Just days after agreeing deals for copper tailings in Australia and a chromite ore supply deal at Dilokong, its other operation in South Africa, Jubilee has bought 1.25mln tonnes of tailings close to its Hernic mine operation.
Uranium mine developer Berkeley Energia Limited (LON:BKY) unveiled “outstanding” results from the latest drilling on the Zona 7 portion of its Salamanca Project and sketched out plans to maximise the potential of its land holding in Spain.
The latest work on the near-surface deposit uncovered a 12-metre section of triuranium octoxide (U3O8) at 1,003 parts per million (ppm), including one-metre at 2,464 parts per million.
A second hold delivered two metres at 2,002 ppm, including a metre at 3,761 ppm.
The plan, according to Metal Tiger’s chief executive Michael McNeilly, is to raise between £3 mln and £4mln from investors in London and Asia, following the results of consulting work that will provide a detailed economic appraisal of the properties.
“We’re targeting an IPO in June or July,” he said.
Elsewhere, Thor Mining PLC (LON:THR, ASX:THR) chairman Mick Billing said the group's drilling programme has “substantially exceeded expectations”, pushing the shares up 5%.
The company owns the Pilot Mountain tungsten project in the US state of Nevada and recently completed the first round of work on the Desert Scheelite portion.
The highlight was 51-metres of a rock-type called skarn containing scheelite, which is rich in a tungsten bearing material. Nine metres of the sample contained visible sulphide mineralisation.
The original BFS, completed back in August 2015, suggested a pre-tax net present value of £23mln although that has now been significantly increased to £43mln.
The updated study has also upped the life of mine EBITDA (underlying earnings) to £100mln from £67mln, while the peak funding requirement has gone the other way, from £18.5mln to £7.4mln.
Private group Galvin Investment Company (GIC) will take up to 350,000 tons of magnetite (iron ore) at a market based price over several years, subject to availability.
If implemented, the contract would effectively double annual sales from Cobre, while maintaining an effective net profit margin at 40% to 45% of sales revenue.