BHP Bid for Anglo Unravels
BHP drops bid for Anglo American
Mining giant BHP (ASX:BHP) has rescinded its takeover bid for Anglo American (LON:AAL), citing costs and regulatory risk in South Africa.
In April, BHP, which has a market capitalisation of $228.62 billion, proposed a non-binding deal to acquire Anglo for nearly $60 billion.
However, Anglo rejected the offer, and BHP made a revised offer in May of $64.63 billion.
Faraday closes C$23 million raising to advance Copper Creek
Canadian explorer Faraday Copper (TSX:FDY) has increased its cash reserves by C$23 million ($25.4 million) with the completion of its underwritten bought-deal financing.?
The Lundin Group-backed company issued 28.8 million shares at C$0.80 each to raise the cash.
President and CEO Paul Harbridge says the financing was supported by strong institutional support and key partners, including the Lundin family, Murray Edwards, and Pierre Lassonde.
NexGen drilling suggests potential new uranium system in Canada’s Athabasca Basin
Vancouver-based NexGen Energy (ASX:NXG, TSX:NXE) believes it may have discovered a new mineralised system 3.5km east of the Arrow deposit, part of its flagship Rook I Project in Canada’s Athabasca Basin.
Drilling within the Patterson Corridor East (PCE) has intersected mineralisation in one hole (RK-24-193) over 67.5m across various intervals, including 1.5m @ 7,500 counts per second – used to measure the detection of particles.
RK-24-193 is located 275m southwest along strike of the discovery hole (RK24-183) and at around the same depth below surface.
Q2 Metals ready to drill at Cisco Lithium Property in Québec
Canadian explorer Q2 Metals (TSX-V:QTWO) is about to start drill testing the Discovery Zone at its Cisco Lithium Property, in the Eeyou Istchee Territory, James Bay.
The company has collared the first hole of the maiden drilling campaign, which will test the mineralised zone where the property vendors drilled and made a discovery last year.?
Before starting deeper drilling, a PVC or metal piping collar is installed at the surface to prevent loose material falling into the hole.?
Recent stories
Aruma expands into high-demand copper, uranium
Aruma Resources (ASX:AAJ) is expanding its exploration portfolio with the addition of a copper and uranium project in the well-known Olympic Dam precinct of South Australia and two copper projects in Queensland’s fertile Mt Isa region.
The junior explorer has inked a share acquisition agreement with NHM Holdings for the Wilan Iron Oxide-Copper-Gold (IOCG) and Uranium Project in South Australia and the Bortala and Fiery Creek copper projects in Queensland.?
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The news edged shares up over 31% to an intra-day high of $0.025 this morning (27 May).
Toubani strengthens study team to drive Kobada DFS
Toubani Resources (ASX:TRE) has made changes to its board of directors and study management team to drive the delivery of a Definitive Feasibility Study (DFS) for the Kobada Gold Project in southern Mali.?
The company has appointed Marc Rowley, Dave Clark, and Dhanu Anandarasa to the DFS ‘owner’s team’.?
CEO Phil Russo says Rowley, Clark, and Anandarasa all have recent and relevant experience preparing feasibility studies for projects in Africa.?
True North pockets $16.6 million to advance Cloncurry
True North Copper (ASX:TNC) has completed an entitlement offer and placement, raising $16.6 million for mining operations at its Cloncurry Copper Project in Queensland.?
The $44.73 million market capitalisation company raised $9 million via the institutional component of the entitlement offer, while also raising a further $7.6 million via the placement.?
Settlement of the new shares is expected to occur on 30 May 2024, with the new shares expected to be issued and begin trading on 31 May 2024.?
Astute seeks ‘major lithium deposit’ in drilling at Red Mountain
Astute Metals (ASX:ASE) is “aiming to discover North America’s next major lithium deposit” via drilling at its Red Mountain Project in Nevada, USA.?
The campaign comprises an initial 10 holes for 1,500m of reverse circulation drilling. Drilling is designed to test the thickness and grade of clay-hosted lithium mineralisation in strategic locations across a 5km trend.?
Chairman Tony Leibowitz says Red Mountain shows a number of characteristics that suggest there is potential to host one of the largest lithium deposits in Nevada.?
Alchemy Resources (ASX:ALY) CEO James Wilson: "It's critical to ground truth every one of these new anomalies that were generated on foot." Find out more about the company's exploration work here.
Tempest Minerals (ASX:TEM) MD Don Smith provides the market with a rundown on fieldwork conducted on its 4km-long copper-zinc anomaly within its flagship project. Discover more here.
Metro Mining (ASX:MMI) CEO and MD Simon Wensley: "This is a very exciting time for Metro as our seven million tonne expansion ramps up this quarter."