There was further momentum for Xtract Resources (XTR) as it said approval has been received from the Resources Regulator in New South Wales , for a further 13 drill holes to be drilled as a part of the Phase 2 Drilling Programme at the Racecourse Prospect on the Bushranger Project, located in the Lachlan Fold Belt of New South Wales, Australia. A further renewal for EL5574 can be submitted in 2024.
By Zak Mir
Rambler Metals and Mining (RMM), a copper and gold producer, explorer and developer, announced that NewGen Resource Lending and West Face Capital have arranged a $1,000,000 bridge loan to Rambler, with $500,000 provided by NewGen’s general partners and $500,000 provided by a fund managed by West Face. NewGen and West Face have arranged a US$1,000,000 bridge loan to Rambler through the existing West Face Note Purchase Agreement which completed on 8 December 2020. The company said that it will make further updates in the wake of this short term financing solution.
Oxford Cannabinoid (OCTP) announced its audited final results for the period ended 31 May 2021. The company said it is accelerating timelines to clinical trials for drug research programmes 3 and 4 and expansion of drug development pipeline. OTC QB admission is now anticipated for December 2021 providing US investors with a way to trade OCTP shares.
Reabold (RBD) which is focused on upstream oil and gas projects, announced an update in respect of the West Newton A-1, A-2 and B-1z discovery wells as part of the Extended Well Test programme, accompanied by an updated estimate of in-place oil and gas volumetrics of the Kirkham Abbey reservoir in the Greater West Newton area of PEDL183. The results of the EWT have confirmed that the WNA-1, WNA-2 and WNB-1z wells are substantial hydrocarbon discoveries. Gas and light oil/condensate were recovered to surface from the WNA-2 and WNB-1z wells, although sustained flow rates were not achieved, and multiple samples have been gathered for geochemical analysis which is currently underway.
Rainbow Rare Earths (RBW) unveiled a small premium placing of £6.435m. $0.5m will go to complete work for the Phalaborwa preliminary economic assessment, expected in H2 2021. $3.0m for further technical work at Phalaborwa beyond the PEA to work towards a bankable feasibility study, excluding on site pilot testing of the final processing flowsheet. Up to $1.0m for the Gakara Project in Burundi. Concentrate with an estimated sale value of $1.3 million is available to fund the recommencement of trial mining and processing operations at Gakara. A maximum of $1.0 million of the Placing proceeds will be used for working capital to maintain Gakara until December 2022, if required. $1.0 million to allow repayment of the balance of an unsecured loan, including accrued interest of $0.1 million, received in February 2020 from Pipestone Capital, of which George Bennett (Rainbow’s CEO) is the ultimate beneficiary.
Synairgen (SNG), the respiratory treatment company, announced the appointment of Gareth Walters, Ph.D. to the newly-created role of Chief Regulatory Officer in preparation for SNG001 regulatory submissions. The company said Dr. Walters brings more than 30 years’ expertise of global regulatory strategy to Synairgen: from preclinical, to marketing authorisation, through to post-approval and commercialisation.
Arc Minerals (ARCM) said it notes media speculation in a Zambian newspaper in respect of a debt claim made by Terra Metals and others, including Mumena Mushinge, a former shareholder of Zamsort Ltd against Zamsort, a subsidiary of the Company, in connection with a $5.8m capital raise by Zamsort in 2015 (prior to Arc becoming a shareholder of Zamsort). Arc considers that the case is without any merit, as originally notified on 10 March 2021.
Bradda Head Lithium (BHL), the North America-focused lithium development group, said that its planned initial and preliminary metallurgical test work programme has commenced with SGS Canada on samples from its 100%-owned Burro Creek East lithium deposit. Burro Creek East already has a JORC-compliant resource identified and further drilling to add to this resource is already underway.
AIM quoted investment company Prospex Energy (PXEN) focused on European gas and power projects, said that Mark Routh, Prospex’s CEO, has written to all shareholders to re-confirm the Board’s plans and vision for Prospex Energy. The company, which recently had to deal with some parties who were looking for change, said it is determined to grow Prospex with an aim to become an operator focussing on development and production gas assets across Europe at a time of unprecedentedly high gas and electricity prices. It has also reviewed its working practices, to improve its corporate governance.
PetroTal (PTAL) announced a Q3 2021 operations and liquidity update. Q3 2021 production averaged 9,508 barrels of oil per day, within 2% of previous guidance. Q3 2021 exit production was 15,131 bopd, an increase of 89% over Q2 2021. Protests at pump station 5 have shut down the Northern Peruvian Pipeline and operations on October 5, 2021. PetroTal said it has been involved with both the government and communities to help resolve the issue peacefully.
Trident Royalties (TRR), the mining royalty and streaming company, noted significant developments concerning two royalties held over gold projects in the Pilbara region of Western Australia. Following recent tenement reconciliation and re-pegging activity by Calidus Resources at the Warrawoona Gold Project, Trident has confirmed a significant increase in the size of the tenure included in the royalty zone at Warrawoona. Trident holds a 1.5% net smelter royalty over a number of tenements which host a portion of the Resource and exploration prospects at Warrawoona.
It is always interesting to note when a chunky, new entry TR1 hits the wires. This was supplied by David Evans, who hit the Oberon (OBE) shareholder register at 7.61%. Shares of the investment management, wealth planning, corporate advisory and broking company have more than doubled since March and are among the leading performers on the Aquis market.
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