A summary of some of the top news from London’s junior miners this week
By Renae Dyer
Royalty income rose 2% quarter-on-quarter (QoQ) to £14.3mln in the quarter ended March 31 and was more than double the £6.7mln in royalty income recorded in the same quarter of 2018. The improvement was driven by a 12% QoQ increase in the contribution from the Kestrel mine.
As previously announced, the provincial government has requested clarification and additional information to support the application for a permit to develop the Gubong gold mine in South Korea; Bluebird said it has provided its proposed community development programme and also a letter, signed by a number of the local residents, supporting the reopening of the mine.
Bluebird expects that the response will enable the application to reopen the mine to progress and reach a successful conclusion.
Werner Klingenberg, who has been chief financial officer since June 2017, has been appointed interim chief executive.
ECR Minerals PLC (LON:ECR) said the drilling programme recently completed at the Black Cat gold prospect, within the Bailieston gold project area in the state of Victoria, Australia encountered some encouraging grades and provided important geological insights.
The AIM-listed precious metals exploration and development company noted that the reconnaissance rotary air blast (RAB) drilling programme targeted numerous quartz reefs at Black Cat with a total of 18 shallow holes for 485 metres of drilling.
It said significant intersections were reported including 7 metres at 1.76 grammes per tonne (g/t) of gold from 35 metres; 3 metres at 4.26 g/t gold from 16 metres; and 1 metre at 6.3 g/t gold from 18 metres.
Michael McNeilly, chief executive of the AIM resources investor, said the “short confirmatory drill programme” had yielded five high-grade tungsten intersections as well as three high-grade gold intersections.
Bezant Resources PLC (LON:BZT) has entered into a binding memorandum of agreement to acquire a 50% interest in a small scale copper mining licence in Zambia, which contains the Buffalo exploration project.
The exploration licence covers 397 square kilometres of ground.
IronRidge has the right to acquire up to 100% of the project through staged earn-in arrangements.
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