Failed bear target Eurasia Mining (EUA), the palladium, platinum, rhodium, iridium and gold producing company, said that an additional exploration license has been granted at its West Kytlim project. The Company applied for this license area in 2019 and the grant was expected.
By Zak Mir
The area of the Flanks License is adjacent to EUA’s current mining license and is largely intersecting with (as well as extending beyond) the initial exploration license that Eurasia owned via its former joint venture with Anglo American Platinum. Eurasia shares jumped 15% yesterday, to leave them with a market cap of £856m.
Chaarat Gold (CGH), the AIM-quoted gold mining company, announced the completion of the Tulkubash 2021 drilling programme. The Tulkubash project hosts a JORC compliant Probable Reserves of 571koz Au and Measured, Indicated and Inferred Resources of 1,177koz Au. The infill drilling programme targeted the Inferred and unclassified areas in the Central Pit and Tulkubash east area. The drill holes intersected consistent oxide gold intercepts as expected. The current Mineral Resource estimate of the Tulkubash deposit is in the process of being updated to include the results of the 2021 exploration programme.
Victoria Oil & Gas (VOG) provided an update on Logbaba well La-108. Perforations have been successfully added to well La-108 safely and under budget. An additional 42m of net pay has been added in the Upper Logbaba Formation in the well. In the first few days of production, the well has supplied up to 5.7 MMscf/d of production, with a flowing wellhead pressure of over 200 barg.
Caerus Mineral Resources (CMRS), the exploration and resource development company, revealed the signing of an extension to the Option Agreement between the Company and Jubilee Metals Group (JLP). Jubilee and Caerus have agreed to extend the agreement for a further period of 18 months within which window a positive Joint Venture decision is anticipated. With the recent acquisition by Caerus of highly prospective new licences and assets, the parties recognise that the scale of the opportunity has increased significantly.
Helium One (HE1), the primary helium explorer, updated the market on progress of the company’s Phase II 2D Seismic Campaign announced on 1st November 2021. It revealed the commencement of Phase II 2D seismic acquisition, deployment of vibroseis trucks and nodes, and appointment of an expert Consultant Geophysicist to its Rukwa Project (100%) in Tanzania.
Coro Energy (CORO), the South East Asian energy company, announced the entry of binding joint venture agreements in respect of the Vietnamese solar acquisition by the company originally announced on 12 July 2021. Coro is to acquire 85% equity interest in a newly formed joint venture to be named Coro Renewables Vietnam in exchange for initial funding by Coro of $500,000 to immediately develop a 5MW pilot rooftop project through to ‘Ready to Build’ status.
Cora Gold (CORA), the West African focused gold company, announced an updated Mineral Resource Estimate for the Sanankoro Gold Project in Southern Mali. The updated MRE follows the recently completed ~43,000m drilling campaign at Sanankoro which focussed on Mineral Resource growth and upgrading existing Mineral Resources to higher confidence categories. There was a +200% increase in total ounces from maiden MRE in December 2019 and significant upgrade to Indicated category using a 0.4g/t cut off and a US$1,800/oz optimised pit shell. In addition, a pit constrained Mineral Resource Estimate of 21.9 million tonnes at 1.15 grams per tonne gold for a total of 809.3 thousand ounces (koz) of Au was revealed.
Hurricane Energy (HUR), the UK based oil and gas company, provided an update on Lancaster field operations and net free cash balances as of 31 October 2021. As of 14 November 2021, Lancaster was producing c.10,150 bopd from the P6 well alone with an associated water cut of c.37%. As of 31 October 2021, the company had net free cash of $99 million (including the revenue from the lifting during October 2021), compared to the last reported figure of $73 million as of 30 September 2021.
Red Rock Resources (RRR), the natural resource development company, unveiled a JORC Indicated and Inferred Resource of 15.13 Mt @ 1.49 g/t Au with contained metal content of 723 koz in greenstones in Western license, Kenya. New exploration targets have been identified by recent work in Eastern license, Kenya. A significant new target zone was also identified in the Western license.
Trident Royalties (TRR), the mining royalty and streaming company, noted the recent announcement by Lithium Americas Corp. regarding positive progress at the Thacker Pass Lithium Project in Nevada, USA. Trident holds a 60% interest in a gross revenue royalty over the entirety of the Project.
TomCo Energy (TOM), the US operating oil development group, provided a further update with respect to its 100% owned subsidiary, Greenfield Energy LLC’s, potential acquisition of up to 100% of the ownership and membership rights and interests in Tar Sands Holdings II LLC. TomCo said that Greenfield has now exercised its option to acquire an initial 10% of the Membership Interests for a total cash consideration of US$2 million, of which an amount of US$500,000 was satisfied by crediting the deposits paid previously.
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