Share Talk Weekly Mining Sector News Round-Up, Monday 29th August 2022

A lot going on across the resources sector this week, here are this week’s Share Talk updates.

Author @ABMckinley

This week’s news was dominated by Greatland Gold with a placing a few didn’t understand, a new investment from Tribeca Investment Partners in the Havieron project is a “tremendous endorsement”, in the words of Shaun Day, Greatland managing director.

Tribeca Investment Partners, fund management and advisory firm focused on natural resources in the Asia Pacific region with deep insights into the Australian precious metals investment landscape, intends to provide a cornerstone investment through the Placing of A$20 million (US$13.8 million) through funds managed by Tribeca Investment Partners.

In addition, it has agreed to work with the Company to provide up to A$40 million (US$27.6 million) of additional funding as required as part of the Company’s funding package.

Power Metal (AIM: POW) continues with a barrage of RNS updates, quite hard not to see this company pop up on your Twitter feed these days.

 Announces an update from Golden Metal Resources PLC (“Golden Metal”), the Company’s 83.13% owned subsidiary, which is planning to list on the London capital markets.

Golden Metal holds a 100% interest in three projects (Pilot Mountain, Garfield and Stonewall) and a right to earn-in to a 100% interest in one further project (Golconda). All projects are situated in Nevada USA, ranked number 3 in the Fraser Institute Survey of Mining Companies 2021 – Investment Attractiveness Index.1

The company restructuring continues ECR Minerals plc (LON: ECR) announce that, further to the announcement of 29 July 2022, it has now received the A$950,000 sale proceeds from the property at 177 Bassett Road, Sebastian.

ECR’s 100% owned Australian subsidiary Mercator Gold Holdings Pty Ltd (“MGA”) will continue to have use of the property until 1 January 2023 for a nominal sum.

Galileo Resources (AIM: GLR) on Friday delivered another positive update, reporting that several potential nickel targets were also highlighted in the recent airborne geophysical survey over the two exploration licences (“the Licences”) comprising the Bulawayo Gold Project in Zimbabwe alongside the gold potential targets in the survey reported in the announcement of 16 August 2022.

Three nickel targets with the potential for follow-up have been identified together with several further sites of interest.

Botswana focussed metals exploration company Kavango Resources plc (LSE: KAV) provides an update on drill targeting at its Kalahari Copper Belt (KCB) licence PL082/2018.

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“Leading on from the work completed on PL036/2020, as reported on 03 August 2022, our team has worked rapidly to complete a further substantial soil sampling program on licence PL082/2018, under the Kavango earn-in agreement with LVR Geoexplorers.

The presence of anomalous values to 118ppm copper is significant in terms of this project’s prospectivity. These results, combined with the mapped geology and the existing Kavango AEM data, has enabled us to identify two targets of considerable strike length (8km and 27km) to test with drilling. Our targets have notable similarities with other recently drilled targets in this area.

I am presently in Botswana with Hillary Gumbo and Brett Grist. While we are here, we are meeting with drill contractors and look forward to our maiden KCB drill campaign.”

Share Talk caught up with Bill from Alien Metals Ltd (AIM: UFO) today to get his take on the recent company announcement with the Revised agreement for Alien to acquire 90% of the Hamersley Iron Ore Project.

Alien currently has a 51% direct interest in the Projects, with the remaining 49% held by Windfield. The parties have been in ongoing discussions regarding Alien increasing its interest in the Projects.

Dan Smith, Non-Executive Chairman of Alien Metals, commented: “The execution of the revised binding option agreement with Windfield is a key milestone in the development of both the Hancock and Brockman iron ore projects, as we can now drive both forward knowing the Company has de-risked the projects with the ability to move to a 90% project interest.

“The Iron Ore Company of Australia (“IOCA”) team is fully focussed on getting the Hancock project into production in the first half of 2023, while exploration work on the highly prospective Brockman and Vivash projects remains ongoing.

“The Company looks forward to updating investors on the development of Hancock in coming weeks”.

This is a company l am watching closely, Great Western Mining (AIM: GWMO) 0.13p, Mkt Cap £4.8m – Progress report on Nevada projects.

Great Western has this summer completed a programme of twenty-four holes totalling 2,798 metres drilled depth over four separate prospects and has lodged cuttings at two separate laboratories for assay and certification. Results are expected to start arriving in September and will be announced when available. The Company’s next phase of exploration and development will be planned around these results.

Cornish Metals Inc. (AIM: CUSN) assay results for the four remaining holes in its Phase 1 programme at United Downs Project in Cornwall, confirms the potential to develop a resource. Hannam & Partners.

According to the broker, all holes intersected multiple mineralized zones. The United Mines target continues to show a transition from copper-rich to tin rich at deep, as seen at South Crofty.

Greatland Gold PLC (AIM: GGP) stated that it raised approximately £30mln (US$35mln), via an oversubscribed placement to finance the development of continuing licenses.

The placing at 8.2p an ordinary share will increase drilling at Havieron and expand the resource with joint venture partner Newcrest Mining Ltd.

Rockfire Resources plc (LON: ROCK) announced that preliminary metallurgical tests from its 100%-owned Molaoi zinc deposit in Greece have returned excellent recoveries and concentrate grades for zinc, silver, lead and germanium. Copper and gold have also been reported to the concentrates, adding high potential value to the future economics of the project.

Alien Metals Ltd. (AIM: UFO) was granted the option to increase its direct stake in Hamersley iron ore projects to 90%.

Alien has entered into an option agreement to purchase an additional 39% share in the Hancock & Brockman direct shipping iron (DSO), projects that are part of the Hamersley project in the Pilbara Region of Western Australia.

“The Company looks forward to updating investors on the development of Hancock in coming weeks”.

Chaarat Gold Holdings Ltd. (AIM: CGH) Kyzyltash Project in the Kyrgyz Republic, according to finnCap. This project has the potential to support a mid-cap precious Metal company.

This comment was made in the aftermath of an update by the mine developer. It returned strong metallurgical results from two approaches that could have been used to process Kyzyltash’s gold.

Kavango Resources PLC, (LSE: KAV)announced that Mike Moles, its co-founder, and non-executive Director, will be retiring at the end of August. However, he will remain a consultant to the mineral exploration company until February 2023.

Moles, a geologist established Botswana-focused Kavango Minerals along with Hillary Gumbo. They floated Kavango Resources on London Stock Exchange in 2018.

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) announced it has taken an option on an additional highly prospective gold-copper project. The Anketell Gold-Copper Project is located ~85km north of the Company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia.

Secured through a heavily contested ballot between seven companies including Greatland Gold PLC and FMG Metals Group Ltd.

East Star Resources PLC (LSE: EST) reported interim results and highlighted the “exceptional progress” made by Kazakhstan since its relisting in London seven years ago.

After the completion of Discovery Ventures Kazakhstan Ltd’s acquisition (DVK), and an oversubscribed fundraising for £3.1mln, the gold, rare earths, and copper explorer was re-admitted to Harvard in January.

Alba Mineral Resources plc (AIM: ALBA) announced that it has agreed to acquire the remaining 10% interest in Gold Mines of Wales Limited to take 100% ownership of the Clogau Gold Project.

Situated within the Dolgellau Gold Belt in Wales, United Kingdom, the Project comprises the Clogau Gold Mine (the “Mine”), where Alba has identified a number of highly prospective gold targets through extensive exploratory drilling in 2020-21, as well as a large number of gold targets and former gold workings outside of the footprint of the Mine within a total option area of 106.94 km ².

Alba also provides an operational update which covers the dewatering of the Llechfraith Shaft, one of the priority targets within the Mine, as well as confirmation of the renewal of the licence to the Limerick Base Metals Project.

Kavango Resources PLC (LSE: KAV) has hired a financial advisor to help it find potential partners for its large-scale Kalahari Suture Zone project (KSZ), in Botswana.

Tamesis Partners LLP was established to help identify potential partners and offer advice on potential corporate transactions.

https://twitter.com/Share_Talk/status/1562078658461929475?s=20

Power Metal Resources PLC, (AIM: POW) stated that preparations for a Diamond Drill Programme at the Molopo Farms Complex in Botswana are moving forward and that a start date will soon be announced.

The company reported last week that an electromagnetic survey was conducted at Molopo farms, which could be a large-scale nickel/platinum group-element project. It confirmed that one of the drill holes (K1-6), had reached the edge of a newly discovered magnetic conductor.

Rainbow Rare Earths Ltd (LSE: RBW) has unveiled a new technical report that outlines how it will extract rare earth elements economically from the phosphogypsum piles at its Phalaborwa South Africa project.

Numerous key improvements have been made to the Phalaborwa preliminary economical assessment (PEA), which has now been completed. These savings are significantly higher than the initial processing options that were available when work began.

Beowulf (AIM: BEM; Spotlight: BEO) announced the first exploration results from the Majdan Peak (“MP”) prospect, within the Mitrovica licence, in Kosovo and the discovery of a large polymetallic epithermal system. Polymetallic epithermal deposits (copper, gold and lead-zinc) form at shallow depths within the earth’s crust and are important sources of base and precious metals and therefore constitute highly desirable exploration targets.

Mkango Resources (AIM/TSX-V: MKA) filed Definitive Feasibility Study for the Songwe Hill Rare Earths Project. The press release in relation to the DFS is available to be downloaded from Mkango’s website via the following link: https://www.mkango.ca/news/mkango-announces-results-of-definitive-feasibility-study-for-the-songwe-hill-rare-earths-project-in-malawi-npv-of-us-559.0/

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.


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