On a more controversial note, we are just days away from a denouement as far as the requisition at Tirupati (TGR). The pendulum here has swung quite violently between the two sides.
A co-founder of the company siding with the requisitioners has perhaps been counteracted by the appointment this week of an ex-Ernst & Young heavy hitter as Non-Executive Chairman of the Company. It will be interesting to see whether Michael Lynch-Bell’s arrival is not a tad late to placate shareholders.
Katoro Gold PLC (AIM: KAT) the strategic and precious minerals exploration and development company released its audited results for the year ended 31 December 2023. While the Company’s full Annual Report and Financial results can be found on the Company’s website www.katorogold.com. The Company’s Annual Report is in the process of being prepared for dispatch to shareholders. Details of the date and venue for this year’s AGM will be announced on the posting of the Annual Financial results.
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to provide the final bulk sampling results from its reverse circulation drilling programme at the Kuboid Hill site in Creswick earlier this year. Bulk sampling of drilled material highlights high-grade pockets of gold within the broader scale mineralisation footprint.
The Company also provides an update on its operations at Bailieston and Tambo in Victoria as well as its forthcoming plans in Queensland.
Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development corporation with a substantial land package of gold and strategic mineral assets across Southern Greenland, provided an updated result from its ongoing copper exploration activities in South Greenland.
James Gilbertson, VP of Exploration of Amaroq, commented:
“Building on the successful 2023 drilling program at Target West, Amaroq has rigorously interpreted these results, alongside recently received geophysical data. With the assistance of leading independent copper industry experts, we continue to define the emerging South Greenland Copper Belt. This work has now confirmed the region’s first copper porphyry system as well as helped to identify 24 further high-potential targets across this belt. Amaroq, through its Gardaq Joint venture, believes that these results warrant further exploration efforts across a broader area of the belt to identify further targets.
“Our 2024 field program will leverage the knowledge developed so far on Target West and direct exploration efforts on these new high-potential targets.”
Kavango Resources plc (LSE: KAV), the Southern Africa-focused metals exploration company, announced the first high-priority targets have been identified for Phase 1 of the drilling on the Kalahari Copper Belt (KCB) Karakubis Copper Project in Botswana. Kavango holds in excess of 6,200 km2 of highly prospective ground in the Kalahari Copper Belt. This is a very large land package with the potential to host multiple, large-scale copper-silver deposits.
Endeavour Mining PLC (LSE: EDV, TSX: EDV, OTCQX: EDVMF) has commenced wet commissioning of its new Lafigué project in the Ivory Coast. According to the company, construction is now 94% complete, remaining on budget. The first gold pour is anticipated in late June, a full quarter ahead of schedule.
Marula Mining (AQSE: MARU) confirmed that it has signed a sales and offtake agreement with the United Kingdom-based, global metals, minerals and energy commodities trading group Fujax UK Ltd for manganese ore production from the Larisoro Manganese Mine in Samburu County, Kenya.
The Agreement is for an initial tonnage of 2,000 tonnes (“t”) of manganese ore (“Initial Tonnage”) and thereafter on the agreement, further minimum monthly deliveries of 5,000t and nominal monthly deliveries of 20,000t for a 12 month period, with an option to extend by mutual agreement. Deliveries of the Initial Tonnage of manganese ore to Fujax will commence immediately from stockpiled material in Nairobi and processed material at the Larisoro Mine that will be transported to Nairobi.
Atlantic Lithium Ltd (AIM: ALL, OTCQX: ALLIF, ASX: A11) has initiated groundwork at Senya Beraku, a new license in Ghana within its East African Cape Coast portfolio. Located 70km from Atlantic’s flagship Ewoyaa project, the initial exploration will include geochemical soil sampling, geological mapping, and rock chip collection over the tenement’s 82.11 sq km.
Serabi Gold (AIM: SRB, TSX: SBI) CFO Clive Line praised the company’s “rewarding quarter of financial performance” as the Brazil-focused gold junior reported more than doubling its profits due to increased production.
Production rose to 9,007 ounces of gold in the three months ending March 31, up from 8,055 ounces in the same period last year, while underlying earnings increased by 103% to $4.7 million.
Mkango Resources Ltd (AIM / TSX-V: MKA) released the Financial Statements and Management’s Discussion and Analysis for the three month period ended 31 March 2024. The reports are available under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website (https://mkango.ca/investors/financials/).
To view the Financial Statements, please click here: http://www.rns-pdf.londonstockexchange.com/rns/3479Q_1-2024-5-29.pdf
Galileo Resources PLC (AIM: GLR) has secured a small-scale mining licence for the Luansobe copper project in Zambia, in which it holds a 75% interest.
The mining licence encompasses an area where Galileo previously reported Inferred Mineral Resources of 56,000 tonnes of contained copper suitable for open pit mining and 97,000 tonnes for underground extraction.
Aura Energy Ltd (ASX: AEE, AIM: AURA) has bolstered its funds by A$2 million through a well-supported and oversubscribed share purchase plan (SPP).
The company received valid applications for just over 19.3 million shares, which would have amounted to approximately A$3.47 million, significantly surpassing the targeted amount.
Kavango Resources plc (LON: KAV) announced a restructuring of the board to meet the future commercial needs of the Company. Donald McAlister and Alexandra (Alex) Rose Gorman join the Board and Peter Wynter Bee assumes a new role as Deputy Chairman. Donald brings years of experience of operating in Zimbabwe and raising funds for many projects. He was a founding director and remains on the board of Tertiary Minerals plc. Alex is currently a Mining Analyst at Peel Hunt. Alex originally trained as a geologist and worked previously with Dave Catterall in Botswana.
As part of the restructuring, Brett Grist and Jeremy Brett will step down from the Company’s board of directors with immediate effect. Brett will continue in his roles as Kavango’s Chief Operating Officer and Company Secretary, while Jeremy will continue to in his role as a Senior Geophysical Consultant to the Company.
As far as the downside was concerned, despite the AIM index being up on the week, there were some painful fallers. Further delay saw Premier African (PREM) down nearly a quarter. The company announced that it has temporarily suspended operations at its Zulu lithium plant in Zimbabwe to install an additional conditioning tank.
The miner stated that achieving acceptable SC6 grade and recovery necessitates a final modification to the spodumene float circuit for profitability. The target completion date is now set for 10 July 2024, with all efforts focused on shortening this period.
Equity analysts have responded positively to Ariana Resources PLC (AIM: AAU)‘s announcement of a US$20 million credit facility to support operations at the Kiziltepe gold-silver mine and the Tavsan mine construction program in Turkey.
WH Ireland analysts commented on the deal, stating, “The favourable terms of the loan highlight the advantages of Ariana’s partnerships and the high quality of its Turkish assets.”
Marula Mining (AQSE: MARU) announced assay results from samples of manganese (“Mn”) ore from the Larisoro Manganese Mine (“Larisoro” or the “Mine”) in Samburu County, Kenya.
The samples, which were taken from stockpiled manganese material in Nairobi, reported an average grade of 35.73% manganese, and assays of 39.25%, 39.13%, 38.60%, 37.69%, 37.56% and 37.23%. This stockpiled material and further material to be transported to Nairobi from the Mine will soon be loaded into containers for rail transportation to the port of Mombasa for export.
Empire Metals Ltd (AIM: EEE) announced that four diamond drill holes at its Pitfield project in Western Australia revealed high-grade titanium mineralization from the surface down to depths exceeding 200 meters.
The company added that a JORC-compliant exploration estimate for the two high-grade targets at Cosgrove and Thomas will be released shortly
The work programme forms the core of the environmental baseline studies needed to be conducted in line with the requirements for the issuance of an Environmental Compliance Certificate (‘ECC’). The work is fully funded by the Company’s Joint Venture partner and consists of the following studies:
Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ Iceland: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, announces that it will hold a Capital Markets Day on Thursday, June 13th, from 14:00 pm to 16:00 pm GMT (10:00 am to 12:00 pm EDT and 15:00 pm to 17:00 pm BST).
The event will be held at Landsbankinn‘s headquarters at Reykjastræti 6 and the doors will open at 13:30 pm, with a reception will be held after the event.
