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Giyani raises $11.5 million for manganese project

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Giyani Metals Corp. [EMM-TSXV, A2DUU8] said Wednesday, March 24 that it has raised $11.5 million from a bought deal equity financing that will be used to fund a feasibility study and engineering work at its flagship K. Hill manganese project in Botswana. Giyani is currently focused on the development of its K. Hill, Lobatse &…

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Giyani Metals Corp. [EMM-TSXV, A2DUU8] said Wednesday, March 24 that it has raised $11.5 million from a bought deal equity financing that will be used to fund a feasibility study and engineering work at its flagship K. Hill manganese project in Botswana.

Giyani is currently focused on the development of its K. Hill, Lobatse & Otse manganese oxide projects in the Kanye Basin of Botswana. The flagship K. Hill project is a near-surface deposit currently winding its way through a feasibility study. The aim is to produce a high-purity electrolytic manganese metal and manganese sulphate, both key ingredients for batteries in the expanding electric vehicle market.

The bought deal financing consisted of 16.9 million units priced at 68 cents per unit, generating gross proceeds of $11.5 million, including the exercise of a green shoe option granted to the underwriters.

Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to purchase one common share of the company for $1.00 per share until September 24, 2022.

Giyani advanced on the news, rising 4.9% or $0.03 to 64 cents on volume of 60,000. Shares are currently trading in a 52-week range of 87 cents and $0.075.

According to an amended PEA announced in April, 2020, the K.Hill Project hosts an inferred resource of 1.24 million tonnes of 27.3% manganese oxide (MnO) at a cut-off grade of 8.9% MnO.

The PEA envisages a potential project with a 10-year life span, producing 236,000 tonnes of high-purity electrolytic metal. The project would require $150.6 million in pre-production capital, $13.7 million in sustaining capital, a contingency of $24.7 million, and $6.9 million for closure costs. That would bring the total estimated required project capital to $196 million.

Net proceeds of the bought deal will be used for drilling, a demonstration plant (pilot pilot), completion of a feasibility study, basic engineering, and front-end engineering and design, prepayments for long lead order items, additional staffing costs and other corporate purposes.

Manganese is among the most widely used metals in the world, fourth after iron, aluminum and copper. Historically, the demand, and hence the price of the metal is closely tied to demand for iron ore in China.


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Trifecta Gold drills 30.48 metres of 0.99 g/t gold at Yuge Project, Nevada

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two…

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Trifecta Gold Ltd. [TG-TSXV; TRRFF-OTC] reported final results from its 2021 reverse circulation (RC) drill program at the company’s road-accessible Yuge gold project located approximately 55 kilometres south of Denio in northern Nevada. Trifecta’s maiden drill campaign at Yuge consisted of seven RC drill holes, three of which were drilled at the Columbia target, two at the Juanita target and two at the Josie target.

Highlights include 2.27 g/tgold over 38.1 metres from hole YU-21-02 at Columbia (previously released); 0.99 g/t gold over 30.48 metres (including 3.4 g/t gold over 6.1 m) from hole YU-21-07 at Juanita; 0.61 g/t gold over 9.14 metres (including 2.48 g/t gold over 1.52 m) from hole YU-21-05 at Josie; and 0.53 g/t gold over 6.1 metres from surface in hole YU-21-04 at Josie.

“Our maiden drill program at Yuge successfully intersected broad zones of gold mineralization at each of our three targets,” stated Richard Drechsler, president and CEO. “We are very pleased with these results and are now confident that bulk-tonnage and high-grade vein potential exists over the entire property. The limited surface work conducted by our technical team has been successful in defining gold mineralization in structures parallel to and along strike from our drilled targets.”

Trifecta recently expanded the Yuge claim block, which now covers five km of prospective strike length. The company is permitting a follow-up program that will consist of detailed prospecting, soil sampling and mechanized trenching to better determine the geometry and structural controls of the various types of gold mineralization. This will be followed by additional RC drilling to further delineate the shallow, disseminated mineralization as well as the high-grade and structurally controlled mineralization.


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McEwen Mining produces 30,600 AuEq ounces in Q1

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40%…

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McEwen Mining Inc. [MUX-TSX, NYSE] reported consolidated production for Q1 2021 of 23,300 gold ounces and 493,200 silver ounces, or 30,600 gold equivalent ounces (GEOs), compared with 35,100 GEOs in Q1 2020. All operations delivered production in line with budget. Production is expected to increase over the balance of the year and to be 20-40% greater than 2020.

Fox Complex, Timmins, Canada (100%)

Black Fox produced 5,200 GEOs during the period, compared to 8,300 GEOs in Q1 2020. Mining at Black Fox has begun transitioning to the Froome deposit, where a progressive ramp-up is planned through Q3, with commercial production expected in Q4. At the Stock property, surface exploration is underway with four drills at the Stock West target, and one drill at the historic Stock Mine. A Preliminary Economic Assessment (PEA) to expand the production from the Fox Complex will be released late in Q2. The exploration budget for 2021 is $9 million.

San Jose Mine, Santa Cruz, Argentina (49%)

During Q1, San Jose produced 9,500 gold ounces and 492,300 silver ounces, for a total of 16,700 GEOs, compared to 14,900 GEOs in Q1 2020. The Company received $5 million in dividends during the quarter. San Jose performed well after a challenging 2020 that was impacted by COVID-19 restrictions. In 2021, the exploration budget is $10 million.

Gold Bar Mine, Nevada (100%)

During the quarter, Gold Bar produced 7,400 GEOs, compared to 9,100 GEOs in Q1 2020. Updated resource and reserve estimates were completed. Production in Q2 is expected to be higher than Q1. The exploration budget for 2021 is $5 million and will be focused on testing for near-mine targets and on further defining oxide resources on the neighbouring Tonkin property.

El Gallo Project, Sinaloa, Mexico (100%)

In Q1, El Gallo produced 1,300 GEOs from residual leaching of the heap leach pad. Operations were briefly disrupted by a blockade of the mine entrance by members of the local community, which has been resolved. A new 10-year agreement has been reached between the El Gallo operation and the neighbouring communities.

COVID-19 Update

The worsening COVID-19 infection rate in Ontario is being closely monitored; to date it has not had a material impact on operations or exploration activities at the Fox Complex.


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Asian shares up on China gains but tech worries weigh

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Author of the article: HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after…

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Reuters

HONG KONG — Asian shares rose on Tuesday, led by a stronger Chinese opening and shaking off the initial drag from tech-driven Wall Street losses, while the dollar stayed at multiweek lows against other major currencies.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.2%, swinging into positive territory after Chinese blue chips rose 0.13%. South Korea gained 0.4%.

Elsewhere, Japan’s Nikkei dropped 1.84%, as the country continues to grapple with a resurgence in COVID cases. Australia slipped 0.33%.

Hong Kong fell 0.11% although Chinese food delivery giant Meituan’s shares rose 1.59% after the company said it had raised a huge $9.98 billion through an equity and convertible bond sale.

Earlier, major Wall Street indexes drew back from record highs hit list week, with a big drag from Tesla Inc.

The electric-car maker slid 3.4% after a Tesla vehicle believed to be operating without anyone in the driver’s seat crashed into a tree on Saturday north of Houston, killing two occupants.

“This morning in Asia looks like a continuation of what we saw last night, where tech stocks got hit in the U.S.,” said Mick McCarthy, Chief Markets Strategist, CMC Markets.

McCarthy said that the falls in Japan were striking given the yen strength caused by the falling dollar, which would normally be supportive for Japanese stocks, adding he thought this would change one way or the other later in the day.

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The tech-heavy Nasdaq was the biggest mover, falling 0.98%, while the Dow Jones Industrial Average declined 0.36%, and the S&P 500 0.53%.

However, e-mini futures for the S&P 500 rose 0.13%, suggesting markets could bounce back later in the day.

In currency markets, the dollar continued its recent weakness, falling further from six week lows it hit on Monday.

“In our view, USD can remain heavy this week as focus shifts from U.S. economic outperformance to the improving global economic outlook more broadly,” wrote analysts at CBA in a research note.

In Asian trade, the dollar dropped 0.08% against the yen, while the Australian dollar gained 0.14% and the Euro gained 0.07% on the dollar respectively.

The yield on benchmark 10-year Treasury notes rose to 1.6029% compared with its U.S. close of 1.599%.

Oil prices continued to rise. U.S. crude ticked up 0.19% to $63.50 a barrel, and Brent crude rose to $67.2 per barrel.

(Editing by Sam Holmes)

In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

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