Castillo Copper (CCZ), a base metal explorer, said it has received a fresh geological report on the BHA Project’s East Zone which highlights significant exploration potential for cobalt-copper-zinc and possibly lithium mineralisation.
By Zak Mir
The company said a key insight was multiple drill-hole assays which delivered significant cobalt readings. Consequently, with a risk-reward trade-off to the upside from a 100%-owned asset, CCZ has decided to focus on developing the BHA Project and dropped plans to pursue the acquisition of the Litchfield and Picasso lithium assets.
Yesterday Rambler (RMM) continued its recent revival as the copper and gold producer updated on its on-going underground diamond drill program at the Ming Copper-Gold Mine, Baie Verte, Newfoundland and Labrador, Canada. The company said the current 510L drill program is testing a previous intersection in an under-drilled area outside of the “low-grade” shell of the interpreted Lower Footwall Zone . Following an initial discovery hole (R21-510-01) returning 42 meters grading greater than 2% copper, six more holes were added to further define the extent of the mineralization.
Osirium Technologies (OSI), a vendor of cloud-based cybersecurity software, updated on the trading for the financial year ended 31 December 2021 ahead of its audited final results. OSI expects to report bookings and revenue for the 12 months to 31 December 2021 of at least £1.6 million (2020: £1.57 million) and £1.45 million (2020: £1.43 million) respectively, in line with the prior year. Osirium has more than doubled its customer base in 2021 to over 100 customers at 31 December 2021.
Panthera Resources (PAT), the diversified gold exploration and development company said that drilling has been completed at the Bassala Project in Mali and samples despatched for assay. The company said the current drilling is essentially “geochemical drilling” and only targeted the upper weathered zone with very broad line spacing. The next step, once the current assay results are received, will be to test the known mineralisation with deeper and closer spaced RC drilling, aimed at defining resource drill-out targets.
Much followed Global Petroleum (GBP) said that the European Court has found that the company’s four Permit Applications (‘Permit Applications’) offshore Italy in the Southern Adriatic do not contravene EU law. GBP announced in July 2019 that the Region of Puglia had appealed to the Council of State, the highest level of appeal in Italy, against the judgements at first instance of the Administrative Tribunal in Rome and/or the President of the Republic in relation to the Permit Applications. These judgements related to the four Environmental Decrees issued in favour of Global by the relevant Ministerial Authorities at different times.
Cadence Minerals (KDNC) provided a series of project updates. The company said that the filing of the contractual and regulatory documentation pertaining to the Amapa bank settlement agreement is proceeding as planned. Work has already started on the next investment phase to take Cadence up to 27% ownership of Amapa. With regard to the Litchfield and Picasso option with Castillo, KDNC sees the unwinding of this option agreement as an opportunity for Cadence to extract a higher valuation for these prospective assets.
A deeply discounted fundraise has been revealed by Tower Resources (TRP). It has raised £1.5 million via a placing at 0.26p. The company said The company said it will use the net proceeds to advance its portfolio in Cameroon,, Namibia, and South Africa as well as covering working capital requirements.
Orosur Mining (OMI) said it has signed a Joint Venture agreement with Meridian Mining UK Societas in relation to the Ariquemes tin project (“Project”) in Brazil. The JV terms are largely in line with those indicated in the Letter of Intent signed and announced on July 7th 2021, in which the company can earn an equity interest of 75% in the Ariquemes project by spending US$3m over a four-year period, in two phases.
Cornerstone FS (CSFS), the cloud-based provider of international payment services to SMEs, updated on trading for the year ended 31 December 2021. The company said it had been experiencing increased trading momentum, and expects to report full year revenue of approximately £2.3m (2020: £1.7m), a year-on-year increase of some 38% on 2020. This reflects a very strong second half of the financial year, with unaudited revenue approximately 75% higher than in the first six months of 2021. CSFS has also amended the terms of its convertible loan. The Loan Notes may be converted at a subscription price that is the lesser of 61 pence and the average mid-market price of the Company’s ordinary shares on AIM for the five dealing days immediately prior to the date of the drawdown of the loan.
Famously widespread stock Fusion Antibodies (FAB), specialists in pre-clinical antibody discovery, announced the formation of a new Scientific Advisory Panel to support its research and development across its range of antibody services, and to provide advice regarding emerging science and technology issues and trends. The panel, which met for the first time this week, comprises a number of key opinion leaders and specialists in the fields of antibody engineering and services.
Power Metal Resources (POW) the London listed exploration company, updated on its uranium portfolio which includes seven 100% owned interests covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada. The company said its move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin.
Scotgold Resources (SGZ) provided a Q4 2021 production and operations update for its Cononish Gold and Silver Mine in Scotland and 2022 strategy as the company targets production of c.23,500oz p.a. run rate of gold by end of Q1 2023. The company said its gold concentrate production in December 2021, which saw a c.60% increase in production from our previous record month.
Minds + Machines Group (MMX) said it has completed the sale of the majority of the company’s assets, realising gross cash proceeds of $120 million, $11.9 million. MMX said it will return up to £19 million to shareholders via a Tender Offer at 10.4 pence per Ordinary Share.
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