Share Talk Weekly Mining Sector News Round-Up, 26th December 2021

China has combined three of its rare earth entities to create one company, consolidating its dominant position in a market that is crucial for the next generation of electronic devices.

China Rare Earths will report directly to the Chinese government. They account for about 70% of China’s rare earth production.

Kavango Resources to enter “Year of Discovery” on a high after delivering its most exciting KSZ results to date

Panthera Resources PLC (AIM: PAT) has a positive outlook for 2022. Its exploration activities have been significantly increased in the half-year to 30 September 2021.

Due to the high-level exploration activity, the company suffered a loss of US$1.9mln (or 2 cents per share) in the first half.

ECR Minerals PLC (AIM: ECR) reported that new soil samples confirmed the presence of gold at Bailieston, Victoria.

Sixteen of 160 samples yielded gold values exceeding 0.1 g/t, with the majority of them associated with high arsenic and high antimony levels. The company released the most recent assays from drilling at the ‘Maori Anticline’ target in its wholly-owned HR3 prospect, Bailieston (Victoria).

Chairman David Tang stated that he was pleased with the results of follow-up for holes BH3DD010 at HR3. Along with our geologists, the board are genuinely excited at the scale and development potential of HR3. I look forward to reporting further assay results to you as they become available.

Strategic Minerals PLC (AIM: SML) stated that it is looking for a convertible note/joint enterprise to finance the start of operations at its Leigh Creek copper mine after debt negotiations have ended.

SML stated that it would like US$10mln to fund the project. This includes approximately US$6mln to resume production and US$4mln exploration for copper oxide or sulphide.

Critical Metals plc (AIM: CRTM) announced its Final Results for the year ended 30 June 2021. At 30 June 2021, the Company held £1,483,544 (2020: £62,072) which is all denominated in pounds sterling.

Greatland Gold PL (AIM: GGP) stated that initial drilling at Juri in Western Australia with Newcrest revealed gold in eight holes. A magnetic survey also identified several new targets.

The drilling phase consisted of nine holes for drilling 4,958m six targets, including five holes at Outamind, Goliath and Los Diablos targets on Paterson Range East license and four holes at Parlay, Saddle Reefs & Saddle South targets in the Black Hills licence.

Newcrest sent a notice to Greatland, indicating that it wanted to begin the process of determining an exercise price by mid-February 2022.

Anglo Asian Mining PLC (AIM: AAZ) mining expands its reach outside of Azerbaijan by making a strategic investment in a Canada-listed exploration company for C$6.3 million.

It has a 19.9% share in Venture Exchange-quoted Venture Exchange by subscribing for 12.6mln shares of Libero Copper & Gold Corporation. A half warrant attaches to each share, which can be exercised at 75 cents.

ACF Equity Research NKT JORC Report, Underpin Our Current Valuation For Eurasia Mining (LON: EUA)

Caracal Gold PLC (LSE: GCAT) has started reverse circulation and diamond drilling programs at its flagship Kilimapesa mine in Kenya. The drilling will increase the JORC-compliant resource to 2 million ounces. This is an increase of 670,000 ounces.

Chief executive of Caracal Gold Plc, Robbie McCrae, said: “We are excited about the golden future ahead as we advance our extensive drilling programmes at Kilimapesa. With the first assay results due in Q1 next year, there is plenty to look forward to as we move into the New Year.

“I am proud of our impressive achievements in 2021, where we not only listed on the London Stock Exchange but also made significant inroads into developing our Kilimapesa Gold Mine and finished the year on a high after extending our gold portfolio into neighbouring Tanzania – delivering on our East African strategy.

“The months ahead are crucial for Caracal as we not only advance our drilling campaign and continue our mine expansion activities but also integrate our latest acquisitions into our flourishing East African gold portfolio.

Oracle Power PLC, (AIM: ORCP) Chief Executive Naheed Memon stated that the company is eager to begin drilling at Jundee East, Western Australia. The company is also advancing exploration campaigns.

Investors were informed by the international natural resource project developer that a slimline, reverse circulation track-mounted drill rig was secured for Jundee East’s gold project. It is expected to mobilize in February or January.

Sovereign Metals Limited (ASX:SVM, AIM: SVML) is pleased to announce that it has successfully completed a bookbuild and secured commitments for gross proceeds of £1 million (~A$1.9 million) from UK investors following its recent listing on the AIM market of the London Stock Exchange (Placement).

The Placement will enhance the Company’s shareholder base on the AIM market with the net proceeds to be used for further exploration activities in 2022 at Sovereign’s globally significant Kasiya Rutile Project (Kasiya or the Project).

The Board of Xtract Resources Plc (AIM: XTR) advised that independent laboratory assays have been received for drill hole BRDD-021-015 on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Colin Bird, Executive Chairman said: “Again, this is a satisfactory result and is consistent with our expectations. Interestingly there are higher grade gold intervals above the copper mineralised zones suggesting zones of gold do exist in the system. We anticipate the northern end of the deposit will be moving towards closure for contribution to the open pit, while the southern end remains open with a suggestion that the mineralisation swings to the south.”

Bacanora Lithium (LON: BCN) now looks certain to be delisted from the London Stock Exchange. After a major investor backed the deal, the Chinese takeover of a British miner of lithium is poised for success.

Ganfeng Lithium, Jiangxi’s headquartered Ganfeng Lithium, needs 75pc support to ensure its £285m purchase of Bacanora succeeds. If it fails, it will delist the company from the stock exchange.

It already has approval from shareholders for 45pc and currently owns 28.9pc. This brings the total to 73.9pc.

The Telegraph has learned that a major shareholder, controlling approximately 5% of the shares and who was previously holding out on the deal, is now backing the deal.

Mila Resources PLC (LSE: MILA) chief geologist hails the first drilling results from the Kathleen Valley project in Australia as the “best” he has seen in 30 years of mining.

Neil Hutchison stated, “This must be one of my most consistent and best overall Gold intersections in my 30-year career.”

Alien Metals Ltd. (AIM: UFO) stated that it has taken full control of “one of Australia’s most important palladium and platinum, gold, and base metals projects”.

The deal values the remaining 30% of Munni Munni Project Alien that it doesn’t yet own at A$4.9mln. A total amount of A$250,000 in cash will be paid and the rest in shares.

Bill Brodie Good, Chief Executive Officer & Technical Director of Alien Metals, commented: “We are very excited to be in a position to become the 100% holder of one of Australia’s largest PGE projects. The acquisition will consolidate our landholding in this significant region of the Pilbara. The ownership of this major PGE deposit, located so close to one of Australia’s highest-grade silver deposits, presents Alien with an amazing exploration and development opportunity.

Jangada Mines PLC (AIM: JAN) update on the preparation of the Feasibility Study (‘FS’) of the Pitombeiras Ferrovanadium Project located in the state of Ceará, Brazil.

Brian McMaster, Executive Chairman of Jangada, said: “As the FS reaches finalisation, it is very encouraging to confirm we have no technical or geological impediments to proceeding. The economics of the Project are, as expected, dependant on the commodity process and the extraction of the right commodity basket.

Eurasia Mining Plc (LON: EUA) the palladium, platinum, rhodium, iridium and gold producing company, is pleased to announce that it has appointed Mr. Kotaro Kosaka as a non-executive Director of the Company.

Christian Schaffalitzky, Executive Chairman of Eurasia commented: “We are delighted that Mr. Kosaka has decided to join Eurasia as a non-executive director. We see significant interest from Japan in PGM and battery metals assets, as Japan moves towards net zero-emission goals and the hydrogen economy. With JOGMEC and Hanwa having already acquired PGM assets in South Africa, the Japanese players are interested to further expand their presence in lower cost and energy abundant mining jurisdictions. Mr. Kosaka’s appointment is a part of the execution of our strategy as previously announced”.

Vast Resources plc (AIM: VAST) notes the release of certain articles published by the Zimbabwean online press on 19 December 2021.

The Company wishes to state that it has at no stage been contacted or consulted by the author of the articles and did not make any comment in relation to these articles and does not agree with the conclusions.

Vast Resources PLC and its subsidiaries have been and remain in dialogue with the highest level of Government in Zimbabwe and the Company remains confident of a successful outcome.

Oriole Resources PLC (AIM: ORR) announced results from the recently completed Phase 2 diamond drilling programme at its 90%-owned Bibemi gold project (‘Bibemi’ or ‘the Project’) in Cameroon.

The programme focussed on the Bakassi Zone 1 prospect (‘Bakassi Zone 1’) and has delivered best mineralised intervals of 6.50m grading 3.92 grammes per tonne (‘g/t’) gold (‘Au’) including 1.00m grading 16.79 g/t Au, 5.20m grading 1.97 g/t Au and 2.25m grading 8.82 g/t Au including 1.00m grading 19.33 g/t Au.

A follow-up programme of infill and extension drilling (‘Phase 3’) is nearing completion and results are anticipated in Q1-2022.

Power Metal Resources PLC (AIM: POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces its 2021 work programme results from three of its 100% owned interests surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Previously on 05/11/2021 the Power Metal announced that its Phase I work programme was complete, and that additional ground surrounding the company’s Tait Hill Property was acquired.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“The confirmation of high grade uranium through assay testing of rock samples samples from the recent exploration programme is extremely positive and demonstrates the value of the diligent review work undertaken when the footprint was selected for staking earlier in the year.

There is considerable interest in the Athabasca uranium opportunity and Power Metal has, in my view and as evidenced today, built a compelling uranium exploration project portfolio in the area.

We remain of an acquisitive mindset with regard to uranium properties and are currently reviewing additional Canadian and African uranium exploration opportunities.”

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