Empire Metals (AIM: EEE) announced the results of a recent soils geochemistry programme at its Eclipse Gold Project in Australia, which has identified two new centres of gold-in-soil anomalies within the area. These results confirm the current drill targets at Eclipse and Houdini as well as identifying two new targets, which is likely to be followed up with more detailed soils grids before committing to its drilling. The project management company overseeing the work programme has unfortunately been delayed due to a combination of factors and has advised that the drill rig is on standby. Despite experiencing delays at this early stage, the drill rig was secured during a mini-boom period for exploration in the area and work should commence shortly.
Jangada Mines Plc (AIM: JAN) commenced a follow-on 2,000m drilling programme at its 100% owned Pitombeiras Vanadium Project in Brazil. The programme is designed to upgrade the confidence and increase the overall size of the recently defined initial resource estimate of 5.70Mt at an average grade of 0.51% vanadium pentoxide (‘V2O5’), 10.09% titanium dioxide (‘TiO2’) and 50.42% of ferric oxide (‘Fe2O3′) for a contained resource of 28,990 tonnes V2O5. It will focus on step-out drilling to delineate ore body extensions within three of eight high priority target areas. The objective is to delineate a further approximate 10Mt and the programme is fully funded. Results will be released as they become available whilst other key work programmes continue to advance, including an updated logistics’ study, metallurgy work, and refinement of the planned processing route.
Ferro-Alloy Resources Limited (LSE: FAR) announced a production and progress update for the nine months ended 30 September 2020. Record levels of production have been seen in recent months with an increase of 135% in production of vanadium pentoxide in Q3 2020 over Q3 2019, and a 72% increase in production of vanadium pentoxide from the same period in 2019. Progress has been made on commissioning the equipment to extract molybdenum from the high-grade raw materials treated in the pyrometallurgical line in order to generate additional income. An agreement has been signed with the Institute of Metallurgy and Enrichment in Kazakhstan in order to start the production of commercial samples of vanadium electrolyte will assist in discussions with potential off-takers. The technology recently developed for the production of electrolyte for vanadium flow batteries will allow FAR to take part in the growing clean energy revolution.
Cora Gold Limited (AIM: CORA) appointed Mr Andrew Chubb to the Board of Cora as an Independent Non-Executive Director with immediate effect. Mr Chubb will bring his broad range of international corporate finance, restructuring, capital markets and M&A experience in the metals, mining and natural resources sectors. His extensive experience will be invaluable to Cora during this exciting and busy period.
Vast Resources Plc (AIM: VAST) confirmed that production has recommenced at its Baita Play Polymetallic Mine in Romania and is operational once more. Daily blasting has been implemented on the mineralised horizon of the Antonio scare and transport of the ore from the surface silos to the flotation plant silos has commenced. Based on the success of the recommenced mining activity and how quickly production was able to resume, Vast is on track to meet its October production and sales targets as it continues to focus on realising the mine’s significant commercial potential.
Dekel Agri-Vision (AIM: DKL) reported large percentage increases across all key metrics at its palm oil business in Cote d’Ivoire during September 2020: crude palm oil (‘CPO’) production at the Company’s mill at Ayenouan increased 54% to 1,965 tonnes compared to the 1,274 tonnes produced in September 2019; CPO prices jumped 38% to €604 per tonne (Sept 2019: €438 per tonne); and extraction rates reached 21.2% (Sept 2019: 18.7%). The strong September figures fed through to an excellent set of Q3 numbers which included a 10% increase in production to 5,280 tonnes compared to Q3 2019’s 4,803 tonnes and a 20% increase in average CPO prices to €550 per tonne (Q3 2019: €456). With the third quarter under its belt, the Company expects H2 2020 results will show a material improvement on H2 2019.
Erris Resources’ (AIM: ERIS) shares resumed trading following this week’s announcement that it has agreed terms with Bacanora Lithium regarding its acquisition of Bacanora’s 50% interest in Deutsche Lithium and its principal asset, the Zinnwald Lithium Project in Germany. The Acquisition has the potential to transform Erris into an important supplier to Europe’s fast-growing lithium sector. The Project is late stage and comes with a completed Feasibility Study which estimated a €428 million pre-tax (discounted at 8%) NPV, 27.4% IRR, and an average LOM (life of mine) annual EBITDA of €58.5 million. With numbers like these it is no surprise that, subject to shareholders approving the acquisition, the Company’s focus will switch to advancing Zinnwald. In line with this management has proposed changing the Company’s name to Zinnwald Lithium and spinning out its Loch Tay Gold Project to existing shareholders. To drive the new strategy, the Company has raised £3.75 million and has also shuffled its Board with Anton du Plessis and Jeremy Martin being appointed CEO and Chairman respectively. Meanwhile Bacanora CEO Peter Secker is set to become a non-executive director once the deal has completed.
Oracle Power Plc (AIM: ORCP) provided an update statement from its CEO, Named Memon, on the developments during Q3 2020. During the past three months, Oracle has been progressing its strategy in respect of the development of the Thar Block VI Project towards Financial Close, and laying the foundations for its overarching strategy to become an international resources and power developer. Read the full statement here. Naheed Memon will also be answering shareholder questions in a recorded interview which will be made available on the website on 19 October, and shareholders are invited to submit questions by 12pm on 14 October 2020 via [email protected].
You may have missed…
Alastair Ford talked to Proactive Investors about Critical Metals Plc (AIM: CRTM) following its recent listing on London’s main market.
Nick Bridgen, CEO of Ferro-Alloy Resources Plc (LSE: FAR), spoke with Directors Talk about production and progress made over the last nine months.
In the news this week…
London’s AIM has bounced back this year, outperforming the main market.
September breaks global and European records for hottest ever.
Following sunny September, National Trust experts are predicting a spectacular natural display of autumn colours.
Two women share the chemistry Nobel prize in historic win as the first two women to share the award, and the UN World Food Programme is awarded the Nobel Peace Prize.
Babies are being born without wisdom teeth as humans are undergoing a ‘micro-evolution’.
Banned Books Week ended last weekend – see the top 10 challenged books of 2019.
If you are struggling with mental wellbeing, find support here.