A look back at this week’s top news from London’s junior mining sector.
Metal Tiger Plc (LON:MTR) chief executive Michael McNeilly reported at the end of this week on what he described as a “transformational year” for the company.
During 2018, the AIM-listed company continued to reshape its portfolio – selling its 30% stake in the T3 copper project to MOD Resources Limited (LON:MOD) (ASX:MOD) and increasing its investment in the Kalahari Copper Belt.
The company was able to continue funding its portfolio, raising £6.1mln during the period and £3mln since the end of the year.
Also on Friday, Savannah Resources PLC (LON:SAV) announced an increase in the mineral resource estimate at its Mina do Barroso lithium project in Portugal.
The estimated mineral resources have been increased by around 15% to 27mln tonnes at 1.06% Li₂O for 285,900 tonnes of contained Li₂O.
Meanewhile, Bluejay Mining Plc (LON:JAY) revealed an upgrade to the resources at the Dundas ilmenite project, in Greenland on Wednesday. The project’s total mineral resource increases by 15% to 117mln tonnes, at 6.1% ilmenite in-situ.
It also detailed a maiden exploration target of between 300 and 530 million tonnes in an offshore area, though the company noted that the potential size and quality of the target is “conceptual in nature” and so is not included in the minerals resource estimate.
The move from being a mining exploration company to a producer meant NQ Minerals PLC(LON:NQMI) could justifiably categorise 2018 as a transformational year when it released results on Friday.
The Hellyer project in Tasmania now offers significant ongoing cash flow as the company works on its two exploration projects, Ukalunda and Square Post in North Queensland, Australia. Revenue for 2018 totalled £3.25mln, compared to zero revenues the year before.
It is still early days for NQ, however, and as might be expected for an outfit at this stage of its development, it is currently loss-making.
Greatland Gold PLC (LON:GGP) told investors this week that an exploration survey has extended the range of the exploration target at the Black Hills project in northern Western Australia.
The company has completed a ‘high powered, deep sensing induced polarisation’ survey over a chargeability anomaly described as being ‘spatially coincident’ with gold mineralisation that was previously identified at surface.
As a result of the survey results, Greatland has added some 400 metres to the length of the anomaly, which is now deemed to exceed 1,400 metres.
Meanwhile, Sunrise Resources PLC (LON:SRES) said it remains “firmly focused” on developing its CS Pozzolan-Perlite Project in Nevada, USA, this year after submitting a plan of operations to regulators.
In its results for the six months to the end of March, the group said it is targeting completion of the permitting process for the project in the fourth quarter.
Afarak Group PLC (LON:AFRK) revealed that it has made agreements regarding its funding after securing the combination of an off-take agreement for chrome ore and several financing deals.
Under the off-take agreement, the group said it will deliver goods from its South African mines from July 2019 to July 2023 and against these deliveries will receive a prepayment for the goods.
In addition, Afarak added, it has made several financing agreements at standard market terms for the industry.
Elsewhere, Alba Mineral Resources PLC (LON:ALBA) revealed details of the latest batch of results from the Clogau gold project in Wales.
Results from 243 samples, among 1,200 samples taken in a recent programme, include gold-in-sample grades from two new anomaly areas which are located away from and separate to the historic mining area.
Previously identified anomalies have been extended by the latest results, the firm added.
Premier African Minerals PLC (LON:PREM) has started talks with other parties about the development of the RHA tungsten mine.
The junior has agreed to a direct approach from a potential alternative buyer of wolframite, while two Development Finance Institutions are to conduct due diligence.
The group has also terminated discussions with KME Plant Hire over a long form drilling contract for its Zulu Lithium project in Zimbabwe.
The AIM-listed firm said the two parties had been unable to conclude a revised pricing structure for the drilling that was commercially acceptable to both, and as a result it had terminated discussions with KME and would urgently reopen negotiations with a previous contractor with a view to recommencing drilling activities at the project.
And AfriTin Mining Ltd (LON:ATM) said it has commenced a phased commissioning process for the pilot processing plant at its Uis tin mine in Namibia.
At the same time the mining contractor has been mobilised, water and power infrastructure has been put in place, and resource validation drilling has been completed.
Author Proactive Investors
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