---
title: "Share Talk Weekly Mining Sector News Round-Up, Sunday 18th December 2022"
publisher: "Share Talk"
author: "sharetalk"
published: "2022-12-18T10:43:15+00:00"
modified: "2022-12-18T11:36:45+00:00"
date: 2022-12-18
canonical: "https://www.share-talk.com/share-talk-weekly-mining-sector-news-round-up-sunday-18th-december-2022/"
category: "Blogs"
categories: ["Blogs", "Mining", "Weekly Mining Sector"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Share Talk Weekly Mining Sector News Round-Up, Sunday 18th December 2022

**Published:** December 18, 2022
**Author:** sharetalk
**Categories:** Blogs, Mining, Weekly Mining Sector
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1)

---

Another busy week across the mining resources sector, here is our weekly recap.

[Author @ABMckinley](https://twitter.com/ABMckinley)

Our current market is also one where even with solid announcements, the news can be an excuse to sell, just because some are reminded that they hold the stock. The past week has [witnessed decent RNSs](https://www.share-talk.com/traders-cafe-with-zak-mir-a-week-in-small-caps-saturday-17th-december-2022/) from both **Firering (FRG)** and **Wishbone (WSBN),** both plays moving the mining groups well along their timelines. It could be the case that once the present dark clouds in the market blow away, the recent exaggerated downward moves seen here will be reversed.

*Full planning permission for Alkemy’s lithium processing plant could just be the start of the share price rocket.*

https://twitter.com/Share_Talk/status/1604408276652904448?s=20

**Alkemy Capital (LON: ALK)** hit the headlines late last month after announcing that it has been given permission to build Europe’s largest lithium refinery in Teesside, UK. With its shares now having[rocketed by 189% year-to-date to 311p,](https://www.share-talk.com/alkemy-capital-lon-alk-shares-still-undervalued-for-position-traders/) the company nevertheless maintains a market cap of just over £22 million.

**Oriole Resources PLC (AIM: ORR)  **[surged 40% on the AIM market this week](https://twitter.com/Share_Talk/status/1604415014575677440?s=20), catalysed by the news that the Africa-focused exploration company delivered the first-ever JORC mineral resource estimate for orogenic gold in Bibeme, Cameroon.

“This was the first drilling ever carried out at Bibemi and it clearly demonstrates the massive opportunity that exists in this underexplored region.”

Oriole’s rally brought its market value up to £4.4mln.

**Kodal Minerals PLC (AIM: KOD)** Bougouni Project Update & Appointment of Broker. It stated that it plans to apply for formal government approval in the early part of next year to build its dense media separation processing plant (DMS) at its [Bougouni Lithium Project in southern Mali.](https://www.share-talk.com/kodal-minerals-plc-aimkod-bougouni-project-update-appointment-of-broker/)

The company has completed the concept designs, as well as the tailings storage layout and design. Now the company is completing engineering and environmental work in support of formal approval by the Mali government for the DMS option.

Bernard Aylward, CEO of Kodal Minerals, remarked: “Our engineering team has made great progress with the various design concepts and environmental updates required to finalise the requirements to commence the fast-track DMS development. We anticipate that the formalised Change Notification will be issued to the Malian authorities in early 2023.

**Kavango Resources (LON: KAV)** [KCB – CSAMT Kronos calibration & drill expansion](https://www.share-talk.com/kavango-resources-lonkav-kcb-csamt-kronos-calibration-drill-expansion/). According to the company, it will expand its existing exploration program at KCB Botswana using CSAMT technology which is expected to save “a lot” of drilling meters.

According to the junior, it had identified a contact from a neighbouring copper deposit (Sandfire Resource’s Kronos) using the CSAMT method. This would have been a crucial control in the survey of its KCB acreage.

Jeremy Brett, Kavango’s senior geophysical advisor, stated in a statement: “The Line 4A CSAMT Results represent a technical breakthrough.

**Review: Caracal Gold (LON: GCAT)** is another [undervalued gold stock](https://www.share-talk.com/review-caracal-gold-lon-gcat-another-undervalued-gold-stock-for-the-portfolio/) for the portfolio. Caracal Gold is a dual-listed LSE and FSE gold developer and producer with two operations in East Africa comprising more than [1.3 million oz of JORC-compliant gold resources](https://caracalgold.com/about-us/our-strategy/). Targeting 74,000oz of gold production per annum across its projects, Caracal’s recent share price fall could now leave it undervalued.

At present GCAT actively operates just one resource, the Kilimapesa Gold Mine in Kenya, which it acquired in September 2021. Work is underway to increase production to 24,000oz of gold per year and build the JORC resource to more than 2 million ounces.

The Board of** Xtract Resources Plc** **(AIM: XTR)** announced that it has concluded a[joint venture agreement](https://www.share-talk.com/xtract-resources-plc-aimxtr-kakuyu-copper-project-zambia/) providing an initial 60% interest in the Kakuyu copper project in Zambia (“Kakuyu Project”).

The Kakuyu Project is located approximately 53km northwest of the town of Mumbwa, Central Province of Zambia and has a small historic open pit. The JV’s partner holds the small-scale mining licence 29805-HQ-SML, along with an adjoining area under application and the Agreement provides the Company with the potential for near-term production.

**Savannah Resources PLC, (AIM: SAV)** announced it was approved as a corporate Member of the European Association of Mining, Metal Ores & Industrial Minerals, (Euromines), a highly regarded representative of European metals mining.

Euromines, a London-listed European lithium company, stated that it promotes the industry and acts as an interface between European authorities and intergovernmental or international bodies.

**Critical Metals plc (AIM: CRTM)** Acquisition of an Additional 21.5% in Madini Occidental Ltd, £1.3 million Fundraise.

As the current cash balance in the Company is allocated for the production of copper ore, a drilling programme, and general working capital, a capital raise of £1,300,000 via Peterhouse Capital Limited at the 30-day volume weighted average price (“VWAP”) of 25p per Ordinary Share was undertaken and subscribed by five investors including Ian Hannam and Mark Horrocks (“Fundraising”).

Russell Fryer, a director of the Company, is also subscribing for 20,000 Ordinary Shares (“Ordinary Shares”) in the Fundraising at a price of[25p per Ordinary Share](https://www.share-talk.com/critical-metals-plc-aimcrtm-acquisition-of-additional-21-5-in-madini-occidental-ltd-1-3-million-fundraise/).

**Power Metal Resources PLC (AIM: POW) **announced the [merger of its Wilan project](https://www.share-talk.com/power-metal-aimpow-merger-agreement-wilan-project-south-australia/), which is located in South Australia with other Australian exploration interests.

The merger will create an Australian exploration company and give Power Metal exposure to the world-class Mount Isa copper region located in Queensland, Australia.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, stated that Power Metal recognizes copper’s forward dynamics and that the Merger will give the company immediate equity exposure to a portfolio of strategic exploration interests in Mount Isa, Queensland, Australia.

**Cornish Metals Inc. (AIM: CUSN) **is a company that specializes in mineral exploration and development. It released its nine-month results, which show “a thrilling period of change” at the South Crofty Tin project.

Cornish Metals CEO Richard Williams stated in the results statement: “Work continues at South Crofty on every area of the project, which is a marked difference from six months ago. The enabling works for the construction and commissioning of the water treatment plant have been completed. An erection will begin shortly. We are making progress with the metallurgical drill program, and the Feasibility Study continues to advance its various workstreams.

https://youtube.com/watch?v=C9Rq3h31fIw&feature=shares

**Horizonte Minerals Plc (AIM/TSX: HZM) **reports that it is continuing to make good progress on the construction of its 100%-owned [Araguaia Nickel Project in Brazil](https://www.share-talk.com/horizonte-minerals-aimhzm-araguaia-remains-on-schedule-and-on-budget/)which remains on-budget and on-schedule to commence production in Q1-2024.

As of 30 November 2022, approximately 28% of the total Project construction programme has been completed. Earthworks are significantly advanced and due to be concluded in January 2023. The detailed engineering works are 87% complete and due to be concluded during Q1 2023. Approximately 75% of capital expenditure has been awarded to date, amounting to over US$415 million, and the key long lead items are running to schedule with the furnace shell due on site in late December and the rotary kiln due to be delivered in early Q1 2023.

**BlueRock Diamonds PLC (AIM: BRD)** Operations and Corporate Update.

The results of the two-month test to determine the realistic capacity of the [Kareevlei plant,](https://www.share-talk.com/bluerock-diamonds-plc-aimbrd-operations-and-corporate-update/) which commenced in mid-October and was carried out with the assistance of mining and processing specialists, confirmed that production of marginally below 90,000 tons per month is achievable which is in line with previous guidance. Of more importance is confirmation that the plant was not affected to any significant extent by the wet weather experienced in October and November, provided that sufficient ore is available. Replacement of the grids and other components in the plant should increase throughput and improve the reliability and quality (size) of diamond production.

Mining focused on the KV2 pit at Kareevlei. Ore mined was the highest in two years, however, the strip ratio decreased to 1 from 4.30 YTD. This should increase with further development work to be undertaken on KV1 and KV3.

**Beowulf (AIM: BEM****),** the mineral exploration and development company, announced new results from detailed geological mapping over the highly prospective [Red Lead target](https://www.share-talk.com/beowulf-mining-plc-aimbem-red-lead-exploration-target-identified/), located within the Mitrovica licence, in Kosovo, being explored by Vardar Minerals Ltd (“Vardar”), which Beowulf is a 59.5 per cent. shareholder of.

Red Lead shares similarities observed at the neighbouring world-class Stan Terg deposit, such as the same host rocks, trachyte heat source, hydrothermal breccias and hydrothermal alteration patterns. The Stan Terg deposit is located just two kilometres to the east of Red Lead and has a resource of 63 million tonnes at 3.5 per cent. lead, 2.3 per cent. zinc and 80 grammes per tonne silver – based on past production and estimated remaining reserves at the same grade, and therefore Red Lead is highly prospective for the same metals and possible economic mineralisation.

**ECR Minerals PLC, (AIM: ECR),** is an exploration and development company that focuses on gold in Australia. Two new exploration tenements were granted by its wholly-owned subsidiary Mercator Gold Australia Pty Ltd. (MGA).

These two new exploration tenements, EL006911 & EL006912, are located adjacent to EL5433. They increase MGA’s Bailieston exploration land package to a total area of 179 kilometres.

[Andrew Haythorpe, CEO of ECR, stated](https://www.share-talk.com/ecr-minerals-plc-aimecr-new-exploration-tenements-el006911-and-el006912-granted-at-bailieston-victoria/) that he was delighted to announce that ECR had finally been granted the long-awaited exploration licences. We consider the two tenement packages to add a new dimension to Bailieston’s exploration potential. With our planned exploration activities in Victoria, N Queensland, funded by our recent fundraise we are now entering a busy, productive period in our Company’s evolution.

**Wishbone Gold PLC, (AIM: WSBN) **announced positive results from its [maiden drilling program at Red Setter Gold-Copper Projec](https://www.share-talk.com/wishbone-gold-plc-aimwsbn-confirmation-of-hydrothermal-gold-copper-system/)t located in Western Australia’s Patersons Range.

The company said initial assay results have confirmed the geological observations of a broad hydrothermal system with gold and copper associated with quartz-carbonate-sulphide veins present within all lithology types, and often with breccia textures.

Recent gravity and magnetic surveys combined show the scale of the hydrothermal systems. Structures extend over more than 3 km (km) with depths of 50m (m) to more than 2,000m. Wishbone Gold has added that mineralisation is similar to the Telfer system 13 kilometres to the northeast of the prospect.

**Atlantic Lithium Limited (AIM: ALL)** announces the award of the processing plant Front-End Engineering Design (“FEED”) contract for the [Ewoyaa Lithium Project in Ghana](https://www.share-talk.com/atlantic-lithium-ltd-aimall-primero-awarded-feed-contract-for-ewoyaa-lithium/), West Africa to Primero Group, an industry-leading vertically-integrated engineering group.

Following the recent completion of the 47,000m resource and exploration drilling programme at the Project (refer RNS of 29 November 2022), the Company is currently working towards producing an updated Mineral Resource Estimate (“MRE”) at the Project, intended to be announced in Q1 2023. The updated MRE will then be used to support a Definitive Feasibility Study, expected to be completed by mid-2023.

**Power Metal Resources PLC, (AIM: POW) **announced that a diamond drilling program has been initiated at the [historical Berringa Gold Mine](https://www.share-talk.com/power-metal-aimpow-drilling-begins-at-historic-berringa-gold-mine/) located within the company’s Victoria Goldfields joint-venture (JV), in Australia.

The exploration company is looking for large-scale metal discoveries in its global portfolio. A diamond drill rig was mobilised to the site. Drilling has begun at the Victoria Goldfields’ historic, high-grade, producing gold mine.

According to the company, 1,000m of diamond drilling will be done with five holes in priority targets. These drill holes will test for gold mineralisation expansions near previously mined areas.

**Caracal Gold PLC, (LSE: GCAT)** announced[positive sample results](https://www.share-talk.com/caracal-gold-plc-lon-gcat-results-confirm-high-grade-mineralisation-on-the-vim-rutha-prospect-a-parallel-structure-to-the-kilimapesa-hill-deposit/) from its diamond drilling programme (DD) on the Vim Rutha prospect. This shear zone is approximately 4.9 kilometres (km) parallel to the Kilimapesa Hill deposit.

According to the East African gold producer, drilling had intercepted on multiple occasions, over a distance greater than 2km from west to west, one or more significant mineralised structures located just a few hundred meters south of Kilimapesa Hill.

Robbie McCrae is the chief executive at Caracal Gold. He stated that he believes in the possibility of finding large open-pittable resources at Kilimapesa. These are similar to those found in Tanzania. Although it is still early in Vim Rutha’s exploration program, the goal is to find a large open-pittable resource which could be used to support the development of large West African/Tanzan-style gold mines.

**ECR Minerals plc (LON: ECR),** the exploration and development company focused on gold in Australia, announced the[first round of results](https://www.share-talk.com/ecr-minerals-plc-aimecr-multiple-visible-gold-occurrences-and-pegmatites-observed-at-lolworth-queensland/) from the recent stream sediment sampling campaign undertaken at the Lolworth Range project, North Queensland, Australia.

ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored by ECR’s Australian wholly-owned subsidiary Lux Exploration Pty Ltd (“LUX”).

**Oriole Resources PLC (AIM: ORR)** Maiden JORC Resource for Bibemi Gold Project. Report a maiden Inferred JORC-compliant Mineral Resource Estimate (‘MRE’ or the ‘Resource’) of 305,000 Troy ounces (‘oz’) grading 2.19 grammes per tonne (‘g/t’) gold (‘Au’) for Bakassi Zone 1, one of four prospects at its 90%-owned Bibemi orogenic gold project in Cameroon.

[Oriole CEO, Tim Livesey, said:](https://www.share-talk.com/oriole-resources-plc-aimorr-maiden-jorc-resource-for-bibemi-gold-project/) “An excellent early result from the past season’s drilling at the Bakassi Zone 1 prospect on our Bibemi licence in Cameroon, which we believe is the first ever JORC MRE for orogenic gold in Cameroon.

“We are very pleased to have delivered an initial JORC MRE of significant size in a cost-effective manner and within such a short timeframe, despite the impacts of the covid pandemic. 

“This was the first drilling ever carried out at Bibemi and it clearly demonstrates the massive opportunity that exists in this underexplored region.

**First Class Metals (AIM: FCM)** Exclusivity for [Lithium property & Issue of Equity](https://www.share-talk.com/first-class-metals-aimfcm-exclusivity-for-lithium-property-issue-of-equity/). Alongside the lithium property exclusivity, FCM will place via a private subscription 1,875,000 ordinary shares at a price of 16p, raising £300,000 from a single HNW resource/battery metals investor. The subscription includes a one-for-one warrant totalling 1,875,000 warrants at 22p for a three-year period.

**Caracal Gold PLC, (LSE: GCAT) **stated that it had secured non-dilutive financing in the amount of US$3mln via a pre-paid agreement for a gold purchase with Philoro Global Trading AG.

This is in addition to the initial [US$10.5m conditional, non-dilutive financing](https://www.share-talk.com/caracal-gold-plc-longcat-us3m-non-dilutive-financing-secured/) via a pre-paid gold buy agreement with OCIM (a European asset trader), announced on 29th November 2022. Caracal, an East African gold producer, has more than 1.3mln ounces of JORC-compliant resources of gold at the Kilimpesa Project in Kenya.

The latest financing’s total contract price will be available in one tranche of US$3mln, to be drawn before 31 December 2022.

![](https://www.share-talk.com/wp-content/uploads/2022/12/9mKPxtjp_400x400-1-300x300.jpg)

[Author @ABMckinley](https://twitter.com/ABMckinley)

Disclaimer & Declaration of Interest

The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion

---

**Original URL:** https://www.share-talk.com/share-talk-weekly-mining-sector-news-round-up-sunday-18th-december-2022/
*Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*