COP26 has a blind spot. The prime ministers and corporate bigwigs gathered in Glasgow want to cut demand for the fossil fuels that constitute most of the world’s greenhouse gas emissions. To make that happen without crashing the economy, there has to be lots more of the metals underpinning a greener society.
Consultant Wood Mackenzie has run the numbers. Limiting global warming to 2 degrees Celsius above preindustrial levels implies 19 million tonnes of additional annual copper production by 2030, a 60% increase. Aluminium supply needs to jump 30%, nickel 50%, and lithium and cobalt 140% and 150% respectively. Limiting warming to 1.5 degrees Celsius implies an even greater supply hike.
Thor Mining Plc (AIM:ASX: THR) are pleased to advise that Power Metal Resources Plc (“Power Metal”) (AIM: POW) has exercised the option to acquire 100% interest in the Pilot Mountain Tungsten Project (“Pilot Mountain”) in Nevada, USA for an agreed value of US$1.8 million.
Greatland Gold PLC, (AIM:GGP) stated that it has identified two targets in the early stages of exploration that are ‘lookalikes to’ the Havieron copper-gold deposit in Western Australia. According to geologists, the new areas have similar magnetic and gravity anomaly properties to Havieron’s gold-copper deposit in Western Australia. It has a resource estimate for 1.6mln troy ounces of gold and 73,000 tonnes of copper.
Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: “These targets, which have never been drilled, are exciting opportunities situated within our expanded holdings in the Paterson district. Both show strong magnetic and gravity anomalies, with characteristics analogous to the magnetic and gravity signature developed over Havieron.
Mkango Resources Ltd (AIM:TSX:MKA) stated that it has increased its interest in rare earth magnet recycling company HyProMag from 25% to 41.6% following conversion of a loan into HyProMag share.
Empire Metals Limited (AIM:EEE) announced the results of the recently completed Reverse Circulation (‘RC’) drilling programme at the Central Menzies Gold Project in Western Australia (‘Central Menzies’ or the ‘Project’), over which Empire holds an option to acquire a 75% interest.
IronRidge Resources Ltd. (AIM:IRR) stated that Canaccord Genuity was selected as the underwriter of the rights issue as part of the spin-out of its gold assets. This will speed up the demerger by one month.
Kodal Minerals PLC (AIM:KOD) has acquired a minority interest in Bougouni’s lithium project in southern Mali. now owns 100%. The mineral exploration company stated that it purchased the 10% minority interest of original owners Gorutumu Mining SARL & Triumvirat Mining Company SARL. Each will receive a cash payout of US$600,000.
Bernard Aylward, CEO of Kodal Minerals, commented: “The Bougouni Lithium Project has consistently demonstrated the potential for the development of a new long-life lithium mine in southern Mali. These acquisitions provide Kodal and its shareholders with 100% ownership of the Bougouni concessions and full exposure to development of the existing 21Mt at 1.1% Li2O that is defined at the Project, as well as continued expansion through ongoing exploration activity. These acquisitions further strengthen Kodal’s ability to negotiate value accretive development opportunities and financing structures, which will be key as we move towards our construction phase.
Xtract Resources Plc (AIM:XTR) provided an update regarding the ongoing Racecourse prospect Phase 2 drilling programme, with the completion of drill holes BRDD-21-022 and BRDD-21-023.
Caracal Gold PLC (LSE:GCAT) sold 569 troy ounces of the gold it produced at its Kilimapesa Mine in Kenya during September. The cost of operating an ounce of gold produced was US$985. The company also announced the Connection to Kenya’s National Green Grid Power Supply at Kilimapesa Gold Mine. With the successful connection of grid power to the gold processing plant, the Company is now making preparations to install grid power to the underground mine, which is expected to provide further cost savings to its Kilimapesa operations.
Robbie McCrae, CEO of Caracal, said, “Our successful London Stock Exchange listing and simultaneous capital raise has allowed us to plough ahead with an aggressive development plan at our flagship producing Kilimapesa Mine, which will double gold production to 1,000oz by the end of Q4 and strengthen our resources.
Oriole Resources PLC, (LSE:ORR) identified five gold areas in the eastern part of its Central Licence Package-in-Central Cameroon. Eight contiguous licences that cover 3,592 kilometres of paleo-Proterozoic and Pan-African-age rocks, which are highly prospective for orogenic-style golden mineralisation, make up the district-scale Central Licence Package.
Kavango Resources PLC (LSE:KAV) appointed Brett Grist chief operating officer. On 7 February 2022, he will assume the role and join the Kavango Board. Grist has been a geologist for over twenty years and worked on various base metals and gold projects in Africa, Europe and the Middle East.
Cornish Metals Inc. (AIM:CUSN) said that it continues to find high-grade tin and copper at its United Downs copper–tin project in Cornwall.
Power Metal (AIM:POW) First Class Metals provides a Business Update for Shareholders and Investors. First Class released a Business Update providing further information in respect of developments within their Schreiber-Hemlo project portfolio. The developments include the findings from a Versatile Time Domain Electromagnetic Survey within the Pickle Lake Project, the submission of an exploration permit (in respect of planned drilling) and the completion of a sampling programme.
First Class is seeking a London Listing prior to year-end 2021.
Altus Strategies PLC, (AIM:ALS) reported shallow intercepts of high-grade from the beginning of its exploration program at the Diba prospect in Western Mali. Altus described the best grades as 21.9 grams per ton over 10.2m at a depth of 28m. This included which was a huge intercept of 72.2g/t.
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