Another busy week across the mining resources sector, here is our weekly recap.
I would like to take this opportunity to thank shareholders and prospective shareholders for their patience due to certain time-consuming complexities.
@CriticalMetals_ founder and CEO, Russell Fryer, in the #London studio #CRTM In a re-admission to the market in London @Share_Talk took the opportunity to talk with Russell https://t.co/679fix3iFC
— Share_Talk ™ (@Share_Talk) September 16, 2022
Russell S. Fryer, Chief Executive Officer of Critical Metals, commented: The company has reached a milestone with the readmission of the Company to trading following the completion of the acquisition of an interest in the Molulu Project. I believe the Molulu Project presents a fantastic opportunity to gain near-term exposure to these critical minerals, the global need for which remains clear.
This is a very exciting time for Critical Metals and I look forward to sharing regular updates on our progress at the Molulu Project.
Botswana focussed metals exploration company Kavango Resources plc (LSE: KAV) on Friday announced the completion of the acquisition of 65pc of the LVR Joint Venture. This takes Kavango’s holding in the LVR JV to 90pc.
The LVR JV incorporates prospecting licences PL082/2018 & PL 083/2018, which together cover 809km2 of ground highly prospective for copper/silver discoveries in the Kalahari Copper Belt (“KCB”)
Arkle Resources plc (AIM: ARK), has been informed by Group Eleven Resources Corp, its partner and the operator of the Stonepark Project, that they are recommencing drilling on the Project.
Following completion of this drill hole, Group Eleven will resume drilling on its 100% owned projects, after which, the remaining two holes of the Stonepark programme will be completed. All drilling at Stonepark (totalling six holes and 2,300m, as previously announced) is expected to be completed by year-end.
Power Metal Resources PLC (AIM: POW) has provided an update on the Molopo Farms Complex Project, which is targeting a large-scale nickel-copper-platinum group element (PGE) discovery in southwestern Botswana, with drilling expected to start shortly.
Paul Johnson, Chief Executive Officer of Power Metal Resources, stated that “our work at Molopo Farms has been picking up pace, with the parameters for Target 1-6’s first two diamond core drilling holes now confirmed. We expect to begin drilling the first priority target hole soon, with the drill rig on-site.
Anglo Asian Mining PLC, (AIM: AAZ). said that it expects to produce 54,000 to 568,000 gold equivalent ounces in 2022. This was according to the Azerbaijan-focused company.
Due to lower gold grades at its Gedabek operations, the copper, gold and silver miner produced 28,772 GEOs during the first half. This was down from 32,171 ounces in the previous year.
Tertiary Minerals (AIM: TYM) Collaborative Agreement – Zambia Copper Projects In Zambia. The Agreement covers Tertiary’s Mukai and Mushima North Project Interests.
FQM will provide Tertiary with all of its historical exploration data for the two licence areas and Tertiary will submit its exploration results to the Technical Committee on an ongoing basis.
Ferro Alloy Resources Ltd (LSE: FAR) stated that it intends to raise PS8.6mln before expenses so it can conduct a feasibility study on the huge Balasausqandiq Vanadium deposit in Southern Kazakhstan.
It plans to raise approximately £8.2mln through placing, subscriptions, and the remainder from a PrimaryBid offering. All at a price of 12.0 pence each share, which is a 17.9% discount on yesterday’s closing share price.
Oriole Resources (AIM: ORR) provided an exploration update on its 90%-owned Bibemi gold project in Cameroon where the Company has completed four phases of diamond drilling to date.
The best results of Phase 4’s diamond drilling programme are 2.00m (m) grading 39.42 grams a tonne gold (g/t) from a depth 160m at the extension of Phase 2 hole BBBDD034, which includes 1.00m at 75.36g/t gold.
Future Metals (AIM: FME) have received approval – along with a drilling contractor – for a program that involves 3,000m of initial diamond drilling at Panton Project, Western Australia. This work will begin next month, once the ground exploration surveys are completed.
The company is targeting nickel-copper-platinum group element (PGE) sulphide accumulations outside the existing resource at Panton with geophysical surveys overseen by newly appointed senior exploration advisor Dr Jon Hronsky.
Galantas Gold Corp, (AIM: GAL) announced that it has hired an experienced mining contractor for the development of access and exploration drives to Joshua Vein at Omagh’s Omagh gold project, Northern Ireland.
QME Ltd is a company based on Ireland’s east coast. It will develop 600m underground. Construction is expected to begin in January 2023.
Bezant (AIM: BZT) is pleased to provide information on trench assay results and preparations for a maiden drill programme at its’ 100% owned high-grade Kanye manganese project in Botswana.
Laboratory assays of trench sampling at the Loltware prospect revealed in-situ peak results for 41.4% manganese dioxide (MnO), 49.23% and 40.83% respectively from one-metre wide siliceous manganese minerals within a continuous mineralized zone of 40 metres (m), at 11.53% NnO.
Colin Bird, Executive Chairman of Bezant, commented: ” The trench results produced some very high values of manganese and provided the impetus for this drilling programme. The Moshaneng Borrow pit gives us more information as it progresses and upgrades our confidence in this project area. I look forward to keeping the market advised on drilling results as they emerge. ”
It is only a matter of time before shares in MetalNRG PLC, (LSE: MNRG), begin to enjoy a significant re-rating.
This will be the occasion for a legal hearing, which will take place in the fourth week of September. It should resolve an issue that has plagued MetalNRG since April.
KEFI Gold and Copper PLC. (AIM: KEFI) stated that it has been granted two of three required exploration licenses for the Jibal Qutman Gold Project, Saudi Arabia.
The company’s Gold and Minerals Limited joint venture (G&M), was issued the licences along with partner Abdul Rahman Saad Al Rashid and Sons. KEFI, which is AIM-quoted, owns 30%.
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that drilling has commenced at the Blue Moon prospect at Bailieston using the Company’s own ‘MIDAS’ drill rig.
HIGHLIGHTS
- MIDAS drill rig team commences diamond drilling an initial four holes covering 1000 metres.
- The campaign will follow up on good results from the RC Drilling finished in 2019.
- Plans are already in place to expand the drilling programme subject to results.
- An overview plan of the planned drill sites
Empire Metals Ltd. (AIM: EEE) stated that it will soon conduct an electromagnetic survey of its Pitfield deposit in Australia.
Pitfield already shows the characteristics of a significant copper mineral, it said, adding that there is great potential to make a major discovery.
Pan African Resources PLC (AIM: PAF) reported an increase in full-year pretax profit due to record gold production.
Pretax profit rose by 2.2% to US$106.9mln in the year ended June 2022. Gold output increased to 205688 ounces. This exceeded its revised guidance of 200 ounces and the previous year’s production at 201,777.
Kendrick Resources Plc (LSE: KEN) company with nickel, and vanadium projects in Norway, Sweden and Finland provided an update on its activities in Scandinavia.
This database has now been recognised to have significant additional financial and technical potential. The Company has therefore re-ranked the nickel ahead of the vanadium projects based on the immediate opportunities that the nickel assets present to Kendrick.
Botswana focussed metals exploration company Kavango Resources plc (LSE: KAV) announces the renewal of 5 Prospecting Licences in the Kalahari Suture Zone and one PL at the Ditau Project. In addition, the Company has also been awarded one new PL in the KSZ.
Kavango’s total mineral rights in Botswana now cover 14,316km2.
In a statement, Ben Turney, chief executive of Kavango, stated that six of the prospecting licenses have been renewed and one more was issued by the Department of Mines. This allows Kavango to plan substantial work across its portfolio as well as engage in discussions with potential partners.
Berenberg analysts have reiterated their ‘Buy’ rating for Greatland Gold PLC (AIM: GGP) in light of recent board strengthening and key funding news. The company also plans to list on Australia’s Stock Exchange (ASX).
However, the Berenberg analysts reduced their target price for Greatland Gold shares to 18.00p, from 22.00p, to reflect greater dilution than was previously anticipated. Greatland shares traded at 9.05p in late afternoon trade Tuesday. This was 0.3% higher than Monday’s close, having risen more that day.
Artemis Resources Ld (AIM: ARV) Chapman Prospect – Large Copper-Nickel System Identified in Drilling and Geophysics.
Provide an update on assay results from the recent RC drilling programme targeting the Chapman Prospect located ~1km Southeast of its 100%-owned Carlow Gold and Copper Project in the West Pilbara region of Western Australia.
Thor Explorations Ltd (AIM: THX) announced the results of initial drilling at Sambara Prospect. They also continued drilling at Makosa at their Douta Gold Project, Senegal.
“We are happy to report that our initial drilling campaign at the Sambara prospect was successful. This has confirmed that the northern part of our exploration permit is rich in gold mineralisation. “We look forward to exploring this discovery, which we hope will complement the Makosa resource,” Segun lawson, Thor president and CEO said in a statement.
Ironveld PLC (AIM: IRON) Update on Power Generation Work Programme. The project development and engineering teams from Enernet Global Inc have been working closely with the Company to develop an optimised hybrid power plant that will deliver clean, reliable and low-cost power for the smelter facility in Rustenburg.
Detailed design is underway for the innovative hybrid system which will include solar, battery storage and gas generation and will operate in ‘islanded mode’, off the South African grid. Enernet will fully finance the power plant and sell energy through a power purchase agreement to Ironveld.
Critical Metals PLC (LON: CRTM) Admission to the Official List & First Day of Dealings. Readmission of its ordinary shares of £0.005 (“Ordinary Shares”) to trading on the Standard Segment of the Official List and to trading on the Main Market of the London Stock Exchange (together “Admission”) following the completion of the acquisition of a 57 per cent.
Greatland Gold plc (AIM: GGP) Greatland secures a pathway for fully funding its share of the development of Havieron.
- Bank debt facilities of A$220m committed with a syndicate of leading international banks
- Proposed strategic equity investment of up to A$120m in Greatland by Wyloo Metals
- Upon completion, Greatland’s 30 per cent share of the Havieron development expected to be fully funded through to production
Shaun Day, Managing Director of Greatland Gold plc, commented: “This is a tremendous announcement for Greatland to have a pathway to being fully funded for its share of the development costs of Havieron. This outcome has been achieved through a combination of equity market support, including today’s execution of strategic investment agreements with Wyloo and with the support from a syndicate of high-quality banks providing a commitment letter in respect of A$220m of debt funding.
KEFI Gold and Copper PLC, (AIM: KEFI) shares rose Monday after it received a public request from the Tigrayan rebel leadership for a ceasefire. The Federal Government of Ethiopia has already arranged for the participation of the gold and copper exploration, development and company in the Federal Democratic Republic of Ethiopia, and in the Kingdom of Saudi Arabia.
Greatland Gold PLC (AIM: GGP) Transformational appointments to the Board. Australian corporate and mining leaders Mark Barnaba, Elizabeth Gaines and James ‘Jimmy’ Wilson agree to join the Board of Greatland to help drive its growth and advancement to a leading gold and copper producer.
The appointments will amplify Greatland’s growth strategy and support the transition of the business to a gold and copper producer through the potential development of the world-class Havieron gold-copper project in the Paterson region of Western Australia.
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.
