African Potash (AFPO) renewed its licence for the Lac Dinga Project in the DRC for a further two years; Alecto Minerals (ALO) secured a JV for Karan Gold Project in Mali; Cluff Natural Resources (CLNR) finalised the sale & purchase agreement for new licences in the North Sea which it is acquiring for £1.
FinnAust Mining (FAM) completed its initial geological model at the Pituffik Titanium Project in Greenland and Keras Resources (KRS) increased its tribute gold resources by 215,000 ounces; whilst. Vast Resources (VAST) had two sets of good news – the company released its quarterly update, which shows the company continues to make solid progress towards transforming into a production company, with two mines operational, and also a prospecting licence over the Faneata tailings dam in Romania which is close to its Baita Plai mine.
African Potash renewed the exploration licence for a further two years at its Lac inga Project in the Democratic Republic of Congo. with the rights to extend for an additional two years following. The Project is located in an area that is extremely prospective for potash, providing the Company with access to exploration aspects of the fertiliser industry, thereby complementing its fertiliser trading operations.
Alecto entered into a joint venture agreement with Cora Gold for the exploration and development of the 250 km’ Karan Gold Project in southern Mali. Cora Gold will fund all exploration and development costs up to the Bankable Feasibility Study. The JV agreement sees the Company deliver on its promise to maximise its exposure to significant discoveries in its West African gold exploration portfolio, whilst minimising the impact on its balance sheet.
Cluff finalised its sale and purchase agreement with Verus Petroleum for 5% interest in three licences in the UK North Sea for just El. The Company has the option to increase its stake to up to 25% in both Licences as well as a 25% interest in a third. The Licences are operated by Parkmead who estimate the licences could contain 400 million barrels of potentially recoverable oil or up to 100 mmboe net to CNLR in the event of exercise of the Options. Excitingly, two of the licences are drill ready. Later in the week, the Company released its final results, demonstrating significant progress made in advancing its growing portfolio of conventional oil and gas assets in the UK North Sea.
FinnAust completed its initial geological model at the Pituffik Titanium Project in Greenland, which is in the top percentile of projects globaly in terms of grade. Planning for the 2016 programme is nearing completion and this willfocus on delivering a resource as the company rapidly moves towards delivering a cash generative, proof of concept bulk sampling programme in 2017.
Keras exercised its options in Kal North Gold Mines, which granted it the exclusive option to mine the Lindsay’s Project for a share of the net revenues derived from the project, increasing its tribute gold resources to 215,000 ounces Au at a grade of 1.7g/t.
Vast released its 01 2016 results, which demonstrated that the Company continues to make solid progress towards transforming into a production company with two operating mines under its control – the Manaila Polymetallic Mine in Romania and Pickstone-Peerless Gold Mine in Zimbabwe – and a third mine ( the Baita Plai Polymetal lic Mine] due to come on-stream in the near term. During the quarter, Pickstone-Peerless reported a 17% increase in ore milled, to 54,237 tonnes, and an 8% increase in gold production, to 2,808 ounces, compared to the previous quarter. At Manaila the focus during the quarter was on enhancing f uture production capacity, including mill relining and refurbishment, flotation circuit upgrade and associated mine preparation. With this work completed, the focus is now on production ramp-up, targeting up to 20,000 tonnes per month. Adding to these achievements, Vast also announced this week that its 80% owned Romanian subsidiary has been awarded a prospecting licence over the Faneata tailings dam, which is Located 7km from the Baita Plai Polymetallic Mine in western Romania. This Licence constitutes a separate right from the anticipated right to mine at Baita Plai itself, which is expected shortly. The 4.6Mt tailings dam at Faneata is comprised of approximately 40 years of tailings from the high grade Baita Plai mine and historical data indicates that the tailings contain economic quantities of minerals, including gold, silver, copper, lead and zinc.