- March 1, 2024
- Posted by: John Arcena
- Category: Blog articles
February has closed following Leap Year Day, and we ended the month in good shape, and now Spring looms ahead.
Canada provided some slow growth in the fourth quarter, just enough to avoid a technical recession, and these numbers will keep the Bank of Canada on the sideline regarding future interest rate cuts. Economic trends during the last six quarters remain soft.
Canadian stock markets registered a high for the year last week but have not surpassed that level this week but are looking up in early trading. Big Bank earnings helped to stabilize the market.
The U.S. market continued to make new highs with S&P 500 hitting 5105 this week. The Fed continues to indicate a wait-and-see policy on rate cuts, holding up the U.S. dollar.
Gold is testing the high for the year while silver lags a bit. Investors remain seriously underweight in gold and silver equities. Base metals and battery materials remain without direction.
This week has been brimming with productivity and exciting developments for our esteemed clients, including our latest addition, Falcon Gold Corp. We’re delighted to share with you the highlights, events and news updates from February 25 – March 1, 2024.
On February 26, 2024, Falcon Gold Corp. (TSX-V: FG) (FSE: 3FA) (OTCQB: FGLDF) Chief Executive Officer Karim Rayani, issued a corporate update letter to shareholders featuring:
Highlights:
- Immediate Drilling: We are poised for action. Our Great Burnt project is primed for an immediate drill program. The geology beckons, and we are ready to test the geological model.
- Flagship Asset: Central Canada awaits. Our flagship asset holds great promise building on the historic data. We are planning a return, armed with data and determination.
- Northern Quebec Exploration: HSP South calls. We are laying the groundwork for a drill-ready program, in what is shaping up to be one of the newest areas for a new Nickel Discovery
In 2023, Falcon has strengthened its value proposition with a strategic focus on both advancement and acquisition. Notably acquiring and expanding our holdings at Great Burnt in Central Newfoundland. This area is quickly becoming known for its high-grade copper evidenced by Benton Resources Inc., where they hit multiple high-grade copper zones, and continue to intersect copper-rich massive sulphide intersections. Falcon’s land package is located directly along strike of the favourable horizon hosting both gold and copper mineralization at Great Burnt and with the Airborne Electromagnetic and Magnetic signatures showing numerous priority target areas that have never been explained, explored, or drill tested.
On February 27, 2024, Nuinsco Resources Limited (CSE: NWI) (FRA: NJX)announced analytical results from geological mapping and sampling conducted in the previously little-explored northern contact area of Prairie Lake CritAical Minerals and phosphate project located near Terrace Bay, Ontario. The Project has amongst the world’s highest known light rare earth element (REE) content in apatite and contains a host of other REE-bearing minerals including monazite, bastnaesite, carbocernaite/burbankite, and ancylite, as well as niobium-bearing pyrochlore, and phosphate mineralization.
Map of Prairie Lake mineralized Carbonatite complex.
On February 29, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF)reported that two of the first three holes of the winter drill program at the 552 Zone have intersected quartz veins with visible gold. All three of the holes (MH-24-578 to 580) were drilled on the same section from the same setup and encountered the 552 structure. The deepest hole, MH-24-580 cut a 2.0 m zone that included two 0.30 m to 0.50 m intervals, with up to 30 specks of fine (sub-millimetre) visible gold. All assays are pending. The 552 Zone area has seen limited drilling along strike and to depth, and it remains open. The relationship between the 552 Zone and 253 Zone, which is located 100 m to the north, is unknown and it will also be tested in the current program which is anticipated to take six to eight weeks to complete. Drilling will continue until spring breakup, while weather and ground conditions allow.
552 Zone intersection in MH-24-580 – note: brecciated upper contact in top row and laminated high-grade section in lower row Drilling is also planned to test the upper portion of the Footwall Splay where gaps exist in the geological model linking the zone to surface. The Footwall Splay has returned some of the highest grades on the property including MH-20-115 (4.60 m grading 47.20 g/t Au from 64.0 m downhole), and MH-21-163 (5.10 m grading 30.83 g/t Au from 45.0 m downhole).
Plan Map
Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) – Senior Technician, Brian Bursey Jr., provided a third drone video including ZONE-INs on all the exciting discovery zones on the flagship Moosehead Project! You won’t want to miss this one!
Watch Drone Property Video HERE.
On February 29, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) CEO Tim Froude appeared with noted mining commentator Allan Barry Laboucan on his Rocks and Stocks News program. In the Interview Tim discusses the recent drilling at the 552 zone which intersected several zones containing visible gold. Refer to the above item for further details.
Watch the full Interview HERE.
On March 1, 2024, Falcon Gold Corp. (FG: TSX-V) (3FA: GR) (FGLDF: OTCQB)announced that it has retained the services of CHF Capital Markets Inc. (“CHF”), a highly respected Canadian investor relations and capital markets firm, as its representative and to provide capital markets services effective immediately.
CHF service agreement will include investment community outreach, corporate communications, and digital marketing for a term of up to 12 months, with a review at three months.
On March 1, 2024 Nuinsco Resources (CSE: NWI)announced results of compiled geophysical results conducted on the Company’s Prairie Lake critical minerals and phosphate project located near Terrace Bay, Ontario which indicate the potential for expansion of the Project’s Mineral Resource Estimate (MRE). Historic radiometric surveys were conducted across the Project, demonstrating strong and widespread anomalous responses. The results are particularly significant because of the coincident MRE and strongly anomalous results from recent surface sampling and implications for the expansion of mineralized domains.
StickIt Technology Inc. (CSE: STKT) is a technology company specializing in the development of “Cannabis Sticks”, a device that resembles a toothpick in shape and allows it to be easily inserted into any combustion smoking device in the form of a cigarette. StickIt’s products come in a wide range of flavors, as its technology allows for adding terpenes to the finished product. Products can be produced with different concentrations of cannabinoids like CBD, THC, and CBG.
View video: BOOST YOUR PRE-ROLL – StickIt Technologies Inc.
On February 27, 2024, Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF), announced that it has completed a second tranche closing of its previously announced offering of the sale of securities, on a private placement basis, of the Company for gross proceeds of up to $10,000,000. The Company sold a total of 1,000 convertible debenture units (CD Units) of the Company at a price of $1,000 per CD Unit, for aggregate gross proceeds in the Second Tranche Closing of $1,000,000. The Company may complete additional closings on sales of CD Units pursuant to the Offering on or before March 15, 2024, and intends to close additional tranches of the Offering for total gross proceeds of a minimum of $6,000,000. However, there can be no assurances that the Company will be able to close any further tranches of the Offering.
Each CD Unit is comprised of:
- one 10.0% unsecured convertible debenture of the Company in the principal amount of $1,000; and
- 6,666 Common Share purchase warrants.
The Convertible Debentures sold in the Second Tranche Closing will mature three years from the date of their issuance and, subject to prior conversion, will be repaid in cash at the Maturity Date. Each Warrant sold in the Second Tranche Closing is exercisable to acquire one Common Share at an exercise price of $0.25 for a period of two years from the date of its issuance.
Tenet intends to use the net proceeds from the Offering to continue the development of its Cubeler® Business Hub, for working capital and general corporate purposes.