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The latter will ensure Carey receives gradational royalty on iron ore sold FOB (freight on board) from the Bryah, starting at 80 cents (royalty) when the iron ore price is less than $100 per tonne, $1 when it is priced between $100 and $125, and $1.22 when iron ore is priced at more than $125 per tonne.

Expectations for Bryah have been strong following recent explorations, which have confirmed Valley Bore as being a key target for iron ore mineralisation, indicated by the outcrops of high-grade hematite and banded iron which extend over two kilometres in strike, with widths of 10 to 80 metres.

In 2024, rock-chip assays picked up grades of 64.9% Fe from the Southern Ridge target, while recent assays up to 65.9% Fe were reported from new zones found 3km to the south-west along strike.

CEO James Wilson said all indications for the project seemed promising. “We’re excited to announce the acquisition of the remaining interest in the JV exploration licences, bringing our ownership of the iron ore on these tenements to 100%,” he said.

“The project continues to deliver promising results, with high-grade iron ore rock-chip samples returning assays above 65% Fe – strongly supporting the Direct Shipping Ore potential on a granted mining lease at Valley Bore.”

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“The opportunity is particularly compelling given our strategic location 12km from the Great Northern Highway and surrounded by major players in the sector.”

ALY is trading at 0.5 cents.

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The company has entered a binding share purchase agreement with the current owner, Focus Minerals (ASX:FML), for an upfront cash consideration of $250 million.

Laverton boasts a mineral resource of four million ounces at 1.7 grams per tonne (g/t) – equating to around $63 per resource ounce – with reserves of 546,000 ounces at 1.3g/t, and Genesis is looking ahead to exploration of its wider tenement package.

In addition to infill and extensional drilling to derisk and rebuild the resource, optimisation and expansion studies, it will also be the focus of exploration further down the line; all this is in line with Genesis’ “ASPIRE 400” growth strategy.

Crucially, the acquisition will let the company connect the project’s main deposits with infrastructure at Genesis’ Leonora and Laverton operations.

Completion of the acquisition is set for early June, the company confirmed today.

After putting pen to paper, managing director Raleigh Finlayson said the project was a highly strategic and opportunistic acquisition. “This is the perfect bolt-on acquisition,” he said. “It delivers a substantial 4 Moz Resource with immense exploration upside right next to our Laverton mill.”

“It offers supplementary open pit and underground ore to our Laverton mill and, in the process, gives us flexibility regarding the most efficient pairing of deposits and processing infrastructure between Laverton and Leonora.

“With more ore available at Laverton, our flagship Tower Hill deposit can potentially be processed at Leonora, resulting in significantly lower operating costs.”

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Alongside the acquisition, Genesis has also bolstered its board with the introduction of mining engineer Duncan Coutts, who will take on the role of executive director, while Mick Wilkes will retire as a non-executive director but will be retained as a technical advisor to support the ‘ASPIRE 400’ strategy.

GMD has been trading at $4.34 heading into Week 22.

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The company has signed a binding agreement which will see it take on all shares in Minerals Exploration Ltd (MEL), whose subsidiary – Otagold Ltd – controls a suite of projects comprised of 3 exploration permits stretching across 332 square kilometres.

Chief among these assets is the Waitekauri gold project, located 8km west of OceanaGold Corporation’s 10-million-ounce Waihi gold mine (10Moz) in the country’s NorthIsland.

This location is enticing in other ways, with 3 additional gold deposits hosting more than 1 million ounces being adjacent to Waitekauri. Adding to this, multiple drilling targets have already been identified at the project, where gold and silver were previously mined at 48 grams per tonne.

Before the acquisition of MEL can be completed, due diligence will need to be completed on this company, Otagold and the latter’s permits, in addition to the contingency of Uvre raising at least $4 million through a single tranche share placement.

This placement – to be managed by Bell Potter Securities – will price shares at 8 cents each, and be subject to shareholder approval. Following a well-supported bookbuild, firm commitments have been received for this equity raise.

Included in the latter are contributions from incoming directors Norman Seckold($500,000) and Peter Nightingale ($100,000), which will also be subject to shareholder approval.

Mr Seckold and Mr Nightingale are major shareholders in MEL, and will join Uvre as non-executive directors.

Uvre shares rose following the announcement, and at 13:07 AEST, they were trading at 10 cents – a rise of 6.38% since the market opened.

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The company will take on 10 exclusive prospecting licences from notable Brazilian base metals producer Nexa Resources S.A for an upfront cash consideration of US$3 million, plus a deferred cash consideration of the same amount upon completion of a pre-feasibility study, another US$2M upon Midas’ decision to go ahead with mine development, and a further US$2M within 12 months of the commencement of commercial production.

Additionally, Nexa will be offered a net smelter return royalty of 1%, of which Midas may acquire half for US$2M in cash.

The project – known as Otavi – stretches across approximately 1,776 square kilometres close to a town of the same name, and 360 km northeast of the capital Windhoek, and includes 2 significant deposits which are awaiting resource definitions, T13 and Deblin.

Both have yielded impressive results through past development work, including 17.2 metres at 7.24% Cu (copper) and 144.4 grams per tonne (g/t) Ag (silver) from 125.84m, including6m at 16.65% Cu and 370.3g/t Ag from 131m at T13, which comprises 2 kilometres of strike from surface and open.

Results from Deblin – which comprises the same strike parameters – include 15m at 4.15% Cu, 14.6g/t Ag & 0.22g/t Au from 449m; and17m at 1.72% Cu from 394m.

Another sweet spot within Otavi is the Hartebeestpoort Prospect – 4km strike (from surface and open), which includes results such as 11.2m at 3.11% Cu, 0.54g/t Au & 28.4g/t Ag from 26m.

Managing director Mark Calderwood said this was an important moment for Midas.

“Exploration over the past decade at the Otavi Project has identified multiple high-grade copper deposits, with accompanying silver and gold,” he said.

“Acquiring this project is transformational for Midas, providing us with a highly prospective and advanced project that we can rapidly explore and grow a resource base to deliver value to our shareholders.”

Midas shares have been trading at 15.7 cents.

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Since 2012, the company had been leasing the gold mine from the family of Don Jung – a mining engineer and owner of New Pass. With its agreement to buy New Pass, SNX has ended the ending this lease/purchase option agreement, as well as attaching royalty over 12 claims on the site.

The latter – in addition to the mine – will now form part of SNX’s larger New Pass project, with the company taking on not only the mine, but its associated infrastructure, property and stockpiles.

According to the agreement, SNX will be able to kick off its assessment of various mining proposals which would include bulk sampling at existing and accessible deposits.

One key focal point for future gold production options will be the Superior high-grade gold vein, with the company intending to bulk sample the vein from the level 4 adit, where it is exposed and accessible.

SNX executive chairman Peter Moore said the decision to purchase New Pass offered several options for exploitation of this mineralisation.

“Purchasing the key claims covering the historic high grade New Pass Mine is a very positive step for the company, providing SNX the opportunity to assess potential for re-establishing gold production from existing underground workings,” he said.

“Our preliminary work and detailed underground surveys in recent years have indicated that the mine has potential to re-open.

“The company looks forward to expediting its evaluation of New Pass over coming months.”

SNX has been trading at 2 cents.

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The company has entered a binding agreement for acquisition of the Hook Lake project – located in Canada’s eastern Nunavut territory – which has remained almost untouched since 1988, when a foreign estimate resource of 3.4 million tonnes (Mt) at 2.38 grams per tonne (g/t) (or around 285,000 ounces) of gold.

The latter – known as the Turquetil Lake gold deposit – has significant exploration potential, with the resource remaining open in all directions, and having a strike length of 940 metres.

Adding to this is the fact that historical drilling only reached a vertical depth of 190 metres, but picked up significant gold intercepts, including 27.58 metres at 3.33 g/t Au from 44.35m, including 13.01m at 6.29 g/t Au from 53.04m; and 15.2m at 4.50 g/t Au from 14.70m.

The project also includes the Heninga Lake prospect, which is built around a VMS system, with drilling picking up intercepts such as 10.51m at 2.91% copper (Cu), 6.70% zinc (Zn), 95.67 g/t silver (Ag), 1.04 g/t Au & 0.48% lead (pb) from 41.76m; and 13.71m at 1.51% Cu, 2.06% Zn, 47.23 g/t Ag 0.56 g/t Au & 0.09% Pb from 70.26m.

Manhattan also announced that Gavin Rezos will be joining the company board as a non-executive director, and Eric Sondergaard will join as technical advisor upon completion of the proposed transaction.

Mr Rezos was most recently the founding chairman of Vulcan Energy – which moved from a market cap of $10 million to over $1 billion, while Mr Sondergaard held a key role in planning exploration at White Cliff Minerals’ Rae project, delivering an exceptional hole consisting of 175m at 2.5% Cu from 7.6m and ending at 4.46% Cu, remaining open at depth.

The latter project is also located in Nunavut.

Manhattan CEO Kell Nielsen said these additions to the team would help with the exploration and development of Hook Lake.

“The acquisition of the project brings with it a highly experienced and successful team, expected to join Manhattan’s Board and management upon completion,” he said.

“This team will play a critical role in unlocking value by advancing the historically defined high grade Turquetil Lake gold deposit through modern exploration techniques and by honouring the current agreement with Inuit landowners.

“Upon the transfer of the Project, there is a clear pathway for Manhattan to test the mineralized system further along strike and at depth at Turquetil Lake and deliver near term maiden mineral resources.”

Manhattan shares have moved up since the news, and at 10:26 AEST, they were trading at 2.8 cents – a rise of 64.71% since the market opened.

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The company has entered into a binding agreement to acquire the Doropo and ABC projects for the above amount, with the payment comprising an upfront cash consideration of US$25M upon closing the deal, followed by a US$125M deferred cash consideration paid in 2 instalments.

The latter will see Resolute pay US$50 million and US$75M, 18 months and 30 months after closing respectively. This transaction will also involve a 2% royalty over the ABC project, plus a contingent payment of US$10M which is to be paid upon release of a feasibility study which shows a mineral reserve of more than 1 million ounces of gold.

Resolute will also transfer its total exploration permits in Guinea to AngloGold – subject to government approval – or US$25M if this is not completed within 18 months.

In terms of the projects themselves, Doropo – located in the country’s northeast – is at the definitive feasibiliy study (DFS) stage, and holds a mineral reserve of 1.88 million ounces (Moz) at a grade of 1.53 grams per tonne (g/t).

It is expected to facilitate an open pit operation, with a production rate of 167koz per annum at an average AISC (all-in sustaining cost) of US$1,047/oz over 10 years.

By contrast, ABC is a greenfield exploration project which holds an inferred mineral resource estimate (MRE) of 2.16Moz at 0.9 g/t of gold.

Resolute has been trading at 51 cents.

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Askari has executed a binding Share Purchase Agreement to take on all issued capital of Rift Valley Metals Pty Ltd, which owns the 460 square-kilometre project portfolio, located within the Adola Greenstone Belt – itself part of the Arabian-Nubian Shield.

The latter is a highly prolific geological region, which has produced discoveries in the multi million ounces of gold in Egypt, Sudan, Eritrea, Ethiopia, Saudi Arabia, and Yemen.

This includes Ethiopia’s only modern gold mines – Sakaro and Lega Dembi – which have together produced more than 3Moz to date.

The Arabian-Nubian Shield itself hosts numerous large-scale gold and copper deposits.

Executive Director Gino D’Anna said Askari’s move into this sector had the potential to yield significant rewards.

“The Adola Greenstone Belt, part of the prolific Arabian-Nubian Shield, represents one of the last mineral rich frontier belts offering significant exploration upside with multi-million-ounce potential,” he said.

“This acquisition positions Askari with a significant first mover advantage within this prolific gold-copper region.

“These assets are strategically located along strike of large-scale multi-million-ounce gold mines including the globally significant Sakaro and Lega Dembi deposits.”

Askari shares have shifted up since the announcement, and at 12:23 AEST, they were trading at 1 cent – a rise of 11.11% since the market opened.

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The company signed a binding option to take on 100% of the Mozy Marsh Gold-Antimony Project in British Columbia, which has yielded assays such as 131 grams per tonne of gold and 178 g/t of silver,129 g/t Au and 353 g/t Ag, 121 g/t Au and 162 g/t Ag, and 79 g/t Au and 88.2 g/t Ag – all from Adit Level Three.

Another target, Adit Level Four, has produced assays with up to 74.3 g/t Au in quartz-stibnite veins; this has given further confidence in the project’s high-grade gold potential.

Alongside these precious metals, Mozy Marsh – which is in the Monashee Mountains within the province’s Vernon Mining Division – has also shown evidence of antimony mineralisation, through outcrops and historical adit workings.

Knowing that it’s in good territory, Equinox has increased its strategic landholding to a total of 11.4 square kilometres, adding newly staked tenements that are under application. Of particular focus is securing the project’s southern boundary and safeguarding against potential nuisance staking.

In terms of exploration activity, the company has a plan of action which includes assaying over 100 rock chip samples, conducting field surveys and geophysical work.

Managing director Zac Komur described Mozy Marsh as a “strategic, cost-effective acquisition” that would fit Equinox’s portfolio perfectly.

“It’s a high-grade, historically productive asset in a tier-one jurisdiction, enhancing our antimony focus while adding significant gold and silver upside,” he explained.

“The presence of antimony mineralisation, identified in outcrops and historical adit workings, adds even more excitement.”

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Mr Komur added: “This opens up a clear opportunity to explore what could be a valuable addition to our critical minerals strategy.”

EQN has been trading flat through Monday at 8.5cps.

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The company entered an agreement with IGO which involves purchasing the assets for $300,000 worth of Rumble shares at a deemed issue price of the five-day volume weighted average price just before the execution date.

Ket attractions of the project – which is located in the Fraser Range Province – include two gold discoveries: The Gazelle prospect and the Pion prospect.

Previous exploration at Gazelle has shown it to have high-grade paleochannel/supergene gold mineralisation, while Pion has yielded gold anomalism in six consecutive drill holes over a section length of 1.2 kilometres. This included a top intersection of four metres at 3.80 grams per tonne Au from 86 metres.

Gazelle also picked up impressive intercepts, including 16m at 6.69 g/t Au from 42m.

Managing director Peter Harold said the project would be a welcome addition to Rumble’s portfolio. “We are pleased to have secured the balance of the Thunderstorm Gold Project from IGO under attractive terms,” he said.

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Mr Harold continued: “The Thunderstorm Gold Project contains two high-grade gold discoveries at Gazelle and Pion. Based on this and the style of mineralisation we believe there is significant potential to discover large-scale paleochannel and primary basement-hosted gold deposits.”

Rumble has been selling at 3.3 cents heading into Monday trade.

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The company has signed a non-binding Letter of Intent with Pan American Silver Corp to take on the Lavra Velha gold-copper project, whose mineralisation is broadly categorised as being IOCG (iron oxide copper-gold) style, and which also includes oxidised gold and silver mineralisation close to surface.

Located in Brazil’s Bahia state, the project has a Foreign Estimate of 9.2 million tonnes (Mt)at 1.76 grams per tonne (g/t) of gold (Au) for 520,000k ounces (oz), including an indicated resource of 4.5Mt at 1.96g/t Au for 282,000oz, and an inferred resource of 4.7Mt at 1.56g/t Au for 238,000oz.

The shallow nature of its gold and silver (oxidised) mineralisation has been highlighted through intercepts such as 13.3 metres (m) at 17.1 g/t Au and 17 g/t Ag (silver) from 23m; and 3.5m at 20.1 g/t Au and 7 g/t Ag from 50m.

The priority for Alvo will be the completion of due diligence – already significantly advanced – with this needing to be done within a 45-day exclusivity period.

Alongside its acquisition news, Alvo said it would be undertaking a one-for-two pro rata Non-Renounceable Entitlement Offer to raise A$3.5M, priced at A$0.06 per share, with one-for-two attaching options (with an exercise price of 14cps).

The offer is expected to open to eligible shareholders at 7pm on Friday, April 4.

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“There is exceptional exploration upside to an already substantial resource of 520,000oz Au,conservatively defined by a senior industry producer,” the company’s managing director Rob Smakman said. “Our team is eager to complete due diligence so we can start bringing our exploration skills to the table.”

Alva shares were last trading at 0.8 cents – a rise of 13.3% since the market opened.

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Infini bought the Reynolds and Boulding Lake uranium projects for $100,000, plus the issue of 2,622,378 shares at 57 cents each. Performance rights were also included.

This means Infini now has a landholding stretching across as much as 931 square kilometres within the territory which has produced some of the world’s top deposits of uranium, including Cigar Lake and McArthur River mines.

In this are the Reynolds Lake project – which is 677 square kilometres, and features anomalous uranium located in lake sediments plus radiometric anomalies close to the Needle Falls shear zone – and the 254 square kilometres Boulding Lake project near territory containing radioactive boulders.

Both are within 100km of the McArthur River and Eagle Point high-grade uranium camps.

Executive director David Pevcic said having these projects in its portfolio is a major score for Infini. “The completion of this acquisition marks a significant milestone for Infini as we expand our footprint to the Athabasca Basin,” he said.

“With a strong focus on advancing our flagship Portland Creek Project, the addition of Reynolds and Boulding Lake complements our strategy to build a diversified and high-impact uranium exploration portfolio.”

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Mr Pevcic also added today: “We look forward to commencing exploration work and unlocking the full potential of these promising assets.”

Infini has been selling at 19 cents heading into Week 14 trade.

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The New Norcia project is within the Darling Rangle Bauxite Mineral Field, around 25 kilometres north of Julimar West. Western Yilgarn has since applied for an Exploration Licence over this territory, aiming to delineate its mineralisation, starting from historical aircore drilling and surface sampling data.

“We are extremely pleased with securing the New Norcia Project as it provides further scalability and excellent potential to increase the bauxite tonnage and grade through further exploration and metallurgical test work,” Western Yilgarn director Mr Kastellorizos said after the market release.

The former includes nine metres (m) at 95.83 grams per tonne (g/t) Ga2O3 (gallium oxide) from surface; two metres at 134.3 g/t Ga2O3 from surface; and six metres at 110.24 g/t Ga2O3 from surface.

The project also has a suite of high-grade vacuum and aircore drilling results, including seven metres at 50.39% Total Al2O3 (aluminium oxide), 29.83% Available Al2O3 and 3.4% Reactive SiO2 (silica) from surface; and five metres at 42.39% Total Al2O3, 33.2% Available Al2O3 and 5.5% Reactive SiO2 from surface.

Historical high-grade surface sampling from 2010 includes rock chip sample of 50.4% Total Al2O3 and 8.39% SiO2; 48.7% Total Al2O3 and 6.2% SiO2 from sample.

“The location of the current resource is within trucking distance of a multi-user railway at a time of record alumina and bauxite prices,” Mr Kastellorizos said.

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“The extensive bauxite zones have the potential for additional resource growth along strike and depth, concentrating to the west and south of the current tenure. Western Yilgarn will be planning the next phase of drilling in the project’s untested zone with a view of expanding the current mineralised footprint.”

WYX shares have been trading at 3.6 cents this Wednesday.

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The company will take on a 180 square-kilometre land package comprising the Elizabeth Hill project, which closed down in 2000 due to low silver prices but which produced the aforementioned ore over one year at a head grade of 2,194 grams per tonne.

This means Errawarra will be the first explorer to consolidate the Elizabeth Hill mine and its land package, which also holds several areas with potential for exploration, this being indicated through drilling results such as 11.7 metres (m) at 5,371 g/t Ag from 13m; and 24 m at 1,228 g/t Ag from 64m.

To boost development and exploration activities, the company – which is also planning to change its name to West Coast Silver Ltd (ASX:WCE) – will bring experienced precious metals geologist Robert Mosig to its board.

The company’s big name change will still be subject to shareholder approval.

Alongside this, Errawarra has also embarked on a $3 million placement targeting existing shareholders and new investors including major fund investors.

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Chairman Thomas Reddicliffe said the acquisition was an important opportunity for Errawarra shareholders. “This will enhance our existing projects in the same region of WA with the addition of an interest in a high-grade past-producing silver asset with growth potential not previously tested.”

Errawarra shares have since leapt on the news and at 2.22pm today they were trading at 5.7 cents – a rise of 119.2% since the market opened.

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The company has entered two binding share purchase agreements to acquire the total capital of Tanzanian company Cobra Resources for $200,000, plus $175K worth of Marvel shares upon completion of the agreements.

These key agreements are now anticipated to happen within the next six months.

Once signed and sealed, the deal will deliver Marvel Gold five contiguous prospecting licenses comprising the Hanag project, where several targets have already been identified, adding to the attractiveness of its location on a relatively unexplored greenstone belt proximal to the Lake Victoria gold field.

The latter hosts more than 70 million ounces of gold and includes mines like Barrick Gold’s Geita, the Bulyanhulu gold mine, and Perseus Mining’s project, Nyanzaga.

Marvel already has a cluster of gold exploration projects in South Mali, including the Tabakorole, Yanfolila, and Kolondieba gold projects.

Alongside the acquisition, the Aussie company also undertook a successful capital raising which will now deliver $4.2 million, with shares – priced at 0.8 cents a pop – allocated in two tranches to sophisticated investors.

“The acquisition of Hanang Gold and completion of a successful $4.2 million capital raising is a significant milestone for Marvel,” Chairman Stephen Dennis said.

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Continuing, the Marvel boss explained: “After a rigorous study of potential African gold projects, the Hanang Project in Tanzania stood out as a highly prospective opportunity and importantly, located in a proven mining jurisdiction.

“Following completion of the successful placement and the appointment of Timothy Strong to the board as executive director, Marvel is now well positioned to advance exploration at Hanang.”

Marvel shares have been trading at 1.1 cents on Friday.

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Contract Resources provides specialist catalyst handling, chemical cleaning, decontamination, and similar services in Victoria.

Its relationship with customers in the oil and gas sector is particularly attractive to Cleanaway – according to the latter’s managing director and CEO Mark Schubert – as it seeks to expand its business scope.

“Contract Resources is a natural fit with Cleanaway, given its market leadership, deep sector expertise, and stable recurring earnings stream,” he said.

“Its long-standing relationships with tier-one oil and gas customers and attractive growth outlook is strongly aligned with our strategic vision… at Cleanaway.

“Its integration will reposition our IWS business, enhancing its scale, and unlocking new opportunities, including cross-selling our total waste management solutions into Contract Resources’ well-established customer network.”

Contracts’ strong relationships were also a crucial attraction; reflected in the fact its top 10 clients had been doing business with Contract for an average of 16 years.

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The deal is now expected to deliver approximately $12 million in annual net cost synergies when combined with Cleanaway’s Industrial Waste Services.

Cleanaway was marked to trade at $2.55 after the opening bell today.

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The company has signed a binding purchase agreement for the Nundle, Upper Hunter and Cobark/Copeland projects – a territory stretching across 1,039.7 square kilometres in total, which includes the historic Nundle Goldfield and 3 other historic goldfields within the New England Orogen.

Crucially, the package also contains 5 historical antimony deposits, containing rock chips grading 61% Sb (antimony) and 9.7% Sb, plus 12 tonnes of recorded production of the commodity on one tenement. Within the Upper Hunter project, a sample of 37% Sb was collected from a 12 metres adit – this suggests that antimony mineralisation may also be present at depth.

Looking to gold potential, Trigg will also be picking up more than 60 mines or gold occurrences across each tenement, with high-grade gold known to have happened in the past, such as estimated production of 15,000oz at 53.8 grams per tonne (g/t) recorded at Standard Reef in 1904.

Across all tenements, historical production totalled 174,000 ounces – and this was achieved without modern mining techniques, and at much lower gold prices. Trigg has also progressed an initial review which suggests that mineralisation is open along strike and down depth, with rock chips grading between 30 g/t Au and 1,045 g/t Au.

Executive chairman Tim Morrison said the acquisition would help Trigg move further down the road to antimony and gold production.

“The acquisition of the Nundle and other Projects marks an exciting expansion for TriggMinerals into historically productive goldfields with strong critical mineral potential,” he said.

“The presence of both gold and antimony in this underexplored region aligns perfectly with our focus on high-value, strategically significant minerals.

“We look forward to applying modern exploration techniques to uncover new opportunities within this proven mineral province.”

Trigg plans to develop this package as a secondary exploration asset, after its Wild Cattle Creek project, also in NSW, with 2 exploration teams pushing development of both.

Trigg shares have been higher after the news, and at 13:01 AEDT, they were trading at 3.2 cents – a rise of 3.23% since the market opened.

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The Goshen copper project – located in New Brunswick – stretches across 10 square kilometres of tenure, with more than five kilometres of prospective strike, across which copper occurrences have been noted.

The company says the site is prospective for both red metal and silver mineralisation.

Discovered in 1925, Goshen was subject to drilling in the ’50s, followed by surface stripping, trenching, drilling, and metallurgical tests in the 1970s and 1980s.

More recently – between 2006 and 2009 – exploration at the Goshen copper project involved a regional soils program. Regional stream sediments, rock chip sampling, and diamond core drilling were undertaken.

There was also a program of IP geophysics, plus ground gravity, drilling, mapping and other exploration completed at the site by a private company.

One crucial discovery made through historic work – especially from soil and mapping work by Cornerstone Resources in 2007 – was the presence of several anomalous copper zones with surface mineralisation.

One of these anomalies measures 1,300 metres by 700 metres, with rock chips indicating recorded details up to 4.0% Cu, 3.9% Cu, and 3.0% Cu.

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Drilling at the main prospect found mineralisation over 200 metres of strike, with results including 7.47 metres at 1.29% Cu from five metres including 1.54 metres at 3.41% Cu, 1.47 g/t silver.

FMR is now assessing all data taken from previous programs of work to guide its future exploration at the site.

FMR has been trading at 17 cents in early Thursday trade.

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Drilling will be an immediate focus for the JV, building on the more than 1,200 holes completed to date at Pine Ridge, which has been found to have over 140 miles of redox fronts.

The goal will be delineation of a significant ISR resource base, keeping in mind the project is located in strong territory – in Wyoming’s Powder River Basin, and surrounded by globally significant projects owned by UEC and Cameco.

In the latter case, Cameco’s Smith Ranch uranium mill is only 15 kilometres from the project, and has a capacity of 5.5 million pounds triuranium octoxide per annum.

The acquisition was made from Stakeholder Energy and involved both Global Uranium and Snow Lake Resources, trading as Snow Lake Energy – the latter a U.S.-based uranium and nuclear energy company listed on the NASDAQ.

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The JV’s management is hoping to leverage its significant experience working with uranium, particularly in this region, with Snow Lake CEO Frank Wheatley joining the Global board as a non-executive director.

GUE has been trading at 7.1 cents.

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The latter already holds a 68.53% stake in Engenco and is offering 30.5 cents for each Engenco share; a premium of 45.2% to the price at March 6’s end of trade.

However, after the offer was announced, Engenco’s board published its own advice: Saying shareholders should sit tight until further information was offered, with Engenco set to release a Target statement in response.

The company said an ‘Independent Board Committee’ had been established from shareholders independent of Elphinstone. Baker McKenzie was appointed as legal advisor.

A recommendation from independent directors, together with an Independent Expert’s Report, will be included in the Target Statement; shareholders have been advised to await this before taking any steps concerning the offer.

Engenco specialises in providing products and solutions for transportation, with segments including ‘Drivetrain,’ which offers technical services to industries like mining, oil and gas, rail, defense, and marine, and ‘Convair,’ which manufactures bulk pneumatic road tankers and mobile silos for carrying and storing dry bulk materials.

EGN‘s share price was last 29.5 cents – a rise of 40% since market open.

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