Weekly Mining Highlights, 9th November 2019

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

By Madeleine Taylor

MetalNRG PLC (LON:MNRG) said Friday it had kicked off a pillar gold sampling programme at its Gold Ridge project in Arizona after unearthing 115 ounces of gold from a sample taken from a boulder on the side of the project’s waste dump.

The company said the ultra high-grade sample indicated the potential for more high-grade gold at the site, which could serve as a “significant and relatively near term revenue opportunity”

Focuses on investing in precious and strategic metals projects that it believes will deliver short term cashflow, while also offering exploration upside for the medium to long term.

The company’s main focus is on its Gold Ridge Project in Arizona, acquired in November 2018, which encompasses three previously-producing gold mines known as Gold Prince, Gold Ridge and Dives mines, which are over a 1.8km strike within prospective 5km long vein swarm.

The three mines contain high-grade gold bearing quartz-sulphide veins, with historical production at the Gold Prince mine of 22,000 oz through to 1996.

The explorer is hoping to monetise the waste dumps and pillars left behind by previous operators, so that it can then go on to develop the significant exploration potential in the area.

MetalNRG also has an 8.5% stake in the Kamushanovskoye uranium deposit in Kyrgyzstan, which is currently on hold pending government legislation on uranium mining in the country which it proposed to ban in March.

Recent developments:

In November, the company announced the start of a pillar gold sampling programme in Arizona after finding 115 ounces of gold on a boulder on the side of its Gold Ridge project’s waste dump.

It said in a statement that the programme was on schedule and it is aiming to confirm results from the sample, which is equivalent to around 3,949 grams per tonne of gold.

The company also shifted its shares from the NEX market to the Main Market on London Stock Exchange in July, saying the company believes it has matured to the next level.

Pembridge Resources PLC (LON:PERE) announced this week that it had received the first revenues since copper, gold, and silver mining began again at the Minto open pit in October. On Friday the firm also revealed it is to get more cash upfront through an amendment to a legacy streaming agreement with Canadian giant Wheaton over the recently re-opened Minto mine.

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In a statement, Pembridge said it might get as much as US$8.5mln extra for the first 14 months of production if the gold price stays above US$1,500.

IronRidge Resources Limited (LON:IRR) raised £2mln on Thursday via a share placing and subscription to fund the development of its gold and lithium projects in Côte d’Ivoire, Ghana and Chad.

Greatland Gold PLC (LON:GGP) said this week that it had identified multiple targets at its Paterson Range East licence in Western Australia following geophysical surveys at the site.

Bushveld Minerals Limited (LON:BMN) revealed that it achieved record output from its vanadium arm Vametco in September after a series of upgrades to the plant.

Bluebird Merchant Ventures Ltd (LON:BMV) said it formally received a ‘Permit to Develop’ the Gubong gold mine in South Korea, enabling it to start work immediately on re-opening the historic mine.

W Resources PLC (LON:WRES) said it was advancing with commissioning and ramp-up activities at its La Parrilla mine in Spain. The tungsten, tin and gold miner said all components at its concentrator plant at the site had now been commissioned and over five tonnes of tungsten concentrate had been produced and is due to be purified with tin separated next week.

Jubilee Metals Group PLC (LON:JLP) announced it will extend its rights over the chrome contained in the historic tailings at the Inyoni project in South Africa, in a deal valued at approximately US$16.4mln.

Amur Minerals Corporation (LON:AMC), the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, raised £1.2mln before expenses through the subscription of just under 70.6mln shares at a price of 1.7p per share.

Base Resources Limited (LON:BSE) said it had been told to suspend on-the-ground activity at the Toliara mineral sands project in Madagascar while fiscal terms are agreed.

Anglo Asian Mining PLC (LON:AAZ) said it had uncovered new mineralisation in the north-east of the licence area that is host to its Gedabek open-pit mine in western Azerbaijan.

Thor Mining PLC (LON:THR) was on the ascent this week as it reported visible gold samples had been discovered at its Pilbara Goldfield tenements in Western Australia.

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ECR Minerals PLC (LON:ECR) found nuggety gold mineralisation in its analysis of samples collected earlier this year at the Creswick gold project in Victoria, Australia.

Arc Minerals Ltd (LON:ARCM), the Zambian-focussed copper exploration and development company, received additional near-surface, high grade copper assays from its maiden diamond drill exploration programme at the Cheyeza East target in Zambia.

Shefa Gems Ltd (LON:SEFA) entered into a convertible loan agreement valued at US$200,000 with a shareholder of the company.

Gem Diamonds Ltd (LON:GEMD) renewed its mining lease at the famous Letšeng mine, following discussions with the Lesotho Mining Board.

Labro Investments Ltd, a company in which the chairman of Chaarat Gold Holdings Ltd (LON:CGH) Martin Andersson holds a majority interest, exercised all 21.4mln of its warrants to subscribe for Chaarat shares.

Mining royalty specialist Anglo Pacific Group PLC (LON:APF) said it remained on track for another record year even though prices of coal and vanadium, two key commodities, have weakened recently.

Sunrise Resources PLC (LON:SRES) raised £350,000 for its CS pozzolan-perlite project in Nevada, USA through a conditional placing.

Alien Metals Ltd (LON:UFO) extended the option it holds with Windfield Metals over two iron ore projects in the Pilbara region of western Australia.

By Madeleine Taylor

Source www.proactiveinvestors.co.uk
Article originally published by proactive investors. Share Talk is not responsible for its content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
The above has been published by Proactive Investors Limited (the “Company”) on its website and is made available subject to the terms and conditions of use of its website (see T&C )
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Images via @StirlingBridgeR 

 

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