Share Talk Weekly Mining Sector News Round-Up, Saturday 13th August 2022

With so many basement bargain stocks around, and with resources, demand is outgrowing supplies, something has to give, sooner rather than later. Here is what has made the news this week.

Author @ABMckinley

Artemis Resources Ld (ASX/AIM: ARV) had a strange week, suspended on AIM but allowed to trade on ASX. The Company said it had completed its review of the new drill results and is pleased to provide investors with additional information.

Assay results are pending for drill holes ARC 395 and ARC396 and a further announcement of the assay results for those drill holes will be made when those assays are received.  The Company’s ordinary shares from trading on AIM were lifted with effect from 7.30 a.m. on Thursday.

Drill holes ARC403 and ARC404 have tested northern extensions of the Crosscut Zone and intersected grade, confirming that mineralisation continues and is open to the north of the Crosscut Zone. This intersection confirms that the mineralised envelopes had ‘stepped’ over to the west, in true en echelon form. Additional drilling is proposed to follow this northwest structure.

The story continues, pull back on the SP on Friday, but nothing goes up in a straight line, with further updates expected, one for the watchlist.

Mark Learmonth, chief executive of Caledonia Mining Corporation Plc (LON: CMCL)  said the company is buoyant following impressive results and a quarter’s worth of gold production.

He said that the company is now in a strong place to reach its annual goal of 80,000 oz. “Higher production and better cost control led to a significant increase in profits.” Learmonth also discusses the possibility of a deal to acquire the high-quality open-pit Bilboes mine in Zimbabwe

24% rise in profit for the second quarter on record gold production from its Blanket mine in Zimbabwe and said the year had been “outstanding” so far.

A minnow well off peeps radars right now Great Western Mining (AIM: GWMO) announced the completion of its drilling programme at the Mineral Jackpot group of claims in Mineral County, Nevada, U.S.

The Chairman, Brian Hall commented: “This completes an exciting summer drill programme over four of the Company’s many prospect areas, the Southern Alteration Zone (Rock House Group), Trafalgar Hill (Olympic Gold), OMCO Mine area (Olympic Gold) and Mineral Jackpot (Black Mountain Group), with 24 holes drilled totalling 2,798 metres drilled depth.

We now await assay results from busy independent laboratories, timing of which is outside our control but which we will announce as soon as they become available.”

Robin Young, chief executive of Amur Minerals PLC (AIM: AMC) joined BlytheRay following information being sent to shareholders about a vote regarding the proposed sale Kun-Manie assets. He explained the reasons why Amur is asking shareholders to vote at its upcoming meeting.

ECR Minerals PLC, (AIM: ECR) stated that it plans to begin follow-up drilling at the Blue Moon prospect in September.

The company’s mineral exploration and development team will drill four holes totalling over 1,000m at the prospect, which is located in the Bailieston gold project in Victoria. Plans are in place to expand the drilling program subject to the results.

The Blue Moon prospect is located 8.5km south of the HR3 prospect, where the company has reported promising results.

CEO Andrew Haythorpe commented: “The style of mineralisation at Blue Moon is intriguing. Compared to the scale of mineralisation seen at HR3, where typically a result could be 50cm across, we are looking at potential widths of around 7m. The previous Blue Moon campaign in 2019 recorded consistent mineralisation at hole BBM007 of 15m @ 3.81 g/t gold, which could potentially contain commercial levels of mineralisation.”

“I look forward to reporting back on the upcoming 2022 drilling campaign at Blue Moon.”

Artemis Resources Limited (ASX: ARV AIM: ARV) provides additional results from its 100%-owned Greater Carlow Project, located in the Pilbara Region of Western Australia.

The Company has now received assays for ten of the last twelve drill holes from the last drilling campaign at the Greater Carlow project. While the review of these results is incomplete, information on the results received to date has now been released following a Price Query from the ASX, given the recent rise in the Company’s share price.

A full announcement of the results will be made when all assays are to hand. The Company shares on AIM have currently been suspended and will be unsuspended following further details on the Company Project drill results. A separate announcement on the share price query was also released today on 10 August 2022.

Galileo Resources PLC (AIM: GLR) A modification to an agreement with BC Ventures in January will allow for the acquisition of 29% more lithium and gold projects within Zimbabwe.

Galileo will acquire an additional 29% stake in BC as the owner of a lithium mine in Southwest Zimbabwe (Kamativi), and two gold licenses near Bulawayo. Galileo will now own 80% of BC Ventures after the acquisition

The consideration will be paid in shares of the same price as 1.2p each.

GreenRoc Mining PLC, (AIM: GROC) stated that it had made significant progress over the six months to May on its flagship Greenland projects. It reported March’s maiden resource estimate for Amitsoq graphite, making it one of the most highly-graded graphite projects in the world.

“GreenRoc was admitted on AIM less than a decade ago with the goal of becoming a major supplier of critical, high demand, high-value minerals. I believe that the company has made tremendous strides towards that goal,” stated Stefan Bernstein, who was named chief executive in May.

Based on the positive results, drilling is currently underway to upgrade and expand the maiden JORC resource.

GreenRoc stated that it is expecting to receive in the next few weeks the long-awaited results of the 2021 drilling campaign at the Thule Black Sands Project. Alba Mineral Resrcs. (AIM: ALBA) holds a 54% majority interest in GreenRoc.

Jubilee Metals Group PLC, (AIM: JLP), saw a 24% increase in operating earnings in the first half due to the completion of a key investment program in South Africa.

Jubilee’s key achievement during the period was the completion and early results achieved of its c. £ 58 million (ZAR1.2 billion) investment programme in South Africa and Zambia that has reshaped the company, provided expanded production across PGMs, Chrome, Copper and Cobalt, and laid the platform for the expected growth during the full FY 2023 period.

The production of PGM by Jubilee rose to 21,140 ounces, an increase of 5% over the previous year. However, it had to carry out planned operational interruptions in order to finish a new Inyoni processing plant. The new Inyoni operations produced 95% of Jubilee’s PGM output, up from 75% in 2020.

Power Metal Resources PLC, (AIM: POW) stated that it has started a Phase 1 field program in its uranium portfolio around the Athabasca Basin in Saskatchewan, Canada.

This programme builds on positive fieldwork results last year and includes three properties at Athabasca: Clearwater and Thibault Lake.

According to the London-listed company, the exploration team is prioritizing the initial follow-up work on the Thibault lake property. The 2021 mapping and sampling program returned high-grade uranium samples assays of up 38,600 parts per Million or 3.86% uranium dioxide.

Bezant Resources PLC, (AIM: BZT) stated it had submitted a mining license application and an exploration licensure renewal application for the Hope and Gorob copper/gold project in Namibia. This boosted its shares up to 11%.

AIM-traded copper/gold exploration and development group reported even better than expected results from additional drilling on the Hope-Vendome prospects.

Based on an updated scoping report that showed the potential for the development of a copper mine underground and surface, the mining license application was made.

Colin Bird, executive chairman, stated that the completion of the scoping study, as well as the submission of the mining license application for Hope-Gorob, represent a significant milestone in the project’s development.

Thor Mining PLC (ASX/AIM: THR) OZ Minerals, an Australian mining giant, will fund technical investigations into In Situ Recovery technology at EnviroCopper’s Kapunda copper–gold ISR project in South Australia.

OZ, which is in a takeover fight to stop an approach by mining giant BHP, has pledged A$2.5mln over 18 months to support ISR research at Kapunda. A statement stated that this funding will not reduce Thor’s 30% stake in Envirocopper.

Nicole Galloway Warland, Managing Director of Thor Mining, commented: We are very pleased to announce this collaboration between EnviroCopper and OZ Minerals, with OZL committing funds to continue the investigation at Kapunda Project into the potential economic extraction of copper via the low-footprint In-Situ Recovery mining technique.

“I believe that Technical Director Adam Jones and his team are doing an outstanding job in uncovering an asset of increasing significance for ECR,” said chief executive Andrew Haythorpe.

ECR Minerals PLC, (AIM: ECR) stated that two potential mineralisation corridors were identified by a drill hole at its HR3 prospect in the Bailieston Gold Project in Victoria, Australia.

To test the continuity of mineralised structures found in hole BH3DD019, BH3DD032 had been drilled below four other holes.

The best assay results for BH3DD032 were 0.2m (m) at 4.81 grammes a tonne gold (g/t) and 0.4m (m) at 6.11 g/t. These numbers are starting at 154.1m below the ground.

Andrew Haythorpe, chief executive, stated that despite the delays in receiving the assays, he believes Technical Director Adam Jones (and his team) are doing an outstanding job uncovering an asset of increasing importance for ECR.

Castillo Copper Ltd, (LSE: CCZ; ASX: CCZ)  has set the targets for the next drilling campaign at four prospects in the East Zone of Australia’s BHA project.

One diamond core and 17 reverse circulation holes will be used to drill 2,100 meters. The depths range from 100m to 160m.

Two drill holes were earmarked for The Sisters. The balance will be used for Reefs, Tors Tanks and Fence Gossan prospects.

Power Metal Resources plc (AIM: POW), announced the conditional disposal of its 100% owned Reitenbach Uranium Property located east of the prolific Athabasca Basin in Northern Saskatchewan, Canada.

A Property Purchase Agreement has been signed with Teathers Financial Plc. Teathers Financial is to conditionally acquire 100% ownership of the Property, subject to a 2% net smelter return (“NSR”) royalty, in exchange for cash and shares.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented: Power Metal has secured another crystallisation event with the disposal of Reitenbach into a vehicle planning to list in the London markets in the near term.

With the refocusing of Teathers into a uranium exploration vehicle with Reitenbach as their flagship property, we believe the proposition will attract pre-IPO and IPO financing interest, and trade successfully as a listed vehicle.

Anglo Asian Mining plc (AIM: AAZ), announced it has made a further investment in Libero Copper & Gold Corporation to acquire 2.9 million new shares at CAN 33 cents per share for a total consideration of CAN$957,000 (US$748,000).

The investment forms part of Libero’s recently launched private placement with gross proceeds of approximately CAN$4.5 million to be used for exploration at the Big Red porphyry copper project in British Columbia, Canada.

Libero is listed on the TSX Venture Exchange (ticker LBC) and owns, or has the right to acquire, several copper exploration properties in North and South America, including Mocoa in Colombia, one of the world’s largest undeveloped copper-molybdenum resources.

This is the first of my ‘Deep Dive’ series of articles taking an in-depth look into individual stocks. I am currently in the process of getting my new youtube channel up and running with content which will run the same theme, helping investors find information and data on companies they may never have heard of in the past.

Author @BenGrahamStocks

Recently listed on London’s main market First Class Metals are a mining exploration company with land packages within the Schreiber-Hemlo greenstone belt in Ontario, Canada. The stock with the ticker FCM has a 176km block of licences known as North Hemlo, Esa, Sugar Cube, Mckellar, Magical, Enable, Pickle Lake and Coco East, the aim is to develop significant viable exploration opportunities across the licence package.

Canada is a world-leading, safe mining jurisdiction with over 60 minerals mined from almost 200 mines across the vast country which produced over $43 billion in revenue in 2020 which was a decrease of just over 8% from 2019’s revenue of $47 billion.

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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