A look back at some of the interesting news from London’s small-cap mining scene.
The group posted a 54% year-on-year (YOY) increase in revenue to £6.56mln and a 57% YOY gain in operational earnings to £3.22mln.
Highlight results include grades up to 1.5 grams per tonne gold and 17.5 grams per tonne silver.
Rainbow Rare Earths Ltd (LON:RBW) has secured a new funding agreement with its major shareholder, Pella Ventures. Pella has given Rainbow an unsecured 12-month 15% loan of US$700,000 to support the rare earth element mining company’s development and operations.
Drilling below the existing reserves suggested the underground mining operation can go down for at last another three levels, with the mineralisation remaining open at depth.
The company completed 1,687m of reverse circulation drilling in 17 holes at the project targeting multiple quartz vein orientations within the Dimocks Main Shale (DMS).
Greatland Gold PLC (LON:GGP) has started a field exploration campaign at its Black Hills licence in Western Australia while also announcing plans for a maiden drilling programme at the site. The precious metals explorer said it would begin the programme with a high powered, deep sensing Induced Polarisation (IP) survey, a geophysical imaging technique designed to detect underground materials such as ore.
Metal Tiger holds a 30% stake in several licence areas in joint venture with MOD Resources, which owns the other 70%. MOD – in which Metal holds a 10.5% stake – also owns the T3 copper project.
Tungsten miner W Resources PLC (LON:WRES) has secured a €3mln loan facility with Caja Rural de Extremadura. The loan facility provides an advance of funding against the €5.3mln grant awarded by the Junta de Extremadura Government that is expected to be paid to the company in the final quarter of 2019.
Source Link www.proactiveinvestors.co.uk
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