Share Talk Weekly Mining Sector News Round-Up, Sunday 29th May 2022

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

Cornish Metals Inc (AIM CUSN:) saw its stock price jump 29% to 23.75p, after closing its previously announced £40.5mln fundraising. Cornish Metals chief executive Richard Williams stated that the completion of this financing will allow Cornish Metals the freedom to move forward with dewatering the mine and the delivery of a feasibility report in order to make a decision about a South Crofty Tin project production decision.

MetalNRG plc (LON: MNRG), announces that, further to the announcement of final results for the year ended 31 December 2021, published on 29 April 2022, the Company’s Annual Report and Financial Statements has been published and is available on the Company’s website: The Financial Statements for the year ended 31 December 2021 contained in the Annual Report contain no material changes to the Final Results.

MetalNRG’s Annual General Meeting (“AGM“) will be held at 1 Ely Place, London EC12N 6RY at 9.00 am on Monday, 20 June 2022.

Alien Metals Ltd (AIM: UFO), provided an update on the Company’s Hancock Iron Ore Project, part of its Hamersley Iron Ore Project, Western Australia.

A Reverse Circulation (RC) drilling programme totalling ~2,100 metres aimed to further increase geological confidence in the existing JORC compliant Inferred Mineral Resource Estimate (MRE) of 10.4Mt @ 60.4% Fe is underway

Following receipt of assays from the Phase 4 programme, Alien aims to upgrade a portion of the MRE to indicated status (covering ridges C and E), which would support upcoming mine planning.

Anglo Asian Mining (AIM: AAZ) Posting of 2021 Annual Report and Notice of AGM.

The Company’s AGM will be held at 11:00 am on 23 June 2022 at 33 St. James’s Square, London SW1Y 4JS. Due to the recent lifting of COVID-19 pandemic restrictions in the United Kingdom, the AGM will be held as an “Open” meeting and all shareholders are warmly welcome to attend.

Panthera Resources Plc (AIM: PAT), updated that the Reverse Circulation (RC) drill rig has arrived on-site at the Labola Project in Burkina Faso.

Panthera’s associated company, Moydow Holdings Limited has designed the drill programme to support an expansion of the National Instrument 43-101 (“NI 43-101”) resource estimate announced on 25 October 2021 and 6 December 2021. The drilling will also test several peripheral targets which could demonstrate the larger-scale potential of the Labola Project.

Amur Minerals Corp (AIM: AMC) 1.05p, Mkt Cap £14.74m – Shareholders reject the Stanmix $105m cash offer

Sovereign Metals Ltd (ASX: SVM; AIM: SVML) ESG Framework Advances Initiatives in Malawi. The company continues its development of the Kasiya rutile project (Kasiya), the largest rutile deposit in the world, the Company is pleased to announce that it has taken proactive steps to establish ESG frameworks to become an industry leader in its corporate social responsibility in Malawi.

Sovereign remains committed to making informed choices in line with our strong corporate governance, financial capabilities, operational efficiency, environmental stewardship, stakeholder engagement and resource management.


Alien Metals Limited (AIM: UFO) Corporate presentation for May 2022

 Atlantic Lithium Limited (AIM: ALL), the funded, African- focused lithium exploration and development company on track to bring West Africa’s first lithium mine into production, announced the mobilisation of an additional 3 drill rigs, the expansion of the drilling programme and new drilling observations at the Ewoyaa Lithium Project in Ghana, West Africa where it has defined a JORC (2012) compliant Mineral Resource Estimate (“MRE”) of 30.1Mt @1.26% Li2O.

Commenting on the Company’s latest progress, Len Kolff, Interim CEO of Atlantic Lithium, said: We are pleased to be increasing the number of drill rigs active on the ground, with four rigs planned to be drilling within the next two weeks.

We have drilled over 9,000m to date with multiple new spodumene pegmatite intervals observed over the Grasscutter North prospect, with assays pending.

Sad day for the company & holders W Resources Plc (AIM: WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, announces the delisting of the Company’s ordinary shares from trading on AIM.

In the case of trading in the Company’s shares, the one-month period since the resignation of Grant Thornton UK LLP will end at 7.00 am on 26 May 2022, when cancellation of admission of the Company’s securities will occur.

Atlantic Lithium Limited (AIM: ALL), notes recent media articles referring to a potential investment in the Company by Ghana’s Minerals Income Investment Fund (“MIIF”).

The Company confirms that it was approached by MIIF and has signed a non-disclosure agreement to enter into discussions regarding a potential investment into the Company however no discussions have occurred at this stage.

ECR Minerals (AIM: ECR) CEO Andrew Haythorpe talks to Andrew Scott to update holders on Bailieston & Creswick’s potential with the company stating they would consider a possible JV moving forward.
Asiamet Res Ltd (AIM: ARS) BKZ Resource Grows – Exploration Targets Highlight Further Potential Upside.

Tony Manini, Asiamet Executive Chairman commented: The value we have been able to add through this small and focused drill program at BKZ clearly demonstrates the outstanding upside potential which exists in the Beruang Kanan District. Resources for all base and precious metals contained in the UPZ and LCZ have grown significantly and there is potential for a gold-silver deposit of up to two hundred thousand ounces of gold and 10-20 million ounces of silver. With limited additional drilling and metallurgical test work, we aim to convert a significant portion of this gold-silver Exploration Target into a resource.

Alba Mineral Resources (AIM: ALBA) updated on progress made at its Clogau-St David’s Gold Mine in Wales, including assay results from gold concentrates produced from the processing of 8.76 tonnes of fines material excavated from the Mine’s historic Waste Tip.

The assay results have returned gold concentrate grades of up to 1,000 g/t, with average head grades for this material of 1.7 g/t. Gold concentrate grades of up to 1,000 g/t have been returned following independent assaying of the 81 kg of total gold concentrates produced at the Clogau pilot processing plant from the five pits dug in January 2022 at the Waste Tip, with the average grade of the final high-grade concentrates being 503 g/t.

Power Metal Resources PLC (LON: POW) announces an update in relation to its joint-venture subsidiary New Ballarat Gold Corporation plc, which is focused on the prolific Victorian Goldfields of Australia.

NBGC is a joint-venture held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources plc (50.1%). NBGC has a 100% interest in Red Rock Australasia Pty Ltd (“RRAL”).

Three further exploration licences, EL007330 (202km2), EL007294 (325km2) and EL007507 (9km2), have now been granted, bringing NBGC’s combined footprint in the Victoria Goldfields to 1,832km2. New license grants include EL007330 located northeast of Ballarat, Australia. Significantly, this newly granted licence covers the historical Ajax gold mine which historically produced 312,789oz gold at an average grade of 14.8g/t Au in the 1920s.

Oriole Resources (AIM: ORR), provided an update on its 90%-owned Central Licence Package in Central Cameroon.

The district-scale CLP comprises eight contiguous licences covering 3,592 square kilometres (‘km2’) of previously unexplored Paleo-Proterozoic to Pan-African age rocks that are highly prospective for orogenic-style gold mineralisation.

Shanta Gold Limited (AIM: SHG) West Kenya Drilling Programme Identifies Exceptional High-Grade Areas. 

Eric Zurrin, Chief Executive Officer, commented: The latest phase of drilling at West Kenya has continued to deliver outstanding results, ensuring that this remains the most consistently high-grade drilling programme we’ve ever conducted at any asset in Shanta’s history. With visible gold at three of the five holes reported today, and one showcasing grades of 46.7 g/t across a width of 14 metres at less than 150 metres vertical depth, these results are indicative of the vast potential with spectacular grades that West Kenya offers in the Shanta Gold growth story.

Rockfire Resources plc (LON: ROCK), announced a maiden Mineral Resource estimate at its 100%-owned Molaoi zinc deposit in Greece. The Mineral Resource has surpassed all expectations and demonstrates the quality and potential of the project.

David Price, Chief Executive Officer of Rockfire, commented: Our maiden JORC Mineral Resource for Molaoi represents a pivotal milestone for Rockfire. Management considers Molaoi to be an outstanding base metal project, which we hope will grow to a globally significant scale. The quality of the grades and quantity over the first 1,400 m strike extent is testimony to the potential size of Molaoi, particularly if our planned exploration along strike proves to be successful.

We intend to test the entire 7 km of strike which, if similarly mineralised, could potentially result in a resource much larger than the maiden resource. Several historical holes drilled along this 5.5 km extension have intersected high grade zinc, so we know already that zinc is present.

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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