4:05pm: Fission 3.0 losses accelerate
Ascot Resources closed up 10% at $0.43, while Sterling Metals rose 9% to $0.255, Fission 3.0 finished 17% lower to $0.265, and Magna Mining ended up 6% at $0.69.
11:30am: Ascot Resources, Sterling Metals shares make big gains
Ascot Resources Ltd (TSX:AOT) shares climbed 22% to $0.475 on Monday after the Canadian junior exploration and development company announced that it has entered into non-binding letters of intent for a total of about C$200 million in project financing for construction of the Premier Gold Project in British Columbia’s Golden Triangle region.
Ascot noted the proposed finance package will consist of a US$110 million gold and silver streaming agreement with Sprott Resource Streaming and Royalty Corp and/or its affiliates and a strategic equity investment by Ccori Apu SAC of C$45 million, a portion of which will be structured as Canadian Development Expenditures flow through shares, such that the total gross proceeds to the company is C$50 million.
As well, shares of Sterling Metals Corp (TSXV:SAG) shot up 53% to $0.36 as the mineral exploration company revealed results from its 2022 drilling on the Sail Pond silver and base metal project in Newfoundland, which included 3,499.1 grams per tonne (g/t) silver equivalent over 0.4 metres (m) within a broader interval of 294 g/t silver equivalent over 4.7m.
Fission 3.0 Corp (TSXV:FUU), meanwhile, reported results of the second and third follow-up holes (PLN22-039 and PLN22-040, respectively), as well as an additional fourth follow up hole (PLN22-041) to the new high-grade discovery hole PLN22-035 at the A1 Conductor on its 100% owned Patterson Lake North project in Saskatchewan’s Athabasca Basin region, saying the target was missed on drill hole PLN22-039 and no anomalous radioactivity was recorded from a structure that was intersected 42m down dip from 274.5m to 283.0m. Fission 3.0 stock slid 13% to $0.28.
And, Magna Mining Inc (TSXV:NICU) shares rose 8% to $0.70 on Monday after the exploration and development company told investors it has received the first assays from recent drilling at the Crean Hill Mine, part of its Denison project in Ontario, noting that drill hole MCR-22-003 intersected massive sulphide mineralization, grading 6% nickel, 0.3% copper, and 0.7 g/t platinum/palladium/gold over 5.8m.
READ: Magna Mining says first drill hole at Crean Hill Mine ‘demonstrates the quality and grade of the resource
Contact Sean at sean@proactiveinvestors.com