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Proactive weekly mining news - Harvest Minerals, Asiamet Resources, Anglo Asian Mining and Cadence Minerals plc

Published: 08:24 14 Oct 2017 BST

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It was a fairly busy news week for the diggers.

Harvest Minerals Limited (LON:HMI) revealed it had recorded first sales of its fertiliser replacement KPfertil.

The sales were in response to requests from customers even though the company is waiting for formal certification for KPfertil as a remineraliser from the Brazilian Ministry of Agriculture.

Major coffee grower Veloso has been trialling the product this year, while orders have also come in from orchard and broad acre farmers, distributors, blenders and co-operatives, Harvest said.

Elsewhere, Toronto-listed Asiamet Resources Ltd (LON:ARS) is increasingly confident it has found a new stand along polymetallic deposit at its BKZ prospect in Kalimantan, Indonesia.

Assays from the first of a six hole shallow drilling programme were ‘exceptional’ said Peter Bird, chief executive, and consistent with a much larger deposit.

Best of the latest assays was a 30m intercept averaging 8.9% zinc, 2.2% lead, 46 g/t silver and 0.37 g/t gold. This included two high grade zinc sections both 9m wide with a 12% or higher indication.

Asiamet reported similar high grades from a scout hole 50m away last week with 11% zinc over a 23m zone.

Meanwhile, Anglo Asian Mining Plc (LON:AAZ) unveiled a 19% rise in gold production thanks to the opening of mining at the Ugur open pit in September.

Gold production amounted to 14,468 ounces for the third quarter to September 30, while copper production totalled 550 tonnes and silver totalled 40,288 ounces.

The company sold 9,287 ounces of gold bullion at an average price of US$1,286 per ounce, copper concentrate sales totalled 2,905 dry metric tonnes with the sales value reported at US$5.5mln.

Sticking to the yellow metal, gold recovery specialist Goldplat plc (LON:GDP) updated on positive exploration progress from Ashanti Gold Corp on the former's Anumso gold project in Ghana.

Ashanti has the right to earn up to 75% of Goldplat's interest in the site by spending US$3mln on exploration.

Goldplat has a 90% interest in the Anumso lease, which covers 29 sq km in the highly prospective Amansie East and Asante Akim South Districts of the Ashanti Region of the Republic of Ghana.

Elsewhere, Cadence Minerals Plc (LON:KDNC) told investors that its associate Macarthur Minerals has agreed to acquire all of an exploration area in the Pilbara region of Western Australia.

The area covers 13 sq km adjacent to tenements that are part of Macarthur’s farm-in arrangement with Artemis Resources.

"We are pleased that Macarthur Minerals has enlarged its position in the Pilbara region with the new tenement bringing in an exciting new target for exploration," said Kiran Morzaria, Cadence chief executive.

Greatland Gold plc (LON:GGP) had two announcements out this week.

Shares rose on Wednesday after it released the latest exploration results from the Ernest Giles East project in Australia which, according to chief executive Gervaise Heddle, has the potential to be “one of most significant gold districts to be identified globally within the last decade.”

On Friday, it said it was excited to have kicked off exploration at the Paterson project in Western Australia.

The project covers more than 360sq km in the Paterson region and includes the Havieron licence and the Paterson Range East licence.

The firm said metal Ion (MMI) sampling had started on  the Havieron target with initial sample spacing of 200 metres by 200 metres over a 9 sq km area.

Base Resources Ltd (LON:BSE) updated on a positive September quarter at its Kwale mineral sands operation in Kenya and has raised its 2018 production guidance for zircon and ilmenite.

"The quarter was characterised by continuing improvement in zircon markets, stabilising ilmenite prices and a positive outlook for rutile," the group said, adding that net debt had been reduced by a further US$11.9mln in the three months.

The group mined 2.023mln tonnes of ore versus 2.325mln in the same quarter of 2016, and produced 119,376 tonnes of ilmenite (121,821 in same quarter of 2016), 22,789 tonnes of rutile (21,886) and 9,136 (9,050) tonnes of zircon.

Finally, to Strategic Minerals plc (LON:SML) and sales of US$2.036 mln from the Cobre magnetite tailings project for the three months to September 2017 marked a new record for the company.

Cobre is situated in New Mexico, USA, and has consistently generated cash for Strategic in the past.

The sales in dollar terms represent a 300% increase on the sales figure for the corresponding period a year ago.

It should go towards supporting the company’s first profit in excess of US$1mln.

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