logo-loader

Proactive weekly mining news - Condor Gold, Avesoro Mining, Petropavlovsk and more

Published: 08:30 28 Jan 2017 GMT

1-18704551404_5a3765e009_o_588b380a505ca

A fairly busy week on the junior mining front, with a mixture of production, financing and exploration news.

Condor Gold (LON:CNR) revealed it had moved a step nearer proving its La India acreage in Nicaragua is part of a sizeable mining district with the results from drilling one of the satellite deposits.

A scout drilling programme at Cacao indicated a significant dilation vein between La India and another deposit at Andrea Corridors and also that the prospect is the top of an epithermal gold system.

Intersections from the drill holes included 7.85 metres at 3.75 g/t gold, 7.85 m at 2.95 g/t gold and 17.1 m at 1.74 g/t gold in three, with the Cacao vein open along strike and at depth.

Condor added it had now completed scout drilling at three satellite targets Cacao, Real de La Cruz and Tatescame with the next target the Andrea Vein 4km away.

Over to Canada and copper, and Rambler Metals & Mining PLC (LON:RMM CVE:RAB) expects a steady ramp-up in output from its Ming mine in Canada in 2017 as grades improve over the year.

Guidance is 350,000-400,000 tonnes of ore to be milled, which in a grade range of between 1.3 - 1.6% produces 5,100 – 5,800 tonnes of copper. That compares with 4,174 tonnes in 2016.

The Newfoundland-based miner has begun to open a new area at Ming called the Lower Footwall Zone (LFZ) and this will have a major impact on the year ahead.

To production news and Petropavlovsk PLC (LON:POG) has met its revised production guidance in 2016 and expects gold output to rebound by between 1 - 6% in 2017.

The Russian gold miner revised its estimate for 2016 in December due to severe weather closing the Andreevskaya mine in the Far East province.

Production over the year was 416,000 ounces, with 228,900oz in the second half.  Cash costs were US$700 per oz or US$800 on a sustaining basis.

Over the year, gold sales were.400,000oz at an average price of US$1,222/oz.

Pavel Maslovskiy, chief executive, said it had been a transformative year where the focus had been on refinancing US$430mln of debt and restructuring the balance sheet.

Elsewhere, Galantas Gold Corp (LON:GAL, CVE:GAL) says it’s set to raise around C$2.45mln (£1.48mln) in a placing, which will finance the start of development of an underground mine at Omagh in Northern Ireland.

It has received subscriptions to the value of that amount, having said last week it would bring in up to C$2.54mln through a placing of shares at C$0.0725 -  or 4.5p a share.

The placing price represented a discount of around 18.2% to the closing price on AIM the previous day and around 23.7% to the closing price on the Toronto venture exchange the previous day.

To exploration, and the latest drill results from Goldstone Resource's Homase/Akrokerri gold project in Ghana  show the potential for increasing the resource there, Stratex International plc (LON:STI) told investors this week.

Among the highlights from three diamond holes was a 23.3 metre intersection at a grade of 1.39 g/t (grams per ton) from a depth of 170 metres.

That included 6 metres at 4.44 g/t from 187.3 metres and 3 metres at  8.21 g/t from 190.3 metres, the AIM firm revealed.

Premier African Minerals Limited (LON:PREM) has completed its 2,500 metre drilling programme at the Zulu lithium and tantalum project in Zimbabwe ahead of schedule.

The programme was scheduled to run to the middle of February.

“Work continues on core logging, splitting and sample preparation, and we will continue to publish results as they come to hand. Those received to date support our expectation that Zulu will become a substantial world-class deposit," said George Roach, chief executive officer of Premier African.

Avesoro Resources Inc (LON:ASO), fomerly Aureus Mining, expects production from its New Liberty gold mine in Liberia to rise to between 90,000 to 100,000oz in 2017.

Cash costs will be around US$750 - US$800 per ounce and between US$925 - US$975 on all in sustaining basis.

Production in 2016 was 63,500 ounces as New Liberty moved through the gears following early teething problems shortly after the mine was commissioned.

Oriole Resources outlines 2023 achievements and future exploration plans

Oriole Resources PLC (AIM:ORR) CEO Tim Livesey and chief financial officer Bob Smeeton join Proactive's Stephen Gunnion with details of the company's 2023 financial and operational performance. Livesey highlighted successful exploration programs in Cameroon, at the Bibemi and Mbe projects,...

44 minutes ago