Share Talk Weekly Mining Sector News Round-Up, Sunday 4th September 2022

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

Author @ABMckinley

It took a bit of organising but we finally caught up with Great Western Mining Chairman on Friday.

Share Talk has been watching this company from a distance and the latest flurry of updates has drawn us to the conclusion that this is a company worth highlighting to a wider audience. With an Mkt cap of £4.80 million, SP sitting around 0.13p, definitely one for the watchlist

Sunrise Resources plc (AIM: SRES) advised that Tolsa USA Inc. has submitted a notice to the US Bureau of Land Management for approval of an extensive trenching programme at the Company’s Pioche Sepiolite Project in Nevada, USA as part of their ongoing due diligence.

Executive Chairman Patrick Cheetham said: We are very encouraged by the rapid start Tolsa has made in its evaluation of the Pioche Project. Tolsa has hit the ground running and has already completed a thorough programme of surface mapping and evaluation, identifying multiple horizons of sepiolite below the original discovery level.

Power Metal Resources PLC (AIM: POW) announces an exploration update concerning its uranium property portfolio focused on the Athabasca Basin area in Saskatchewan, Canada.

The Durrant Lake Uranium Property located within the Athabasca Basin, which hosts some of the world’s highest-grade uranium deposits, represents a significant addition to the Company’s already sizeable Saskatchewan-focused uranium portfolio.

Pan African Resources PLC (AIM: PAF) stated that the deadline for closing the Mintails SA transaction was extended to 30 September 2022 in order to allow the group to complete its due diligence investigation.

Pan African announced in November 2020 that it had signed a conditional agreement with Mintails SA to purchase Mogale Gold Proprietary Ltd. Mintails SA Soweto Cluster Proprietary Ltd. (MSC) were 100% owned by Mintails SA. They were placed into provisional liquidation on 2018.

Cobra Resources PLC, (LSE: COBR) stated that further drilling results from the Wudinna Project in South Australia have provided additional evidence of a new and scalable rare earth mineral region.

Important REE intersections were 18 m (m) at 814 parts/million (ppm), total rare earth oxide (TREO); 9 m (1391 ppm), 23 m (1391 ppm); 8 m (1.421 ppm) TREO including 2 m (3880 ppm.TREO); and 14 m (834 ppm.TREO).

Power Metal Resources PLC (AIM: POW) updated from its wholly owned Australian subsidiary Power Metal Resources Australia Pty Ltd.

POW Australia has received confirmation of the grant of exploration licence application (“ELA”) 2021-000163, covering 999km2 of ground in the Anna Creek area of South Australia. The ELA has now converted to an exploration licence numbered EL6819 and carries an initial term of 6 years ending 24 August 2028, subject to a minimum exploration spend of A$100,000 (Circa £59,000) prior to 23 August 2024.

Further to its announcement on 23 August 2022, Alba Mineral Resources plc (AIM: ALBA) announced that it has now completed the acquisition of a further 10 per cent interest in Gold Mines of Wales Limited (“GMOW”) on the terms set out in that announcement. Accordingly, Alba now holds a 100 per cent interest in the Clogau Gold Project situated within the Dolgellau Gold Belt in North Wales, United Kingdom.

The Board of Directors of Alba Mineral Resources report the Company’s interim results for the six months ended 31 May 2022.

IOCA signs agreement with Anglo American for exclusive right to negotiate up to US$15m project funding and 100% offtake Alien Metals Ltd (AIM: UFO), said that it has, through its wholly-owned subsidiary Iron Ore Company of Australia Pty Ltd (“IOCA”), entered into a mandate letter providing for an exclusive right to negotiate project funding and offtake arrangements (“Mandate Letter”) with Anglo American (LSE: AAL; JSE: AGL), in relation to the Hancock iron ore project (“Hancock”) located in the Pilbara, Western Australia.

Ironveld (AIM: IRON) announced that it has signed the Share Purchase Agreement to acquire 100 per cent of the share capital of Ferrochrome Furnaces (Pty) Limited (“FCF”) which will provide Ironveld with an existing smelting facility and the opportunity to commence mining and processing in the short term.

The only condition precedent in the SPA is the signing of a Debt Purchase Agreement between Ironveld Smelting and the sole creditor of FCF for a total of ZAR 115 million (approximately £5.75 million) and this condition precedent is expected to be completed in the next two to four weeks.

East Star Resources PLC, (LSE: EST), reported positive findings from an analysis of rock chips taken from five VMS (volcanogenic massive sulphide) licenses in the Rudny Alai region of Kazakhstan.

The results revealed exceptional grades of 17.3% copper and more than 10% lead in the rock chips from Talovskaya (a historic mine).

AfriTin Mining Ltd, (AIM: ATM) made its first-ever annual profit after production rose from its Uis Tin mine in Namibia.

The production of tin concentrate increased by 70% in the year ending February 2022, reaching 804 tonnes.

Botswana-focussed metals exploration company Kavango Resources plc (LSE: KAV) has received analytical results including gold fire assays from Hole DITDD004 (“DITDD004”) on Target i10 at the Ditau Camp Project (“Ditau”), in southwestern Botswana.

These analyses demonstrate the presence of gold associated with hydrothermally altered rocks. The previously announced “Zone of Interest” (>>> announced 18 May 2022) has been extended to 100.79m (from 292.6m to 393.29m) and remains open at depth.

Castillo Copper Ltd, LSE:CCZ and ASX: CCZ has enlisted two contractors for a drilling campaign to be conducted next quarter.

Allstate Drilling has been appointed by the company as a highly skilled and reliable operator. The drilling will include one diamond core and 17 drill holes for 2,100 meters with depths ranging from 100 to 160 metres.

Shanta Gold Limited, (AIM: SHG) brand new gold mine at Singida, Tanzania is now ready for production. With 70% of the construction work completed, it will be ready for production in early 2023.

Eric Zurrin is Shanta’s chief executive. He stated in a statement that “we are delighted with the great advancements being made at Singida with construction on schedule to the first production in Q1 2023.”

Power Metal Resources PLC (AIM: POW),  update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.

Diamond drilling contract has been signed with Mindea Exploration and Drilling Services (Pty) Ltd (“Mindea”), an experienced Botswana-based company with extensive drilling experience in-country. Mindea is 100% Botswana citizen owned.

Bens Creek Group PLC, (AIM: BEN) stated that it anticipates receiving a permit to operate a highwall miner on its West Virginia site.

The metallurgical coal miner stated that this will allow production to rise to 80,000t clean (116,000t raw) per month by the end of the quarter of 2022.

Bradda Head Lithium Limited, (AIM: BHL) reported positive results in the second stage of its preliminary metallurgical testing work programme using samples from its Basin East lithium deposits in the US.

Charles FitzRoy, chief executive, stated that these results show the potential to commercially concentrate Li [lithium] clay grades by 26% to 1,900ppm [parts-per-million] Li. Then, using a simple, sulphuric Acid leach approach at atmospheric pressure, standard extraction equipment can extract more than 98% of Li in less than an hour using standard extraction equipment.”

Britishvolt won’t be able to produce electric vehicle batteries from its North-East England plant until 2025, two years later than the original plans. High energy plans have disrupted the development.

However, the company stated that it will supply sample cells to customers “in the next few weeks”.

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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