It’s been an election frenzy this week, with candidates in the US nearing the end of the primaries and London’s Mayoral race coming to a head at some point today. But while politics has been heating up, the real news came from the world of sport, after Leicester City spectacularly beat odds of 5,000-1 to win the Premier League title, capping off a spectacular season. To cap off another good week here at St Brides, the brief covers some of our clients’ own achievements from over the past five days. In the Brief this week …
Alecto Minerals (ALO) got a three year extension on its Kerboule exploration licences in Burkina Faso; Armadale Capital (ACP) provided an update on its ongoing exploration programme at the Mpokoto Gold Project in the DRC as it looks to increase the resource potential, extend the current life of mine and enhance the overalleconomics of the Project; MX Oil (MXO) saw production commence as the Aje Field, offshore Nigeria; Noricum Gold (NMG) commenced drilling at the Tsitel Sopeli gold target at its Bolnisi Project in the Republic of Georgia; Challenger Acquisitions‘ (CHAL) CEO snapped up a large amount of Challenger shares; while Plexus (POS) signed its ninth wellorder with Det norske.
Alecto Minerals has been awarded an additional three year licence period for the Kerboule Project in Burkina Faso to 16 January 2019, granting the Company sufficient time to expand the known mineral resource estimate of 230,758 oz Au in the Kerboule-Yalema Corridor and complete further exploration at the highly prospective Palpaga Exploration Target. The extension is also a crucial step towards securing a potential joint venture partnership that will allow Alecto to continue its activities on the ground.
Armadale Capital provided an exploration update on its work programme from its Mpokoto Project in the Katanga Province of the DRC, which highlighted that it has initiated a 2,000m auger drill programme of approximately 150 auger holes and has, to date, completed and sampled 53 holes. The results of the initial drillprogramme have demonstrated that the gold mineralisation extends both north-west and south-east of the current defined resource zone. The objective of the programme is to increase the planned life of mine, which currently stands
at four years for Phase 1 production, expand the current Total Mineral Resource of 678,000oz gold ra 1.45g/t Au and improve the overalleconomics of the project.
MX Oil announced that production had commenced at the Aje Field, offshore Nigeria, with first oil achieved from the Cenomanian reservoir. Flow rates are expected shortly, following commissioning and well stabilisation.
Noricum Gold is delivering on its strategy to convert the significant Soviet resources across the licence area at its Bolnisi Project in the Republic of Georgia aft er commencing a 13-hole
diamond drillprogramme as Tsitel Sopeli, the second of two priority gold targets identified at the 861 km2 Project. The Company plans to deliver gold ore production from outcropping mineralisation in Q3 2016.
Challenger Acquisitions CEO Mark Gustafson has made some significant purchases of Challenger shares in the Last week totalling 100,000 shares for £28,650 at a price ranging between 28-29.5p. As a result Mark now owns 4% of Challenger. The global leader in Giant Observation Wheels which has a -3% equity stake in the New York Wheel (currently under construction]. intends to announce a number of new developments in Asia, Europe and the Americas this year. First stop will be a new wheel in Jakarta in Southeast Asia where Challenger is currently working with a local developer to construct a 125 meter Giant Observation Wheel. Land for the site has recently been secured and the local developer is currently finalising bank f inancing.
Plexus signed its ninth well order with oil major Det norske, for its best in class surface wellhead and mudline welltechnology for use on the Norwegian Continental Shelf, offshore Norway. The order, worth approximately £0.6m, is expected to deliver revenues in Q3 2016.