It has been an eventful week for the mining sector. It has been announced that Greatland Gold PLC (LON:GGP) has appointed Christopher Toon as its new non-board finance director, effective July 12, 2021.
According to the AIM-quoted exploration and development company, Toon is a leading financial expert with experience in managing the development of high-growth mining operations.
ECR Minerals PLC (LON:ECR) announced that the work programs for three exploration permits (EPM) on the Lolworth permits in North Queensland, Australia, have been approved by the Department of Resources and Environment.
Oracle Power PLC (LON:ORCP) (AQSE:ORCP) has commenced geochemical sampling at its 100% owned Jundee East gold project in Australia. The sampling will cover virtually the entire property and extends the initial geochemical sampling program that returned positive results in June.
Tirupati Graphite PLC (LON:TGR) has announced the signing of a memorandum of understanding with Hanwa Co Ltd, a leading Japanese international trading and investment company, to expand markets for its flake and specialty graphite products in the Far East. The London-listed company said it and Hanwa had already identified several potential buyers in the Far East.
British Lithium Ltd has applied for two more patents, making a total of three patents in less than three months, as the company continues to work on the sustainable extraction of lithium from granite mica. The Cornwall-based company said the latest applications are part of an innovative hydrometallurgical process that uses salt instead of acid.
Metal Tiger PLC (LON:MTR, ASX:MTR) has welcomed the announcement by Sandfire Resources Ltd (ASX:SFR) that it has been granted a mining license by the Botswana government for the Moteo copper mine. Metal Tiger has a restricted royalty of US$2 million, equivalent to 2% of the mine’s net smelter revenue.
Amur Minerals Corp (LON:AMC) has announced that it has agreed to sell its subsidiary Carlo Holdings Ltd (CHL) for $6.14 million in cash. Amur also announced the departure of its chairman Adam Habib, but did not provide details.
Caledonia Mining Corporation PLC (LON:CMCL) has told investors that it is considering a listing on the Victoria Falls Stock Exchange (VFEX) in Zimbabwe to increase its exposure to the country where its Blanket gold mine is located.
Cornish Metals Inc. (CVE:CUSN) (LON:CUSN) has released the first batch of results from its diamond drilling program at the United Downs copper-tin project in Cornwall. The drill program is aimed at pursuing the discovery of high-grade copper-tin mineralization in a structure called Lithium Lode.
Drilling was conducted at the Klontibret deposit, controlled by Conroy Gold and Natural Resources (LON:CGNR). The drilling was conducted prior to the final signing of the joint venture project between Conroy and Turkish conglomerate Demir Export.
Ariana Resources PLC (LON:AAU) has announced that drill results have confirmed that gold is a major component of the Kokkinoia deposit at the Magellan project in Cyprus. The mineralized zone averaged 128.77 meters at 0.5% copper and 0.55 grams per tonne (g/t) gold, according to results from the first hole.
Arc Minerals PLC (LON:ARCM) shares have lost a fifth of their value following the expiry of the company’s exclusivity agreement with Anglo American (LON:AAL). During the exclusivity period, which began in July 2020, Anglo was allowed to conduct a technical review of Arc’s copper exploration licenses in Zambia.
Kavango Resources PLC (LON:KAV) is raising £1.94 million in a placing of shares at 5.5 pence. Each share is accompanied by a two-year warrant exercisable at 8.5 pence.
Tharisa PLC (LON:THS) has reported a stronger balance sheet after the third quarter posted record production and tons processed.
Cash and cash equivalents on the balance sheet increased from $72.8 million at the beginning to $80.5 million at the end of June, although an interim dividend of $10.8 million was paid during the period. Net cash was US$41.8 million after debt.
Shanta Gold Ltd (LON:SHG) has announced that drilling of Bauhinia Creek East Zone 1 at the New Luika Gold Mine (NLGM) in Tanzania has returned 39,786 ounces of inferred gold resources grading 4.74 grams per tonne (g/t). A total of 38 holes were drilled during the second quarter.
Cora Gold Limited (LON:CORA) soars 43% after announcing the discovery of a “world-class intercept” at its Sanankoro gold project in southern Mali. The company reported 31.56 grams per tonne gold in a 19 metre intersection identified by drilling in Zone A of the project.
Other notable intercepts in Zone A include 21 metres at 5.75 grams per tonne gold (g/t Au), 7 metres at 2.44 g/t Au and 19 metres at 2.07 g/t Au. The results of the drill program to date are very encouraging, with good thickness and high grades in the oxide ore at shallow depths, Cora said.
Another stock that has made it onto investors’ buy lists this week is Orosur Mining PLC (LON:OMI), which is up 39% to 19.5p.
Shares rose after the company signed a letter of intent with Canada’s Meridian Mining to form a joint venture at Meridian’s Ariquemes tin project in Brazil.
Orosur has 90 days to complete due diligence and finalize the joint venture proposal, after which the exclusivity period ends. Orosur said that the general terms and conditions of the joint venture have already been discussed between the parties.
Bacanora (LON:BCN) Independent Directors and Ganfeng International Trading (Shanghai) Limited (“Ganfeng”) announced that Bacanora and Ganfeng had entered into an agreement regarding the terms of a possible cash offer by Ganfeng. There can be no certainty that a firm offer will be made even if the pre-conditions referred to above are satisfied or waived.
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