Share Talk Weekly Mining Sector News Round-Up, Saturday 25th June 2022

The average share price of a streaming and mining company has fallen 5.5% since the beginning of the year. 60% of companies have experienced a negative share price change.

Author @ABMckinley

Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN), updated the market regarding the Wishbone II Gold-Copper drill program at its 100% owned Halo Project in North Queensland.

Drilling at Halo is proceeding to plan with Terra Search logging copper mineralisation in the majority of holes drilled to date in this phase of drilling. Encouragingly, malachite in oxide sections and chalcopyrite in primary sulphide sections have been logged over significant intervals of several metres.

Empire Metals Limited (AIM: EEE)  announces its final results for the year ended 31 December 2021.

The annual report and accounts for the year ended 31 December 2021 will be posted to shareholders today and will be available for download on the Company’s website, www.empiremetals.co.uk

Cornish Metals Inc (AIM, TSX: CUSN). reported its quarter-end April results, but these numbers are nearly irrelevant after the game-changing PS40.5mln crowdfunding in May.

The AIM-listed company uses the proceeds of the fundraiser which also included a £25mln strategic investments by Sir Mick Davis’ Vision Blue Resources to restart mining at South Crofty Tin Project in Cornwall.

Oracle Power PLC (AIM: ORCP) announced its audited results for the 12 months ended 31 December 2021.

The Company’s Annual Report, which includes an unqualified audit report and audited Financial Statements for the year ended 31 December 2021, together with the Notice of AGM, will be made available on the Company’s website at www.oraclepower.co.uk/investor-relations/financial-reports/ and are being posted to shareholders.

Bushveld Minerals Ltd (AIM: BMN) announced that it has secured financing for the engineering, procurement, and construction of a hybrid mini-grid to supply energy for Vametco’s South African operation.

Vametco will get 10.7% of its electrical energy from the hybrid mini-grid. The project will also demonstrate the technical viability and commercial viability of hybrid mini-grids that use solar panels and vanadium-redox flow battery technology (VRFB).

Premier African Minerals Limited (AIM: PREM) announced that it has entered into a Marketing and Prepayment agreement in the form of a binding Heads of Terms with Suzhou TA&A Ultra Clean Technology Co., Ltd that will allow Premier to establish a large-scale pilot plant at Zulu Lithium and Tantalum Project to produce SC6 from Q1 2023.

Atlantic Lithium Ltd (AIM: ALL) reported high levels of lithium from its initial drilling results at the flagship Ewoyaa Project in Ghana.

A completed drilling program at the Grasscutter Nord target resulted in significant high-grade intersections. These included 22m (m) at 1.25% Lithium Oxide from a depth 104m; 15m @ 1.35% Lithium Oxide; and 13m @ 1.26% Lithium oxide.

Ariana Resources plc (AIM: AAU) announced a general update on its projects across all areas of current activity.

Tavsan project development is being transitioned into the construction stage, and a revised Mineral Resource Estimate and Feasibility Study are underway. Simultaneous diamond drilling programmes are underway at Kiziltepe, for up to c. 14,000m, and at Salinbas, for an extended programme which will involve several drilling rigs.

“Most importantly, we are moving into the construction phase of the Tavsan Project and associated development activities have been ramped up,” stated Dr Kerim Sener, managing director.

Technology Minerals PLC (LSE: TM1) announced that its 49%-owned battery recycling company, Recyclus has received three lithium battery testbeds (LIB) systems to measure a variety of battery chemistries at its Wolverhampton location.

Technology Minerals stated in a statement that the LIB testbeds gave Recyclus the operational ability to test the effectiveness of battery packs under a variety of EV and industrial uses as well as for degradation of damage at the cell level.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) announced that it has entered into a binding agreement to sell its working interests in the Yangibana Rare Earths project tenements to Hastings Technology Metals (ASX: HAS). Cadence’s 30% interest in tenements covers a small portion of Yangibana and potentially represents one year of the 16-year mine life.

Bushveld Minerals (AIM: BMN) unveiled a plan in four stages to increase production at its Vametco or Vanchem arms to 8,000 metric tons of vanadium a year (mtVp.a).

METC South Africa, MSA conducted studies to determine how to increase the rate between 5,000 to 5,400 mtVp. This is expected to be accomplished by the end of 2022.

As countries search for alternative solutions to Russia’s invasion of Ukraine, the world’s coal spending is set to rise 10% by 2022. According to the International Energy Agency (IEA), around PS93bn will go into coal supply chains this year. This is a 10% increase from the PS85bn that was announced in 2021.

Power Metal Resources plc (AIM: POW), announced a business update covering the Company’s global uranium interests.

Power Metal has signed an agreement with David Knopf, a consulting geologist governing the evaluation, acquisition and exploration of uranium prospects in Togo, West Africa.

Empire Metals Ltd. (AIM: EEE). announced that it has started a new drilling program at the Eclipse-Gindalbie combined gold project in Western Australia.

Reverse circulation drilling, which consists of over 3,290m of drilling in 26 holes, is designed to target high-grade mineralisation.

Trident Royalties PLC (AIM: TRR) non-executive chairman Paul Smith spoke out ahead of the annual general meeting. He highlighted the group’s transformational year 2021.

Four investments were made by the AIM-traded company in the past year. The acquisition of a portfolio of gold offtakes was completed in January 2022.

Tirupati graphite PLC (LSE: TGR) stated that its primary flake Graphite operations at Vatomina and Sahamamy projects in Madagascar have continued despite the unusually difficult weather conditions. It also posted record quarterly sales and shipments in the fourth quarter.

From 1,718 tonnes in the previous year’s year, the company’s total flake-graphite production rose to 2,996 tonnes. Sales grew 43%, to 2,662 tonnes.

The Board of Xtract Resources Plc (AIM: XTR) announces the preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession, for the three-month period ended 31 March 2022.

Total mining contractor gold production of 67.67Kg for the quarter, equivalent to approximately 2,176 ounces. Total of 13.22Kg (equivalent to approximately 425 ounces) is attributable to Explorator. Value of Explorator share of gold produced US$794,797. Gold sales in a period of 384 ounces.

Landore Resources Ltd. (AIM: LND) stated that it will resume drilling at the BAM Gold Deposit in Ontario next month, while it reviews the best way to advance its battery metal interests.

Further drilling will be done to test the BAM deposit’s scope and explore the new Felix area, which is located along strike to the west of BAM. This area could contain both battery and gold metals.

The directors of Thor Mining Plc (AIM, ASX: THR) announced that all drilling approvals have been granted on the Company’s 100% owned Wedding Bell and Radium Mountain Projects, located in the historic uranium-vanadium mining district within the Uravan mineral belt, southwest Colorado, USA.

Castillo Copper Ltd, (LSE: CCZ ASX: CCZ) has granted London-based Hyperion Copper a 12-month option for the acquisition of its wholly-owned subsidiary Zed Copper. Zed Copper holds four assets in Zambia’s copper belt, including the Mkushi and Luanshya projects.

Hyperion will pay A$142,000 (US$100,000.00) for the 12-month option. If it wishes to exercise its option to purchase 100% of Zed Copper, it will also issue PS2.25million (A$4million) of Hyperion shares.

Oriole Resources PLC, (AIM: ORR) has submitted an updated Environmental Impact Assessment report (EIA), for the Muratdere copper-molybdenum Project in Turkey.

Oriole receives a 1.2% post-tax net smelter returns (NSR) royalty on the project. It is managed by Lodos Maden Yatirim Sanayim Sanayii ve Ticaret AS. This unit of Istanbul-quoted investment firm Pragma Finansal Danismanlik Ticaret AS.

Savannah Resources plc (AIM: SAV) announced that it has successfully achieved another major project milestone for its 100% owned Barroso Lithium Project, with locked cycle testing completed, utilising the recently finalised process flowsheet and optimised grind size of 150 micron, delivering further excellent recoveries.

Locked cycle testing is an important process in ensuring an accurate process flow sheet and verified inputs to the upcoming Definitive Feasibility Study.

After plummeting by 23% in the eight previous sessions, iron ore prices rose 2.7% to US$113.95 per tonne on Tuesday.

An eight-day dizzying plunge in metal’s price had sunk it nearly 25% to US$112.35 per tonne Monday. Steel mills closed blast furnaces as a result of growing concerns about China’s future demand outlook.

Capital Metals PLC, (AIM: CMET). reported high grades in the second batch of drilling results for its Eastern Minerals heavy minerals sands project.

The south-facing project’s Komari and Urani North sites returned Auger drilling results that showed grades up to 86.1% total heavy minerals (THM). Notable results include 1.5m (m) at 51.9% of THM; 2.5m (38.14% THM); and 2.5m (35.2%) at 35.2%.

Mkango Resources Ltd. (AIM: MKA.TSX:V:MKA). stated that CoTec Holdings Corp would transfer £500,000 to Mkango prior to 30 June. This is subject to approval as part of an earlier announced potential investment.

Mkango announced a £3.5mln investment proposed by CoTec. The companies are interested in collaborating on future investments in rare Earth processing technology opportunities in America. In return for a four-month exclusivity, CoTec agreed that it would advance £500,000.

The directors of Thor Mining Plc (AIM, ASX: THR) have announced the commencement of a drilling program at the Company’s 100% owned Ragged Range Project, located in Eastern Pilbara, Western Australia.

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

“It’s exciting to be commencing our second phase of RC drilling at the Sterling Prospect, Ragged Range, including drill testing the recently identified EM conductor beneath the nickel gossan, at the Krona Prospect.

“These are robust geochemical targets associated with key structural features defined by Thor, associated with the regional thrust faulted mafic-ultramafic contact within the Kelly Greenstone Belt.

Cloudbreak Discovery PLC, (LSE: CDL) announced that it has contracted Precision GeoSurveys for high-resolution helicopter-borne magnet surveys over its Northwestern Portfolio in British Columbia, Canada. This includes the Northern Treasure, Rizz and Icefall projects.

Surveys are designed to locate prominent structures that could be mineralized and help to determine potential targets for ground-based exploration.

Empire Metals Ltd. (AIM: EEE) began exploration work at Pitfield copper-gold mine in Western Australia.

Two companies were hired by the Pitfield Tenement Area to conduct an airborne electromagnetic and magnetic survey of 615km2 Pitfield.

Alien Metals Ltd, (AIM: UFO) announced that it had acquired the Vivash Gorge iron ore project in Western Australia from Zenith Minerals Ltd. (ASX: ZNC). Alien announced last month it had reached an agreement to purchase the project.

Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: “We are pleased to have completed the acquisition of the Vivash Gorge Iron Ore Project from Zenith Minerals. We thank the team at Zenith for their support in this process and look forward to getting on the ground in the coming quarter. We feel it’s a great fit to our iron ore portfolio which adds further potential to the Company’s growth in the high-grade iron ore sector.”

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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