending May 11th, 2017 to 36.89 from 46.28 as gold and other commodities had a more stable week.

Total raises announced decreased to C$68.4 million, an 18-week low, which included five brokered financings for a total of C$24.0 million, a two-week low within which there were three bought-deal financing for C$22.0 million, a three-week high. The average offer size increased to C$4.0 million, a seven-week high, whilst the total number of financings announced fell to 17, a 67-week low. This was the second week in a row where more deals closed versus opened. 

The gold price experienced a slight rebound to seemingly bring an end to its recent pummelling, ending the week up at US$1,228 per ounce from $1,226 the week before.

The van Eck managed GDXJ returned to growth this week and is again in positive territory for the year, up 3.14% so far in 2017. Following the plummet in the gold prices the previous week, the inventory of the SPDR GLD ETF saw a slight fall to close the week at 851.89 tonnes from 853.08 tonnes the previous week.

Silver followed gold and fell considerably to close at US$16.27. Copper was down slightly on the week at US$2.52. Oil fell about 10% on the week with WTI crude closing at $46 per barrel due to concerns about the continuing glut of worldwide supply. OPEC is due to meet on May 25th and is expected to discuss cutting production quotas to boost prices.

Silver saw a modest gain to close the week up 0.65% at US$16.45 whilst copper saw a modest fall of 0.44% to close the week at US$2.52 per pound. OPEC’s efforts to stem the fall in the oil price have yet to bear fruit as WTI closed the week at US$47.84

The Dow Jones Industrial Average pulled back to close at 20,896 and Canada’s S&P/TSX Composite Index followed suit and closed at 15,537 but the S&P/TSX Venture Composite Index saw growth return and closed up on the week at 793.64.

Summary:

  • Number of financings decreased to 17, a 67-week low.
  • Five brokered financings were announced for $24.0m, a two-week low.
  • Three bought-deal financings were announced for $22.0m, a three-week high.
  • Total dollars dropped to $68.4m, an 18-week low.
  • Average offer size increased to $4.0m, a seven-week high.

 

Financial news highlights

Continental Gold (TSX:CNL) announced a US$134 million financing to complete the capex fund raise to build a 250,000 oz/y underground gold mine at Buritica in Colombia.

  • Newmont Mining (NYSE: NEM) agreed to invest US$109 million in a non-brokered private placement to take a 19.9% stake in the company
  • RK Mine Finance Master Fund I agreed to invest US$25 million
  • Newmont and Continental will also form a strategic alliance to evaluate opportunities to partner on exploration of Continental’s other properties in Colombia.
  • The Buritica capex is US$389 million

Almaden Minerals (TSX: AMM) entered into an agreement with Sprott Capital Partners and Cormark Securities for a bought deal private placement to raise C$15 million to advance the Tuligtic gold-silver project in Mexico project through continued engineering, permitting activities and exploration drilling.

Major Financing Openings:

  • Continental Gold (TSX:CNL) opened a C$34.36 million offering on a strategic deal basis. The deal is expected to close on or about May 18, 2017.
  • Almaden Minerals (TSX:AMM) opened a C$15 million offering underwritten by a syndicate led by Sprott Capital Partners on a bought deal basis. Each unit includes half a warrant that expires in 36 months.
  • Cartier Resources (TSX-V:ECR) opened a C$6.01 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis. The deal is expected to close on or about May 30, 2017.
  • EnerGulf Resources (TSX-V:ENG) opened a C$5 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months.

 

Major Financing Closings:

  • Bullman Minerals (TSX-V:BUL) closed a C$7.03 million offering on a best efforts basis.
  • East Asia Minerals (TSX-V:EAS) closed a C$3.3 million offering on a best efforts basis. Each unit included half a warrant that expires in 60 months.
  • Fura Emeralds (TSX-V:FUR) closed a C$3.05 million offering on a best efforts basis. Each unit included half a warrant that expires in 24 months.
  • Rise Gold (CSE:RISE) closed a C$2.07 million offering on a best efforts basis.

Company news

Prospero Silver (TSXV: PSL) closed a C$1.5-million strategic investment from Fortuna Silver Mines (TSX: FVI)

  • Prospero will allocate C$1.2 million to drill testing selected projects
  • C$300,000 will be allocated towards generative efforts in Mexico
  • Fortuna has the right to select one project within 18 months, potentially earning in to a 70% interest by spending US$8 million over six years and completing a PEA on the selected property

Conclusion

The Fortuna strategic investment provides Prospero with the funds for proof of concept drilling on its three main properties, which if successful, could lead to Fortuna entering into one or more joint ventures with the company to fund ongoing exploration.

 

 

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Oreninc Index Update May 8, 2017

 ORENINC INDEX plumbs new depths

 

ORENINC INDEX - Monday, May 8, 2017

North America’s leading junior mining finance data provider

 

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Last week index score: 60.47

This week: 46.28

Avrupa Minerals (TSXV: AVU) started drilling at its Slivovo project in Kosovo.

The Oreninc Index fell in the week ending May 4th, 2017 to 46.28 from 60.47 as gold and other commodities took a beating.

Total raises announced decreased to C$78.4 million, a four-week low, which included six brokered financings for a total of C$30.0 million, a two-week high within which there were two bought-deal financing for C$15.0 million. The average offer size decreased to C$3.1 million, a two-week low, whilst the total number of financings announced fell to 25, a 16-week low.

The gold price continued to be under pressure as the US dollar strengthened and the stock markets grew, with gold ending the week down at US$1,226 from $1,268 the week before. Just two weeks ago gold was threatening US$1,300 when it hit an April high of US$1,294 on the 18th.

The van Eck managed GDXJ continued to fall and is now in negative territory down 4.06% so far in 2017. Despite the plummet in the gold price, the inventory of the SPDR GLD ETF held ground falling a tad to close at 853.08 tonnes from 853.4 tonnes the previous week.

Silver followed gold and fell considerably to close at US$16.27. Copper was down slightly on the week US$2.52. Oil fell about 10% on the week with WTI crude closing at $46 per barrel due to concerns about the continuing glut of worldwide supply. OPEC is due to meet May 25th and is expected to discuss cutting production quotas to boost prices.

The Dow Jones Industrial Average had another strong week and closed over 21,000 again at 21,007 whilst Canada’s S&P/TSX Composite Index consolidated and closed at 15,582 but the S&P/TSX Venture Composite Index slide and closed down on the week at 781.72.

We recorded the next the podcast series with Mercenary geologist Mickey Fulp during which we discussed the reasons behind the plunge in commodity prices this week. We also looked at Cobalt 27 and the US$200 million financing it announced.

Summary:

  • Number of financings increased to 25, a 16-week low.
  • Six brokered financings were announced for $30.0m, a two-week high.
  • Two bought-deal financings were announced for $15.0m, a three-week low.
  • Total dollars fell to $78.4m, a five-week low.
  • Average offer size decreased to $3.1m, a two-week low.

 

Financial news highlights

Marathon Gold (TSX:MOZ) announced a C$15 million bought deal financing with RBC Capital Markets that was subsequently increased to C$16.2 million, to raise funds to continue exploration and development of the Valentine Lake gold project in Newfoundland.

  • 30,000m of drilling is to be completed by the end of 2017
  • Valentine Lake is a gold system that is 20km long with just 10% of the trend looked at in any great detail.

Victoria Gold (TSXV:VIT) opened and completed a flow-through financing for C$10 million with a single subscriber.

  • The proceeds will be used to extend the 2017 exploration program at its Dublin Gulch property in Yukon that hosts its Eagle Gold deposit.
  • Eagle Gold has proven and probable reserves of 2.7moz Au contained in 123Mt @ 0.67 g/t Au.

Major Financing Openings:

  • Marathon Gold (TSX:MOZ) opened a C$15 million offering underwritten by a syndicate led by RBC Capital Markets on a bought deal basis. The deal is expected to close on or about May 25.
  • Victoria Gold (TSX-V:VIT) opened a C$10 million offering on a best efforts basis.    
  • Kennady Diamonds (TSX-V:KDI) opened a C$10 million offering on a best efforts basis. The deal is expected to close on or about May 15.
  • North Arrow Minerals (TSX-V:NAR) opened a C$5 million offering on a best efforts basis.  Each unit includes a warrant that expires in 36 months.

 

Major Financing Closings:

  • Bacanora Minerals (TSX-V:BCN) closed a C$16.9 million offering on a strategic deal basis.    
  • Novo Resources (TSX-V:NVO) closed a C$15 million offering underwritten by a syndicate led by Red Cloud Klondike Strike on a best efforts basis. Each unit included a warrant that expires in 24 months.
  • Victoria Gold (TSX-V:VIT) closed a C$10 million offering on a best efforts basis.    
  • Zinc One Resources (TSX-V:Z) closed a C$10 million offering on a best efforts basis.

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Company news

Avrupa Minerals (TSXV: AVU) began drilling at its Slivovo project in Kosovo.

  • 17 drill holes planned, totaling 5,700m
  •  At least six general target areas to be tested
  • Results-dependent program may have two follow-up phases
  • Aim to increase the Slivovo resource by at least 250,000 oz Au
  • C$8.3 million cost fully-funded by Byrnecut.

Conclusion

 

Avrupa’s drilling program aims to discover, delineate and define additional high-grade gold resources at its Slivovo deposit with a target of adding at least 250,000 oz Au to the resource from several targets proximal to the current deposit. The first phase of 5,700m in 17 holes will test geophysical anomalies and other targets. Through the exploration funding agreement, Avrupa is diluting its ownership position, which if it falls below 10%, will convert into a 2% NSR.

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Oreninc Index Update: May 1, 2017

ORENINC INDEX retreats as gold price dips

 

ORENINC INDEX - Monday, May 1, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

Last week index score: 75.93

This week: 60.47

NuLegacy Gold (TSXV: NUG) began an initial 40-hole, 35,000 drilling program at its Avocado deposit in Nevada.

The Oreninc Index fell in the week ending April 27th, 2017 to 60.47 from 75.93 as gold continuing to experience downwards pressure,

Total raises announced increased to C$129.5 million, a three-week high, which included two brokered financings for a total of C$18.0 million, a two-week low within which there was one bought-deal financing for C$15.0 million. The average offer size increased to C$3.2 million, a three-week high, whilst the total number of financings announced increased to 40, a two-week high.

The gold price continued to be under pressure as the US dollar strengthened and the stock markets grew, with gold ending the week down at US$1,268 from $1,289 the week before. US president Donald Trump announced a tax plan that included a reduction in corporate tax to 15%. The president also said he is thinking if withdrawing from the NAFTA free trade agreement.

The van Eck managed GDXJ continued to fall and is now up just 2.16% so far in 2017. The growth in the inventory of the SPDR GLD ETF came to an end and closed at 853.6 tonnes, down from 858.7 tonnes the previous week.

In other commodities, Silver fell on the week to close at US$17.24 whilst copper was up on the week at US$2.59. Oil fell with WTI crude closing at $49.19 per barrel.

The Dow Jones Industrial Average had a strong week of growth and closed at 20,940 but Canada’s S&P/TSX Composite Index fell and closed at 15,586 as did the S&P/TSX Venture Composite Index, which closed down on the week at 806.77.

Summary:

  • Number of financings increased to 40, a two-week high.
  • Two brokered financings were announced for $18.0m, a two-week low.
  • One bought-deal financings were announced for $15.0m, a two-week low.
  • Total dollars grew to $129.5m, a three-week high.
  • Average offer size increased to $3.2m, a three-week high.

 

Financial news highlights

Barkerville Gold Mines (TSXV: BGM) announced a bought deal private placement that it subsequently was increased to C$23.5 million. It also announced a concurrant non-brokered private placement for C$15 million with Osisko Royalties and Osisko Mining. The net proceeds from both financings will be used to further explore the company’s exploration properties in British Columbia, Canada.

The financing was announced after Barkerville announced a new discovery from an ongoing 130,000m Phase II Island Mountain exploration drilling program at its flagship Cariboo gold project.

 

Encanto Potash (TSXV: EPO) executed a financing agreement with Taylor-Dejongh with an initial equity investment of C$10 million for general working capital requirements and a subsequent project equity investment of C$60 million for the completion of a feasibility study for the Muskowekwan potash project in Saskatchewan, Canada, the first mining project on First Nations land.

Major Financing Openings:

  • Encanto Potash (TSX-V:EPO) opened a C$70 million offering on a strategic deal basis.
  • Barkerville Gold Mines (TSX-V:BGM) opened a C$23.5 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis. Each unit includes half a warrant that expires in 18 months. The deal is expected to close on or about May 16, 2017.
  • Barkerville Gold Mines (TSX-V:BGM) opened a C$15.83 million offering on a strategic deal basis. Each unit includes a half warrant that expires in 18 months. The deal is expected to close on or about May 16, 2017.
  • Evrim Resources (TSX-V:EVM) opened a C$3.21 million offering on a best efforts basis. Each unit a half warrant that expires in 36 months.

 

Major Financing Closings:

  • Leucrotta Exploration (TSX-V:LXE) closed a C$80 million offering underwritten by a syndicate led by Haywood Securities on a bought deal basis.
  • Platinum Group Metals (TSX:PTM) closed a C$27.21 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.
  • Epsilon Energy (TSX:EPS) closed a C$24.57 million offering on a best efforts basis.
  • Seabridge Gold (TSX:SEA) closed a C$22 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis.

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Company news

NuLegacy Gold (TSXV: NUG) began an initial 40-hole, 35,000 drilling program at its Avocado deposit in Nevada.

  • The program aims to expand the extent of the gold mineralization
  • Drill the Deep Iceberg IP anomaly to confirm it as the third gold deposit
  • Exploring the VIO and Jasperoid Basin anomalies to establish their prospectivity as deposits
  • Expand the gold content of the established near-surface oxide Iceberg gold deposit
  • 65% of the drilling will consist of deeper drilling to explore for additional deposits and 35% will concentrate on expanding the gold footprint of the near-surface Iceberg deposit.

Conclusion

The restart of drilling is a key step for NuLegacy to confirm anomalies as deposits and expand the gold endowment of its Avocado and Iceberg deposits, with a view to being able to opportunistically finance at higher prices to achieve financial independence and ultimately sell to or merge with a producer.

NuLegacy is an advanced stage Nevada exploration company focusing on the discovery of district scale Carlin-style gold deposits on its Red Hill project in the Cortez gold trend.

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Oreninc Index Update: April 24, 2017

ORENINC INDEX up as gold sees volatility

 

ORENINC INDEX - Monday, April 24, 2017

North America’s leading junior mining finance data provider

 

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Last week index score: 54.67

This week: 65.15

The Oreninc Index showed growth again in the week ending April 20th, 2017 to 65.15 from 54.67, despite gold having a volatile week.

Total raises announced increased to C$92.1 million, a two-week high, which included six brokered financings for a total of C$64.7 million, a two-week high within which there were two bought-deal financings for C$31.6 million. The average offer size increased to C$2.9 million, a two-week high, whilst the total number of financings announced fell to 32, a three-week low.

The gold price had a volatile week that saw it experience its biggest one-day fall in six weeks before rebounding at the end of the week to close at virtually the same point as the prior week close at US$1,289. Earlier in the week, gold hit a high of US$1,294 as geopolitical risks continue to weigh on people’s minds including the US putting pressure on North Korea and the first round of the French presidential election in which the far right is threatening to do well.

The volatile gold environment saw some profit-taking and as a result the benchmark index, the van Eck managed GDXJ fell and is now up 9.48% so far in 2017. The inventory of the SPDR GLD ETF continued to grow and closed at 858.7 tonnes after hitting an intra-week high of 860.7. Silver couldn’t keep pace and ended the week by falling under US$18 to close at $18.53 despite hitting a five-month high at the start of the week at $18.53

Copper has started to drift down and fell another few cents to US$2.54 a pound, whilst oil had a more definite slide and fell below $50 to close at $49.54 a barrel.

The Dow Jones Industrial Average had a stronger week and resumed growth to close at 20,548 as did Canada’s S&P/TSX Composite Index which closed up at 15,614. Bucking the trend again was the junior space, where the S&P/TSX Venture Composite Index closed down on the week at 825.

Summary:

  • Number of financings decreased to 32, a three-week low.
  • Six brokered financings were announced for $64.7m, a two-week high.
  • Two bought-deal financings were announced for $31.6m, a two-week high.
  • Total dollars increased to $92.1m, a two-week high.
  • Average offer size bumped up to $2.9m, a two-week high.

 

Financial news highlights

Platinum Group Metals (TSX:PTM) announced a bought deal financing to raise US$20 million with BMO Capital Markets.

  • Proceeds will be used for underground development and production ramp-up of the Maseve mine in South Africa, working capital and to repay US$2.5 million outstanding under a credit agreement with a syndicate of lenders led by Sprott Resource Lending Partnership.

Red Eagle Exploration (TSX-V: XR) announced a brokered private placement to raise up to C$20 million to fund property option and acquisition costs, exploration and development programs at the Vetas, California and Santa Ana gold and silver projects in Colombia.

  • The company was formerly called CB Gold and was formed by the people behind Red Eagle Mining (TSX:R) that successfully developed the San Ramon gold mine in Antioquia, Colombia.

Endeavour Mining (TSX:EDV) reported that shareholder, La Mancha Holding exercised its anti-dilution right to re-increase its stake from 28.1% to 29.9%.

  • La Mancha undertook a C$63.4 million private placement.
  • Proceeds will be used to support the potential development of the Ity CIL gold mine project in Côte d'Ivoire that could extend mine life by more than 14 years.

Major Financing Openings:

  • Platinum Group Metals (TSX: PTM) opened a $ =INT(26,609,310.00)/1000000 26.61 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis.
  • Razor Energy (TSX-V: RZE) opened a $18 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes half a warrant. The deal is expected to close on or about May 4, 2017.
  • Red Eagle Exploration (TSX-V: XR) opened a $20 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes a warrant that expires in 18 months. The deal is expected to close on or about May 12, 2017.
  • Treasury Metals (TSX: TML) opened a $8.06 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis. Each unit includes half a warrant that expires in 24 months. The deal is expected to close on or about May 11, 2017.

 

Major Financing Closings:

  • Bluestone Resources (TSX-V:BSR) closed a $ =INT(80,000,000.00)/1000000 80 million offering underwritten by a syndicate led by Cormark Securities on a best efforts basis.
  • Coro Mining (TSX:COP) closed a $16.15 million offering on a best efforts basis.
  • Seabridge Gold (TSX:SEA) closed a $15.73 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis.
  • Aurania Resources (TSX-V:ARU) closed a $6.4 million offering underwritten by a syndicate led by Maison Placements Canada on a best efforts basis.

 

Company news

Oreninc sponsors had a busy week releasing several news releases. We have also signed up three new sponsors: Avrupa Minerals (TSXV: AVU), Desert Gold Ventures (TSXV:DAU) and Blue Sky Uranium (TSXV: BSK). Thank you for your support!

Prospero Silver (TSXV: PSL) C$0.29, Mkt Cap C$8.9 million

  • Obtained a C$1.5 million strategic investment from mid-tier precious metals producer Fortuna Silver Mines (TSX: FVI).
  • Fortuna purchased 5.4 million units at C$0.28 each with each unit comprising one share and one warrant exercisable at C$0.35 for three years. Fortuna has developed two mines into production (Caylloma in Peru and San Jose in Mexico) and is working on its third development project in Argentina.
  • Prospero will allocate C$1.2 million to drill test selected projects and the remainder towards generative efforts in Mexico.
  • Fortuna has the right to select one project within 18 months to JV with Prospero and potentially earn a 70% interest by spending US$8 million over six years and completing a PEA on the selected property.
  • Petate in Hidalgo is the most advanced Prospero project and where a significant sized silicified zone indicates the presence of a robust mineralized system with excellent potential to host a replacement type deposit at depth.

Conclusion

The Fortuna strategic investment provides Prospero with the funds for proof of concept drilling on its three main properties, which if successful, could lead to Fortuna entering into one or more JVs with the company to fund ongoing exploration.

Kootenay Silver (TSXV: KTN) C$0.31, Mkt Cap C$53.3 million

  • Said amended permits are in place and preparations underway for a 7,500m drill program at its La Cigarra silver project in Chihuahua, Mexico.
  • Drilling will commence in approximately two weeks and operate concurrently with ongoing geological mapping and sampling programs on peripheral target areas
  • The program will expand on the measured & indicated silver resource that is currently 18.5Mt @ 86.3 g/t Ag containing 51.5Moz Ag and an inferred resource of 4.45Mt @ 80.0 g/t Ag  containing 11.4Moz Ag.
  • Drilling will first target an 800m gap between the Las Venadas Zone and the south end of the resource (Las Carolinas Zone). The southern boundary of Las Carolinas previously returned 23.45m @ 138.3 g/t Ag in hole 155.

Conclusion

With drilling to commence shortly, Kootenay looks set to increase the size of its La Cigarra silver deposit whilst working up other targets for subsequent drill testing.

Avrupa Minerals (TSXV: AVU) C$0.10, Mkt Cap C$7.7 million

  • Completed a private placement financing of 2.5 million shares at C$0.09 for proceeds of C$225,000 for exploration and operations in Kosovo, Portugal, Vancouver and for general and administration costs.
  • Insiders purchased 840,000 shares in the placement.
  • Avrupa has funding partners in place with OZ Minerals funding work on the Alvito IOCG project in Portugal and Byrnecut International funding a large drill program at the Slivovo gold project in Kosovo.
  • Colt Resources is currently in default on its funding agreement for the Alvalade project in Portugal and Avrupa is working on a route to consolidation of the program.

 

Conclusion

Prospect generator Avrupa runs a lean ship but although it has funding partners covering the costs of several of its projects, it still needs to raise money from time-to-time for its other projects and to continue to develop its project pipeline.

Earlier this month Avrupa entered into a JV on its Alvito iron oxide, copper-gold (IOCG) project in Portugal with OZ Minerals that can earn up to 75% over 2.5 years by spending A$4 million, with Avrupa the operator. Avrupa and earlier partners have spent over €450,000 on the license and developed a central IOCG target area covering 4 x 2.5km along the 24 x 4km Alcaçovas copper belt. The new exploration program will commence in April and will include geological mapping, surface sampling, geophysics, further targeted top-of-basement sampling and a drilling program.

Alvito is an exciting exploration target with the potential to result in a sizable orebody. The OZ Minerals agreement will provide the funding for the partners to drill the property and better establish its size and grade potential.

 

Blue Sky Uranium (TSXV: BSK) ) C$0.32, Mkt Cap C$14.7 million

Is a uranium explorer with more than 350,000 ha of tenements in Argentina. Exploration by the company between 2007 and 2012 led to the discovery of a new uranium district in Rio Negro province with a 140km long trend of uranium mineralization. Blue Sky’s Amarillo Grande project covers the district, including three properties with significant near-surface uranium mineralization where drilling is underway to refine the geological model and prepare for an initial resource estimate.

 

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