Group Ten Metals Inc. (TSX.V:PGE ; FRA:5D32) intends to focus even more on the further development of its main battery & precious metals asset, Stillwater-West, in the USA and is divesting non-core projects to financially strong partners. The first transaction of this kind was announced in the form of a binding letter of intent with the private company Heritage Mining Ltd., which has a go public listing shortly after the agreement is finalized which will provide additional clarity on the deal valuation. Heritage is acquiring a two-stage option to purchase 90 percent of the Black Lake-Drayton gold project in Ontario. In principle, Group Ten largely relieves itself of its obligations in connection with the gold project, ensures significant work will be done on the project and receives as compensation primarily an interest in Heritage, along with significant cash bonus on definition of resources.
Opinions are divided on yesterday's update from Sitka Gold (CSE :SIG; FRA:1RF) from its RC Gold project in the Yukon: how should the 318 meters of 0.45 g/t gold be assessed? Is that okay, satisfactory, sufficient or insufficient? The first reaction of many quick readers - and in the end we all are - might have been disappointment, because although the reported intervals are longer, the gold grades are significantly lower than in the first Discovery drill holes on the Saddle and Eiger target zones. As a reminder, values from last year were 100.8 meters at 0.82 g/t gold in the best hole, DDRCCC20-002.
A few days after signing a groundbreaking agreement with a Fortune 500 company for the production of complex proteins based on the Pond algae platform, Pond Technologies Holdings Inc. (TSXV: POND; FRA: 400) has secured an additional CAD 1.5 million in fresh capital through a private placement to secure its growth. The company issued 3,333,333 share units of Pond at a purchase price of CAD 0.45 per unit. The company classifies the placement as strategic, but did not disclose the identity of the investors. Of note, however, is that no fees or commissions were paid in connection with this private placement