Market Cap: £19m; Current Price: 2.5p
- Discovery of another zinc zone and extension gold-copper zone to the south
- Mariana Resources and its joint venture partner Lidya has completed the first four holes of the Phase II drill programme and is reporting the assay results of the first two holes at the Hot Maden project.
- The gold-copper shoot appears to be steeply dipping to the west and plunging to the south. Work to date has defined a strike of 225m and it remains open at depth and along strike.
- HTD-08 was drilled to the north of the two Phase I discovery holes HTD-04 and HTD-05 and has discovered another area of zinc mineralisation located to the west of the gold-copper shoot. The hole then passes below the plunge of gold-copper shoot in to the area of zinc mineralisation to the east of the shoot. Results from the zinc mineralisation to the west of the shoot in HTD-08 include 90.9m at 0.78% Zn. Results from below the gold-copper shoot in HTD-08 include 7.2m at 2.1g/t Au and 1.6% Cu and 8m at 1.8% Cu. Results from the zinc mineralisation to the east of the shoot include 2m at 11.9% Zn.
- HTD-09 was drilled between the two phase 1 discovery holes. This hole also appears to have also drilled below or on the margin of the plunge of the main gold-copper shoot but still returned relatively positive results that include 22m at 3.1g/t Au and 1% Cu.
- HTD-10 was drilled between HTD-09 and HTD-05 to further test the continuity. Assay results are currently pending but a visual inspection of the core by the Company and its joint venture partner includes 66m of chalcopyrite and pyrite mineralisation in brecciated andesites with an additional 80m of sulphide bearing andesites.
- HTD-11 was drilled to the south of the HTD-05 to test for a southern extension to the mineralisation. Assay results are also pending for this hole. However, a visual inspection of the core appears to indicate 125m of chalcopyrite and pyrite mineralisation located within brecciated andesite.
- No change to rating.
NORTHLAND CAPITAL PARTNERS VIEW: These results are another positive development for Mariana Resources from its Hot Maden project, located in Turkey. HTD-08 has resulted in the discovery of another large area of zinc mineralisation to the west of the gold-copper shoot, with 90.9m at 0.78% Zn (Figure 1). This zinc mineralisation seems to be forming a halo around the gold-copper shoot that now appears to be plunging towards the south. As a result of the shoot’s plunge, it appears that the gold-copper shoot comes to surface between hole HTD-04 and HTD-08 and the gold-copper mineralisation observed in this hole is therefore narrower and lower grade. HTD-09 appears to have been drilled below the plunge of the gold-copper shoot (Figure 2) and a visual inspection of the core from HTD-10 also appears to confirm this with two larger zones of visually inspected sulphide mineralisation. The visual inspection of the core from HTD-11 is a further exciting development that appears to demonstrate the extension of the high grade gold-copper shoot to the south. Based on all the information to date the gold-copper shoot is steeply dipping to the west and also plunges to the south and extends over at least 225m. The mineralisation remains open along dip and along plunge towards the south, so there is further room for further upside.
Market Cap: £11.2m; Current Price: 2p
- Construction on schedule
- Processing plant has been delivered to site on schedule
- Management team induction has been completed.
- Appropriate Process Technologies, the plant manufacturer, expects to be commissioning the plant by the 03/06/15.
- Mining continues to progress well.
NORTHLAND CAPITAL PARTNERS VIEW: Premier African Minerals continues to stay on track for its ambitious production target of June for its 45% owned RHA Tungsten Project. With production imminent, Prem looks good value at these levels.
Market Cap: £8.9m; Current Price: 0.28p
- From Friday: Maiden revenue of £1m
- Maiden revenue of £1m during FY14. LBT increased to £0.6m in FY14 compared to £0.3m in FY13, as a result of the operational loss at La Parrilla and an increase in administrative and finance costs. Net debt of £0.6m in FY14 compared with net cash of £1m in FY13.
- Company expects to receive approvals for the fast track mine development at La Parrilla in Q415.
- AGM to be held on 19/06/15
- Forecasts and price target remain under review, rating maintained.
NORTHLAND CAPITAL PARTNERS VIEW: No surprise in the FY14 results from W Resources. The weaker APT prices during the second half of the year lead the Company to complete a strategic review of its tailings operations with fast track development of hard rock operations at both La Parrilla and Régua cited has the best routes for the Company to achieve its objective of becoming a sizable tungsten producer. The Company is currently advancing its portfolio of projects in Spain and Portugal and further updates are expected shortly.
Management Resource Solutions (LON:MRS) – CORP: Financing update
From Friday: First replacement offer of debt financing received
MRS has received the first replacement offer of debt financing and anticipates receiving further competitive proposals within the next week. This follows the default by Halcyon Capital Management Pty on its contracted obligations to provide the funding for the acquisition of D&M Group.
The facility under negotiation is significantly less than that contracted from Halcyon, reflecting the lower level of equipment financing to be replaced, significantly reduced transaction costs and a smaller working capital facility. MRS and the vendors have also agreed in principle to revise the consideration structure so that c. 52% of the purchase price will be paid on completion (AUS$4m) with the balance deferred up to three years. As a result, the working capital position of MRS post acquisition should be improved on March’s terms.
The lending proposal from an established Australian bank is subject to a number of pre-conditions and the entering into of definitive agreements but it is anticipated that MRS will be able to complete the acquisition by the first week of July.
Given the focus on completing the acquisition, MRS has not been in a position to identify new directors and hence Murray d’Almeida has agreed to defer his retirement as non-executive chairman for the immediate future.