Weekly Mining Highlights, 25th August 2019

A look back at some of the top news from London’s small-cap miners.

By Renae Dyer

Anglo Pacific Group PLC (LON:APF) posted a 64% jump in revenue in the first half, driven by a strong performance at its Kestrel underground coal mine in Queensland, Australia.

Revenue rose to £31.1mln in six months to 30 June from £19.1mln a year ago and pre-tax profit more than doubled to £41.2mln from £18.6mln.

Kestrel achieved record revenue of £22.7mln in the first half, up 60% on last year, and volumes from the mine this year are expected to rise 40% to 6.5mln tonnes.

Greatland Gold PLC (LON:GGP) has located more gold at its Panorama project in Western Australia.

The AIM-listed firm said field reconnaissance had located additional gold nuggets around 1km further south-west from others discovered on 8 July, extending the strike length of the mineralised trend at the project to 6.1 kilometres from 4.3km.

Greatland added that it had completed phase one geochemical sampling and a low level airborne magnetic survey at the project, the data from which would assist in providing “better definition” of existing targets.

Rockfire Resources PLC (LON:ROCK) has garnered a deeper understanding of an alluvial gold deposit next one of its key assets in Queensland, Australia.

But the company admits more work is required to find the hard rock source of the precious metal.

Rockfire’s Kookaburra tenement rings the firm’s Lighthouse property. Its technical team has sifted through historic trenching and bulk sampling data on an area called the Brigalow Alluvial Goldfield.

Calculations made in 1986 suggested there were 387,000 loose cubic metres of alluvial ore grading 0.42 grams per cubic metre, giving a total of 5,286 ounces of gold.

IronRidge Resources Limited (LON:IRR) has held a meeting with Volkswagen to present its lithium project in Ghana to the German car company.

The meeting was solely part of the IronRidge’s general marketing and promotional activities, said the statement.

Volkswagen has signed a Memorandum of Understanding with the government in Ghana for the manufacture and assembly of vehicles.

Shefa Gems Ltd (LON:SEFA) has renewed the prospecting licence at its Kishon Mid-Reach Zone 1 project in Northern Israel for another 12 months.

The licence has been granted for diamonds, gold and precious stones, and covers an area of around 25 hectares.

Katoro Gold PLC (LON:KAT) has agreed to sell its Lake Victoria projects in Tanzania to focus on the nickel potential at Haneti.

A private Australian group, LVG, is paying US$1mln for Reef Miners, the owner of the Imweru and Lubando gold licences.

Ariana Resources PLC (LON:AAU) has been granted a new operational licence at its Salinbas gold project in Turkey.

The AIM-listed explorer said the Hizarliyayla licence had been renewed to operational status for 10 years.

Ariana also announced the results of drilling at hole ARD022, saying it had found a “higher grade and deeper intercept” than other intercepts reported previously.

Galileo Resources PLC (LON:GLR) is to apply for a mining permit at its Star zinc deposit in Zambia after publishing a JORC-compliant mineral resource estimate for the project.

The MRE supports the previously reported initial findings of approximately 500,000 tonnes at 16% Zinc for 77,000 tonnes of contained metal above a cut-off grade of 2% Zinc.

Alba Mineral Resources plc (LON:ALBA) said it will be focusing its attention on the development of its Clogau gold project in Wales.

George Frangeskides, executive chairman of the AIM-listed explorer, said “excellent results” from the project over the last year had reinforced its “enormous potential” and, as a result, the firm would be focusing its field work for the rest of 2019 on Clogau, with preparations already underway for an underground exploration programme at the site.

Galantas Gold Corp (LON:GAL) confirmed sales of US$460,000 in its second-quarter following the start of shipments from the Omagh mine in Northern Ireland.

The miner started to sell gold in April through an offtake deal with Ocean Partners.

Base Resources Limited (LON:BSE) more than doubled its estimate of ore at its Kwale deposit in Kenya as the North Dune area was included for the first time.

Resources are now 285Mt compared to 134Mt a year ago, of which the North Dune contributed 171Mt. That included 136Mt in the indicated category.

Thor Mining PLC (LON:THR) shas reported more positive drilling results from the Big Sandy project in Arizona, USA.

The AIM-listed group quoted a statement by Paul Lloyd, managing director of project operator Hawkstone Mining Limited (ASX:HWK), saying the final holes of a 37-hole phase 2 drilling programme had delivered “exceptional results” with high grades of lithium intercepted.

Power Metal Resources PLC (LON:POW) has completed its strategic review and restructuring.

Paul Johnson has become chief executive from his previous executive director role and he confirmed the junior will focus on large scale nickel, copper and cobalt discoveries.

South African miner BlueRock Diamonds PLC (LON:BRD) has sold a fifth stone from the Kareevlei mine for more than US$50,000.

The 7.63 carat diamond fetched US$52,000 or US$6,815 per carat and takes the total generated this year from the sale of exceptional stones to over US$500,000.

By Renae Dyer

Source www.proactiveinvestors.co.uk

 

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