Uganda claims that recent exploration surveys show it has gold ore reserves of approximately 31 million tonnes. It wants to attract large investors to develop this sector, which is currently dominated by small wildcat miners.
The news flow is picking up from Australia, ECR Minerals announced a progressive update from drilling at HR3, Bailieston with high gold intercepts received for hole BH3DD034. Visible gold was previously announced. We thought it was a good time for Share Talk to catch up with the management team to update holders.
BlueRock Diamonds PLC (AIM: BRD) The Company expects to publish its annual results for the year ended 31 December 2021 during the week commencing 27 June 2022 and its next quarterly production update in mid-July 2022.
The Company has been progressing discussions with its major shareholder, Teichmann, and alternative providers of finance to secure additional funding for the Company as it continues to invest in developing Kareevlei.
Thor Mining PLC (ASX:AIM: THR) recently completed an electromagnetic geophysics survey over the nickel gossan at the Krona Prospect and identified a conductive anomaly at the Company’s 100% owned Ragged Range Project, located in the Eastern Pilbara, Western Australia.
Nicole Galloway Warland, Managing Director of Thor Mining, commented: I am encouraged that the first ground geophysics survey at Ragged Range has identified a shallow electromagnetic conductor. The target is modelled at around 100m below the surface, establishing it as a clear drill target for the upcoming RC drilling program.
“We look forward to drilling testing this anomaly as part of our RC drilling program, scheduled to commence at Sterling Prospect next week.”
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) announced drilling is underway at the Company’s Red Setter Gold-Copper Project in the Patersons Range area in Western Australia.
The first phase of the drilling contract is for 3,000m of drilling at Red Setter, with the second phase of the contract for a further 7,000m of drilling split between WSBN’s Red Setter Project and the Company’s Cottesloe Project to the south.
The track-mounted drilling rig is a multi-purpose rig, capable of 150m Reverse Circulation and diamond core to 1,200m.
Arkle Resources plc (AIM: ARK) provided an update on drilling progress at its Stonepark licence block.
Stonepark with an inferred resource of 5.1 million tonnes of 8.7% zinc and 2.6% lead (11.3% combined) is a joint venture between Arkle which has a 23.44% interest and Group Eleven Resources Corp. (“Group Eleven”) which has a 76.56% interest. Group Eleven is the operator. Today’s Group Eleven detailed press release on the Stonepark drilling can be viewed by following this link: http://www.groupelevenresources.com/news/news/2022/
Shanta Gold Ltd (AIM: SHG) announced that it received a maiden mining license covering the Porcupine South resource region of the Lupa Gold Fields. This is approximately 22 kilometres from the New Luika (NLGM) processing facility in Tanzania.
Chief executive Eric Zurrin stated that Porcupine South was an orebody discovered in 2020. This brings the total number of known deposits at NLGM up to 12. Each one has the potential for increasing in size.”
Alien Metals Limited (AIM: UFO) Direct Shipping Ore grades confirmed by bulk sample results from the Hancock Iron Ore Project and is looking to go into production in 2023.
Bill Brodie Good, CEO & Technical Director of Alien Metals, commented: “These results from the initial bulk sample on Ridge C are another significant positive step in the progress of the Hancock project further confirming the excellent quality of the product as well as providing a simple initial process flow sheet showing only simple crushing and screening is required prior to shipping, a key element in keeping Capex and Opex to a minimum thus minimising environmental and energy usages once in production.
The company updated the markets announcing losses in 2021, as Alien Metals concentrated on new opportunities in Western Australia. It also made significant progress in the Hancock iron ore mine project.
It reported an operating loss of US$2.3mln compared to a loss in 2020 of US$1.2mln. This was due to the completion of several drilling programmes at Hancock Ranges, which culminated with a maiden JORC resource.
Metal Tiger PLC (AIM: MTR) has sold its 49% interest in Kalahari Metals Limited(KML) to Cobre Limited. Cobre Limited owns the remaining 51%.
Cobre, an ASX and AIM-listed investor in natural resources opportunities, said that it will acquire 24.5% shares in KML in return for cash consideration (PS750,000) which will be paid in September. Metal Tiger will use this money for general working capital purposes.
Sovereign Metals Ltd, (ASX: SVM; AIM: SVML). has demonstrated “exceptional economics” in a scoping study that included low capital and operating expenses and high margins for the Kasiya Rutile Project.
This study shows the potential of Kasiya as a major producer of natural rutile/graphite in international markets. Kasiya can achieve steady-state production of 265,000 tonnes of Rutile and 170,000 tonnes of graphite over 25-year mine life.
Wishbone Gold Plc (AIM: WSBN, AQSE: WSBN) updated the market regarding the Wishbone II Gold-Copper drill program in Northern Queensland.
The drill programme is proceeding well and approximately 25% of the designed programme have been completed to date.
Initial Reverse Circulation (RC) drill samples have been transported back to the Terra Search office in Queensland and are undergoing tests prior to being sent to the lab for full analysis. The Initial tests confirm the presence of elevated copper, coincident with visible oxidised copper and primary chalcopyrite mineralisation.
Ariana Resources PLC, (AIM: AAU) reported positive outcomes from exploration and resource drilling at the Tavsan Project in Western Turkey.
Dr. Kerim Sener (AIM-listed mineral exploration company), stated that “these drilling results have continued our understanding of Tavsan’s gold-silver deposits and have largely extended a footprint of known mineralisation across the North Zone.”
Kodal Minerals (AIM: KOD) updated Project Feasibility Study and the development status for its Bougouni Lithium Project in southern Mali
The update is based on a review of the engineering, process recovery and capital cost for the proposed Project operation and improved financial metrics based primarily on an improved market outlook for the sale of lithium spodumene concentrates. The current buoyant market conditions for lithium spodumene concentrate reflect current high and future demand for battery minerals and recognise a supply deficit.
KEFI Gold and Copper PLC (AIM: KEFI) reported progress on its two projects in Saudi Arabia.
After confirming that the exploration license had been renewed for five more years, it said it was on track to post the preliminary feasibility study and mineral resource estimate for the Hawiah copper/gold asset.
Arc Minerals (AIM: ARCM) reported the commencement of its maiden exploration programme at its Virgo Project in Botswana, with a soil geochemistry survey currently underway to be followed by an exploratory drill programme.
Re-interpretation of the geology in license PL 135/2017 suggests the existence of a folded crest that presents a good opportunity to extend the previous soil sampling grid along the fold limb to this crest. Both PL 135/2017 & PL 162/2017 license areas host the contact between Ngwako Pan (“NPF”) and D’Kar (“DKF”) Formations that are favourable for hosting Cu-Ag mineralisation.
Bens Creek Group PLC (AIM: BEN) has reported an updated reserve estimate for its coal properties located in West Virginia, Kentucky, US. There is an estimated reserve of 92.7 million tonnes in the properties.
Kavango Resources (LON: KAV) Ditau drilling and AMT update. The Company has now moved the drill rig to the “i8” target (“Target i8”), Hole DITDD006, following the completion of a Controlled Source Audio-Magnetotelluric (CSAMT) ground geophysical survey and inversion model.
The CSAMT survey has provided enhanced resolution of the bedrock beneath the Kalahari sands and sediments of Target i8. As a result of the upgrade in Target i8, based on this newly acquired data, drilling has commenced here.
AfriTin Mining Ltd. (AIM: ATM) saw an increase in quarterly production and a reduction in costs at the Uis Mine in Namibia during the first quarter of the current year.
According to the miner, tin concentrate production increased 11% to 239 tonnes in the three months ended May. Meanwhile, tin concentration increased 13% QoQ, to 152 tonnes.
Bezant Resources PLC (AIM: BZT) Hope and Gorob Project Shallow Drilling Update. Drill assay results received to date for eight diamond drillholes testing near-surface copper mineralisation at the Gorob Prospect returned significant intercepts, including 2.16% Cu, 0.35g/t Au over 2.4 metres in hole GRD006 and 2.03% Cu, 0.18g/t Au over 5.5m in GRD003.
These holes are part of a 23-hole programme recently completed over 5 prospects (Gorob, Anomaly, Vendome, Du Preez and Hope) within the Hope and Gorob Licence. The assays to date confirm that strong copper-gold mineralisation extends to the surface from the deeper historic drill intercepts.
Contango Holdings PLC (LON: CGO) Coking Coal Offtake Signed. Following a detailed recent review of the composition and quality of the coking coal at Lubu, AtoZ has entered into an agreement to purchase 10,000 tonnes per month of washed coking coal produced at Lubu, at the prevailing MMCZ market price, currently US$120 per tonne. The MMCZ market price is a minimum price prescribed by the Minerals Marketing Corporation of Zimbabwe (MMCZ).
AtoZ has agreed to take delivery of the washed coking coal at the mine gate and handle all subsequent logistics and marketing, thereby removing associated marketing and transport costs for Contango.
GreenRoc Mining plc (AIM: GROC) announce that Company Chairman George Frangeskides will be presenting at the Greenland Day event that forms part of the PDAC Mineral Exploration and Mining Convention in Toronto, Canada.
The Greenland Day event is hosted by the Ministry of Minerals Resources, the Government of Greenland and the Greenland Business Association and aims to celebrate and promote Greenland’s mineral industry.
The PDAC Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organisations connected to mineral exploration: https://www.pdac.ca/convention.
Vast Resources plc (AIM: VAST) announced that its second Mantis CMR4 production drilling rig has been delivered to the site at the Baita Plai Polymetallic Mine in Romania.
As previously reported, the implementation of the Mantis drilling rigs will increase drilling by up to 3.5 times with a reduction of labour at the drilling face, thereby allowing additional faces to be worked. This second Mantis drill rig will be deployed during the course of this week to develop infrastructure from below 18 level on the Antonio Skarn, to a planned 21 level elevation for commencement of the new decline in the first week of Q3 2022 as programmed.
With the two new Mantis drills on-site and the transition to mechanised mining, together with the implementation of long hole stope mining, significantly increased production output is expected from the end of Q2 2022 onwards.
Power Metal Resources plc (LON: POW) announces a lithium-focused exploration update for the Selta Project (“Selta” or the “Project”) located in the Northern Territory, Australia, and held by the Power Metal’s 82.78%-owned subsidiary First Development Resources Ltd (“FDR”).
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented: The recent £1,125,000 Pre-IPO financing undertaken by FDR demonstrated the level of investor interest in the business proposition. This capital is being deployed into the planning and listing process, as well as enabling expedited exploration within the FDR project portfolio.
Our confidence in the prospectivity of Selta has grown considerably in recent months, from uranium, rare earth and now lithium potential. Therefore, as the largest shareholder in FDR, Power Metal is eager to see the results from the field exploration programme which is now commencing.”
Great Western Mining Corporation PLC (AIM: GWMO) provides the following further update on its current drilling campaign.
Three holes have now been drilled at Trafalgar Hill with a combined length of 430 metres. The lithology and alteration were successfully predicted and the target horizon was encountered in all three holes. Rig now at the Olympic Mine site where eight holes are planned.
The Company developed a geological model based on last year’s drilling results and was able to predict the lithology and alteration features intersected in the three holes just completed with great accuracy.
Oracle Power PLC (AIM: ORCP) Northern Zone: Improved Gold Recovery up to 94.7% Received from Further Positive Metallurgical Results.
Further positive metallurgical results have been returned from the three samples from its 100% owned Northern Zone Gold Project, located 25km east of Kalgoorlie in Western Australia (“Northern Zone” or the “Project”).
The samples were submitted to Nagrom in Perth for cyanidation bottle roll tests. The results indicate that an average gold recovery of 88% over 12 hours and 92.9% on average over 24 hours can be achieved from the three samples. The positive metallurgical results to date form the basis for a drill programme to define a maiden inferred JORC resource.
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.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned