Share Talk Weekly Mining Sector News – 21st August 2021

Its been another busy week for London’s junior mining sector, here we take a look at the movers and shakers

The ECR Minerals (ECR.L) Gold Rush is Already Underway (Podcast with Alan Green). ECR Minerals (AIM: ECR) is an AIM-listed mineral exploration and development company, with a strategic objective to deliver the next multi-million oz gold resource in Australia. The company’s wholly-owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the flagship Bailieston and Creswick gold projects in central Victoria, Australia, and has eight licence applications outstanding including two licence applications lodged in eastern Victoria (Tambo gold project).

Well-funded following a recent fundraise, ECR currently has some £5m+ in the coffers, enough to fund all drilling and exploration activities for the foreseeable future. Late last year the company acquired its first drilling rig, currently engaged at Bailieston, and is about to purchase a 2 nd rig to accelerate the series of drilling programmes currently underway.

Oriole Resources PLC (ORR.L) Senegal, where joint venture partner IAMGOLD Corporation (‘IAMGOLD’) has the option to spend up to US$8 million to earn a 70% interest (announcement dated 1 March 2018). IAMGOLD is currently in Year 4 of that earn-in.

The Company announced that IAMGOLD had completed its Phase 1 drilling programme at the Faré prospect (‘Faré’) for 689.50 metres (‘m’) diamond drilling in two holes and 4,854m reverse circulation (‘RC’) drilling in 42 holes. The Phase 2 programme had also been partially completed at the Madina Bafé prospect (‘Madina Bafé’) for a further 493m diamond drilling in three holes and 3,111m of a planned 5,000m RC drilling.

Kavango Resources (KAV.L) KSZ Hukuntsi -A2 Target Depth & Drilling Expansion announced the successful completion of the first geological borehole in Target Area A (“Hole TA2DD001”) in the Hukuntsi (northern) section of the Company’s Kalahari Suture Zone (“KSZ”) Project. Hole TA2DD001 was drilled to a depth of 578m.

Following completion of Hole TA2DD001, the Company is pleased to announce it has signed an addendum to the current drill contract with Equity Drilling & Mindea Exploration and Drilling Services (Pty) (“Mindea”), which will now see the Company drill up to six geological holes in the current campaign in the KSZ (the “Campaign”).

BHP Group PLC (BHP.L) reported a 69% increase in full-year earnings. The company also plans to end its London dual-listing and has a positive outlook on long-term commodity demand.

The world’s largest diversified natural resources company also announced the merger of its oil and gas assets with Woodside Petroleum Ltd and the approval of a US$5.7bn (PS4.1bn) investment in its Jansen Stage 1 potash project.

BlueRock Diamonds PLC (BRD.L) which owns and operates the Kareevlei Diamond Mine (‘Kareevlei’) in the Kimberley region of South Africa announces the discovery of a 58.6 carat stone.

Mike Houston, Executive Chairman said, “I am delighted to inform shareholders that we have recovered a 58.6 carat stone a week after the recovery of a 21.6 carat stone. We expect that the sales value of the 58.6 carat stone will be significant as it is a “D” colour makeable stone but has spotted black sulphide intrusions with the final value dependent upon the buyer’s confidence of what cut stones can be recovered. The diamond will be sold in the August tender.

Antofagasta Plc (ANTO.L) reported record interim earnings, helped by high copper prices. However, Antofagasta was forced to lower its production guidance for the entire year due to low levels of rain in Chile. The FTSE-100 miner revised its copper production guidance to 710-740,000 tonnes from the previous 730-760,000 tonnes.

Terravision Exploration has been hired by Bradda Head Holdings Ltd. (BHL.L). This company will conduct geophysical programs at three Arizona lithium projects. Terravision will shoot ground-penetrating radar (GPR), referred to as ‘GPRplus’, at Bradda’s Burro Creek, Wikieup and San Domingo projects.

Power Metal Resources plc (LON:POW) announces that Red Rock Resources plc (LON:RRR) (“Red Rock”) has provided an irrevocable undertaking to exercise warrants to subscribe for twenty million new ordinary shares in the Company of 0.1p each.

The expiry date of the Warrants is 18 August 2021 and Red Rock has irrevocably confirmed it will exercise the Warrants on 17 August 2021 and pay £200,000 exercise monies to the Company. Andrew Bell is Chairman of Red Rock and is also Chairman of Power Metal.

Tirupati Graphite PLC, (TGR.L) a specialist in graphite production and graphene developer, has agreed that it will buy strategic graphite projects from Battery Minerals Ltd (ASX:BBM) for A$12.5mln. This is a cash-and-shares deal.

Rockfire Resources plc (ROCK.L) the gold and base metal exploration company, provided an update to its exploration programmes currently underway at the Company’s 100%-owned gold and copper projects in North Queensland, Australia.

Capital Ltd (CAPD.L), has posted the strongest half-year ever with revenues up 52% and operating profit more than doubling, as gold drilling activity continues its rise.

Sunrise Resources plc (SRES.L) positive test results from recent commercial concrete pours using natural pozzolan from the Company’s CS Pozzolan-Perlite Deposit in Nevada, USA, and to provide a general update on perlite customer trials.

Ariana Resources PLC (AAU.L) reported drilling results from Karakavak, northeast of the Kiziltepe Gold-Silver Mine in western Turkey.

Cloudbreak Discovery PLC (CDL.L) has signed up a new partnership that has optioned Atlin West, a gold-silver mine in British Colombia, Canada. The new partner, 1315843 BC Ltd, joins ‘project generator’ Cloudbreak for the venture to explore the recently staked Atlin West acreage which is located around 14 kilometres from Atlin and is seen as potentially hosting polymetallic vein systems.

TPI provides its latest research note on Cora Gold Limited (CORA.L)

 

Cora Gold Limited (CORA.L) Multiple high-grade intercepts were reported at Sanankoro Gold Project. Announced the tenth set of drill results from its largest-ever drilling campaign at its Sanankoro Gold Project (‘Sanankoro’ or ‘the Project’) in Southern Mali. The Company is focused on targeting resource growth as well as infill drilling to convert existing Inferred resources to Measured and Indicated. The results from the programme have been consistently extremely encouraging, with good widths and high-grade results in generally shallow oxide ore.

IMC Exploration Group Plc (IMC.L) Announces Commencement of Drill Programme at West Avoca. The Avoca Mine is estimated to have contained 16 million tonnes of 0.6% copper which was exported as a concentrate that contained ‘payable grades of gold and silver’ (Williams et al., 1986). In addition, in situ zinc and lead mineralization is present at West Avoca over a minimum strike length of c. 300m.

Trident Royalties PLC (TRR.L) announced that Chairman Paul Smith and Non-Executive Director Peter Bacchus purchased £323,000 shares on the open market.

Sunrise Resources PLC (SRES.L) reported positive results from concrete pours made with natural pozzolan from the CS pozzolan-perlite deposits in Nevada, USA.

Amur Minerals Corp (AMC.L) said it has completed the Permanent Conditions Report or TEO on its far east Russia Kun-Manie nickel/copper sulfide project. Analysis and documentation are complete and are now undergoing the mandatory review process by the Russian Government Commission for Natural Resources Reserves (GKZ).

Cadence Minerals PLC (KDNC.L) Yangibana Rare Earth Joint Venture Update. notes that Hastings Technology Metals (ASX: HAS) (“Hastings”) has announced that ore sorting test work has confirmed its suitability within the beneficiation process in delivering early gangue mineral rejection and a significant upgrade of rare earths material prior to the higher-cost processing steps across the Yangibana Rare Earths Project (“Yangibana”), in Western Australia’s Gascoyne region.

Asiamet Resources Ltd (ARS.L) said that while it faced many obstacles from the Indonesian impact of Covid-19, it is making “substantive progress” in the development of BKM copper.

Empire Metals Ltd (EEE.L) Drilling to Commence: Central Menzies Gold Project. The drilling campaign follows the successful completion of a soil sampling programme at the Project, and a review of the historical drill hole database which identified two mineralised corridors with elevated gold concentrations, known as the Teglio and Nugget Patch prospects.

Afarak Group PLC (AFRK.L) says that markets for ferrrochrome are beginning to pick up, and it expects a stable business environment in 2021’s second half.

Xtract Resources plc (XTR.L) Further drilling progress update at Bushranger as they report on the continuing progress of the Phase Two diamond drilling programme with the completion of the fifth and the sixth holes at the Bushranger copper-gold porphyry exploration project in New South Wales.

Hummingbird Resources (HUM.L) announced its unaudited results for the six months ended 30 June 2021 (“the Period”). 46,809 ounces (‘oz) of gold sold at an average price of US$1,794/oz. Revenue of US$87 million (H1 2020: US$92 million) with an all in sustaining cost (‘AISC’) of US$1,437/oz (improving in Q2 to US$1,386/oz)

Adjusted EBITDA of US$16.2 million (H1 2020: $39.0 million) and pre-tax loss of US$3.3 million for the Period (H1 2020 profit of: US$23.8 million). I n line with Hummingbird’s guidance expectations with full year production to be weighted towards the second half of the year.

Net cash of US$12.4 million (inc. gold inventory value of ~US$3.4 million), with ~US$4.7 million of final debt repayments made during Q2 2021, taking the Company into a debt free position (H1 2020: net debt of US$20 million)


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