Another step forward in what is shaping up to be the most advanced graphite circularity project in North America.

Avalon and its joint venture partner SCR-Sibelco NV is developing its Separation Rapids lithium deposit near Kenora, Ontario.

McEwen currently owns around 3.3% of the company.

Contained metals are estimated to be 7.4 billion lb. nickel and 297,624 lb. cobalt, representing a 21.6% increase in nickel metal tonnes.

The miner reported total preliminary output of 940,000 ounces of gold and 40,000 tonnes of copper in the three months ended March 31.

Aurous is also looking for mergers and acquisitions opportunities in South Africa, and the continent.

Proceeds from the offering, as OceanaGold had disclosed, will be applied towards debt repayment.

Some of the grades are 21 grams gold over 4.5 metres, with fine-grain visible gold, says CEO.