en.Wedoany.com Reported - TechGen Metals (ASX:TG1) has secured a placement financing of A$2.7 million to accelerate drilling at its flagship Blue Devil and Red Devil (Blue-Red Devil Copper-Gold-Silver Project) projects in Western Australia. The financing increases the company's pro forma cash to approximately A$3.7 million, which is planned to be used to test geophysical, geochemical, and historical copper-gold targets within its asset portfolio. TechGen is preparing for diamond drilling to test potentially giant copper-gold systems in the Blue Devil and Red Devil areas.
Managing Director Ashley Hood stated that it is exciting to finally initiate activities targeting a potential Tier 1 copper-gold discovery since the company's listing in 2021. Hood noted that if the geochemical signature can reveal an airborne electromagnetic model extending up to 2.75 kilometers, he would be very satisfied. He also pointed out that the company holds multiple high-quality exploration opportunities at Blue & Red Devil, Dalgaranga, John Bull, and El Donna, which can provide shareholders with exposure to several potential discoveries and a steady flow of information in the coming months. John Bull is another focus, with infill drilling aimed at supporting the first mineral resource estimate. TechGen expects exploration catalysts in the second half of the year, starting with diamond drilling at Blue Devil and Red Devil, followed by assays, modeling, and further gold drilling across the entire asset portfolio.
Resource Minerals International (ASX:RMI) saw its share price rise without a new company announcement, a move reflecting continued market buying by institutional investor Praxis Global. A change in substantial holding notice filed by Praxis showed it increased its voting power in RMI from 7.45% to 8.55%. The investor acquired over 10.1 million shares through 14 on-market transactions, spending approximately A$823,160 to increase its position.
This buying follows RMI's completion of a A$3.5 million placement in early May, aimed at funding drilling for copper-gold projects in Tanzania and Saudi Arabia. The placement, priced at A$0.04 per share, was supported by existing shareholders and new sophisticated investors, with Chairman Asimwe Kabunga committing A$500,000 and Executive Director Trevor Matthews committing A$100,000 (subject to shareholder approval). The funds are primarily for RMI's 5,000-meter reverse circulation drilling program at the Mpanda copper-gold project in Tanzania, with priority targets including Kabatini, Ibindi, and Kabungu/Kabungu North. RMI also plans further work at the Shaib Marqan and Wadi Salamah copper-gold-silver projects in Saudi Arabia, with drilling targets set for the September quarter. Kabunga stated that RMI plans exploration from June through the end of the year, starting with drill-ready targets at Mpanda.
European Metals (ASX:EMH) saw its share price rise 12.5% to A$0.315 without any new news, as investors continue to react to recent permitting progress for its Cinovec lithium project in the Czech Republic. Previously, European Metals stated that the Czech Ministry of the Environment had published the project's Environmental Impact Assessment and planned to hold a public hearing in the coming weeks. This keeps Cinovec moving through key approval pathways, although the company was also informed that a limited cross-border EIA procedure is required due to the deposit straddling the Czech-Germany border. The company describes Cinovec as Europe's largest hard rock lithium deposit, with a feasibility study supporting steady-state production of 37,500 tonnes per annum of battery-grade lithium carbonate over a mine life exceeding 28 years. The project has received strategic support from the EU and Czech Republic, significant grant support, existing infrastructure, and a key channel to European electric vehicle and energy storage customers. Executive Chairman Keith Coughlan stated that the publication of the EIA by the Czech Ministry of the Environment is a key pathway item towards obtaining final EIA approval and advancing Cinovec.
OD6 Metals (ASX:OD6) saw its share price recover after declining 18.3% to A$0.098 between June 15 and 18. Investors reassessed low impurity results from the Horseshoe and Mammoth fluorspar prospects at the Quinn project in Nevada. The company stated that the results show impurity levels below typical global industry thresholds, supporting its view that Quinn may host one of the highest-grade fluorspar deposits in North America. Lower impurity levels can reduce environmental, processing, and downstream risks while enhancing the potential for direct shipping ore to metallurgical-grade fluorspar products. OD6 stated that compared to impurity levels in fluorspar deposits in Mexico, the United States, Europe, and China, Horseshoe and Mammoth exhibit an exceptional pre-processing impurity profile. Managing Director Brett Hazelden said these results add a new dimension to the Quinn story beyond grade. Hazelden noted that the company is not only seeing exceptional fluorspar grades, especially at Horseshoe, but also extremely low impurity levels that often lead to penalties or processing challenges in many fluorspar operations globally. The update brings Quinn into focus as OD6 works to define a development pathway for its Nevada fluorspar prospects.
Temas Resources (ASX:TIO) saw its share price rise 11.91% to A$0.094, with investors buoyed by a mix of news including institutional buying and progress on its critical mineral processing platform. Macquarie Group has become a substantial shareholder in Temas, with Macquarie Bank holding 5.41 million shares, giving the group a 5.08% voting interest. This provides a positive signal following Temas's recent update on its metallurgical laboratory at the Technology Research and Development Centre in Ontario, Canada. The company stated that commissioning of the lab is on schedule and expected to be fully operational in July. Temas has also begun transferring over 13 tonnes of previously assayed mineralized material from its La Blache titanium-vanadium-iron project in Quebec to the facility. The material, sourced from the Hervieux-East and Hervieux-West deposits, will be used for advanced metallurgical testing. This work aims to refine Temas's proprietary Regenerated Chloride Leach technology, designed to recover titanium, vanadium, rare earths, and other critical minerals from complex ores, concentrates, slags, and tailings. Executive Chairman Kyler Hardy stated that the commissioning of the TRDC lab is a significant milestone in commercializing the RCL technology platform. President and CEO Tim Fernback stated that the 13-tonne bulk sample marks the beginning of an important technical development phase for La Blache and the company's processing technology.
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