A busy week for the diggers and here are some highlights.
Following a second air core drilling campaign the high-grade portion of the indicated resource now stands at 1.21 mln tonnes at 4.4% K2O and 3.45% P2O5, an increase of 37% over the previous number.
The overall indicated resource now stands at 3.75 mln tonnes at 3.44% K2O and 3.24% P2O5.
“It’s a substantial upgrading of the resource,” said chief executive Brian McMaster. “The total of inferred plus indicated is 14 mln tonnes, which gives us 30 years’ worth of mine life off just 7% of the total orebody.”
The execution of the mining right is a significant milestone in the development of the project, located in the Limpopo province of South Africa, and adds extra credibility to Jubilee's mine-to-metals strategy.
The timing of the decision by the Department of Mineral Resources is particularly good, Jubilee said, as commodity markets continue to bounce back.
It means the Tjate Platinum Corporation now has the right to mine and process all platinum group metals (PGM), chrome, nickel, copper, gold and various other minerals in the project mining area.
This week it emerged that a Chinese investor was to take a 29.9% stake in ECR Minerals PC (LON:ECR) after agreeing to subscribe for 55.4mln shares in the multi-project developer.
Shenyang Xinliaoan Machinery Co will pay 1p for each of the shares – which are subject to a 12 month lock-up agreement – raising £553,564 for ECR.
A £100,000 non-refundable deposit will be paid by Shenyang which will be converted into ordinary shares at 2p each should the subscription not be completed by 31 March.
The company said it would use the cash influx to push ahead with drill programmes at the Avoca and Bailieston gold projects in Australia as well as the SLM gold project in Argentina.
Elsewhere, Sula Iron & Gold PLC’s (LON:SULA) targets this year are to drill at least 2,400m at Ferensola in Sierra Leone and to assess the potential scale of the Eastern target area.
At present, Ferensola has a JORC Compliant exploration target of between 0.8mln and 1.5mln ounces of gold at the Sanama Hill prospect.
The drilling will start this month with two rigs now on site.
A magnetic survey (IP) last year though indicated an extension of this gold mineralisation to the east of the currently defined target.
Meanwhile, Galantas Gold Corporation (LON:GAL, CVE:GAL) has closed the second part of its recently announced share placement.
Subscription agreements to the value of C$2.45mln, roughly equivalent to £1.48mln, have been received at the placing price of C$0.0725 a share, or 4.5p a pop for UK shareholders.
Funds from the issue will augment working capital and will be used to start development of an underground mine on its Omagh property in Ireland.
The cash influx will go towards financing further drilling and exploration at BAM East, as well as to top up the company’s coffers.
The fundraise was smaller than the £3mln to £4.5mln Landore had initially said it was going to raise when it announced a 301,000 ounce maiden gold resource for BAM, last month.
Perlite is used as an insulator in paint, plaster, concrete fillers and in soil aeration with its main characteristic that it expands hugely when heated.
Testing on the pozzolan samples from the CS deposit, meanwhile, have indicated it is a high quality natural source of the cement substitute.
The drill program is exploring two prospective areas adjoining or near the existing Kwale operation: the south-west sector and north east sector.
In the south-west, latest drilling has shown the Kwale South Dune deposit continues south by 950m and east by up to a further 500m.