Sean Heathcoat highlighted the completion of an updated economic study by Erudite Strategies on the Henkries Project, which included revised operating and capital cost estimates based on a 1979 feasibility study.
The company has developed three financial modelling scenarios: a conservative low case, a more realistic CPR case with the potential for increased resources, and an ambitious target case aimed at extending the mine’s life to 10 years.
Kibo Energy PLC (LON: KIBO, JSE: KBO) saw its shares plummet by 50% following the announcement of a significant corporate restructuring. This restructuring includes the appointment of a new board, financial re-engineering, and an equity fundraiser. The sharp decline was likely triggered by the company’s conditional raise of £500,000 at 0.015p per share, which coincidentally caused the stock to drop to the same price of 0.015p.
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF) has received the first tranche of US$5 million from NIU Invest SE, a European private equity company, as part of its US$80 million fully subscribed corporate copper bond issue. The funds will be used to complete the construction of the Empire open pit mine in Idaho and for general working capital.
Empire Metals Ltd (AIM: EEE) saw a 17% increase in its share price following a positive update from its Pitfield project in Western Australia. Previous drilling had identified substantial titanium deposits, and the company has now reported the discovery of weathered material at the surface.
The immediate future for Fulcrum involves further refining and testing its processes with the goal of validating financial viability through a conceptual study and optimizing recovery rates, aiming for even higher efficiency in gold extraction from tailings.
Panthera Resources PLC (AIM: PAT) has restructured its joint venture agreements with Golden Spear Mali (GSM) concerning the Kalaka and Bassala gold projects in Mali. Under the new agreements, Panthera’s interest in both projects has increased from 80% to 85%, while GSM retains the remaining 15%.
Ariana Resources PLC (AIM: AAU) announced that its due diligence review of the 1.3Moz Dokwe project in Zimbabwe is nearing completion. Diamond drilling has confirmed extensive zones of gold mineralisation, with significant grades such as 45m at 2.75g/t from 80m below the surface and 14m at 4.55g/t at 250m depth.
ECR Minerals (AIM: ECR) Active on Numerous Projects Over the Summer. Mike Whitlow, ECR Minerals Chief Operating Officer talks to Stock Box. Here is a summary of the key points discussed:
- ECR Minerals has introduced new bulk sampling methods at Kuboid Hill to enhance the accuracy of mineral sampling.
- The company reported promising high-grade gold findings and has a comprehensive summer work schedule planned across various sites.
- Management is focused on boosting asset value and market engagement through strategic asset disposals and capital initiatives
Empire Metals Ltd (AIM: EEE) announced the discovery of a new, near-surface titanium dioxide mineral deposit, consisting of rutile and anatase, at the Pitfield Project in Western Australia. This discovery adds to significant titanium mineralisation already reported from the bedrock drilling of its Cosgrove and Thomas targets.
Tirupati Graphite plc (TGR.L), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, provides the following information in response to an ongoing campaign by a group of underlying shareholders holding, in aggregate, c. 5.8% of the issued ordinary share capital of the Company (the ‘Requisitioners’) who have obliged the Company to convene a general meeting which is scheduled for 11 June 2024.
European Green Transition PLC (AIM: EGT) has discovered more high-grade rare earth samples from the Djupedal prospect, the nearby Bersummen area, and the newly identified Stora Lockerum structure at Olserum in southern Sweden. Samples from Djupedal assayed 4.79%, 5.8%, and 11.77% TREO (Total Rare Earth Oxides), indicating continuous mineralisation.
Tungsten West PLC (AIM: TUN, OTC: TNGWF) announced the immediate resignation of Neil Gawthorpe as chief executive. Chief Finance Officer Alistair Stobie will serve as interim CEO while the Devon-based miner searches for a new permanent chief executive.
Oriole Resources PLC (AIM: ORR) reported that soil sampling at the Mbe gold project in Cameroon’s Adamawa region has identified three zones for targeted exploration. A trenching programme covering 5,500m has commenced to provide three-dimensional data by mapping and sampling the underlying rocks of these soil anomalies.
Ariana Resources PLC (AIM: AAU) announced significant intercepts of gold and silver at the Salinbas project in northeastern Türkiye during the last phase of current drilling. Notable grades include 1.88 g/t over 11 metres and 3.68 g/t over 6.7m, with higher numbers over narrower widths.
Pan African Resources PLC (AIM: PAF, OTCQX: PAFRY, JSE: PAN, OTCQX: PAFRF) signed a five-year wage deal with the National Union of Mineworkers (NUM) at its Barberton Mines gold operations in South Africa. The agreement, effective from 1 June 2024 to 30 June 2029, includes an average annual wage increase of approximately 5.3%.
Power Metal Resources PLC (AIM: POW, OTCQB: POWMD) saw its share price rise 10% after securing £2 million from mining investment group ACAM LP. This funding, through loan notes with attached warrants, precedes a potential joint venture worth an additional £10 million.
Caledonia Investments (LSE: CLDN) will proceed with its Bilboes project in Zimbabwe through a single phase of development after a study showed the capital cost could be recouped in under two years. Bilboes is expected to nearly triple annual gold production to over 200,000 ounces.
Alien Metals Ltd (AIM: UFO), a global minerals exploration and development company, announced that the Company has raised gross proceeds of £630,000 (before expenses) though a placing (“the Placing”) of 466,666,667 new common shares of no par value in the Company (“Common Shares”) at a price of 0.135 pence per share (the “Placing Shares”). The Placing Shares equate to approximately 6.7% of the Company’s issued share capital as enlarged by the Placing.
The net proceeds of the Placing will be principally used to advance the Company’s iron ore project, silver and precious metals project in Western Australia and for general working capital purposes.
Aura Energy Ltd (ASX: AEE, AIM: AURA) has advanced its Tiris Uranium Project in Mauritania by starting dual funding workstreams to support its development. The company has appointed two individuals to drive the funding process amid growing global demand for uranium.
