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.
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.
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.
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.
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.
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.
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