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Proactive Mining Highlights: Hummingbird Resources, Stratex, Greatland Gold

A glance at the week’s top news from junior miners
Gold
Hummingbird Resources has poured first gold at the Yanfolila Gold Mine

Hummingbird Resources PLC (LON:HUM) has poured first gold at the Yanfolila Gold Mine in southern Mali from the carbon-in-leach (CIL) circuit on time and on budget.

The company will now turn its focus to completing commissioning and ramping up to commercial production. It is targeting 130,000 ounces of gold in the first full year of operations.

“Producing first gold from Yanfolila is Hummingbird's most significant achievement to date and we have delivered it on time and on budget,” said chief executive Dan Betts.

Stratex International plc’s (LON:STI) new interim chief executive Bob Foster has kicked off a review of the gold explorer’s assets.

Foster is the company’s former boss, who left in August 2016 after 10 years in the role, and was brought back on an interim basis in November to help carry out an independent review of the group’s position and strategy.

The strategic review includes the group’s investment in Thani Stratex Resources (TSR) assets in Djibouti and Egypt, the Dalafin project in Senegal and the Muratdere gold project in Turkey.

Greatland Gold plc (LON:GGP) has identified new gold anomalies and confirmed the presence of gold mineralisation at its Panorama project in Western Australia.

Two clusters of gold anomalies have been identified in the southern licence that are coincident with the base of Mt Roe basalt and adjacent conglomerates.

Alba Mineral Resources PLC (LON:ALBA) executive chairman George Frangeskides is looking forward to “a key step” towards commercial production and significant cash flow as the Horse Hill oil project moves closer to its next phase.

A series of stock market statements, from the clutch of oil companies invested in the project, informed investors that the Horse Hill operating vehicle, HHDL, has confirmed that the programme will get underway “in late winter 2017/18”.

Base Resources Limited (LON:BSE) is to acquire the Toliara Sands project in Madagascar in a deal that will be funded by a US$100 mln placing and entitlement offer.

Toliara has a large, high grade resource of 857mln tonnes at 6.2% heavy minerals, with 612mln tonnes in the measured and indicated categories at 6.7% heavy minerals.

Rambler Metals and Mining PLC (LON:RMM)(CVE:RAB) processed 33,870 tonnes of ore from the Ming Mine through the Nugget Pond mill in November, averaging 1,221 metric tonnes per day during operational hours, a new record.

For seventeen days the plant ran as high as 1,260 mtpd. Meanwhile, at the mine itself, ore delivered to surface averaged 1,140 mtpd during the month. 

Horizonte Minerals Plc is to acquire the advanced Vermelho nickel-cobalt project in Brazil from the Brazilian national mining champion Vale for US$8mln, mostly in deferred payments.

Concurrently, Horizonte is raising up to £8.5mln in a placing of shares in the UK and Canada at 3.5p per Placing Share.  

Vast Resources PLC (LON:VAST) has announced the resignation of Roy Pitchford as chief executive.

It comes as the company transitions to focus more on its mining operations in Romania, where it is developing polymetallic open-pits, and Pitchford’s role is now being taken up by Andrew Prelea, who is president of the Romanian subsidiary.

Savannah Resources PLC (LON:SAV) gains gained today on news the firm has established a maiden resource of 3.2 million tonnes of ore grading 1% lithium oxide at the Reservatorio deposit in Portugal, one of three targets currently being advanced as part of the ongoing exploration and development programme for the Mina do Barroso lithium project.

Further upside remains, as the drill programme is ongoing. The aim is to expand the Reservatorio resource to define new JORC-compliant resource estimates at other deposits.

Bushveld Minerals Limited (LON:BMN) has issued the second tranche of its £3.5mln of unsecured convertible bonds to UK-based fund, Atlas Capital Markets Limited, and its New York-based joint venture company, Atlas Special Opportunities Limited.

The second tranche was issued on the 18 December 2017, upon receipt of funds by Bushveld. The first tranche of £4.5mln was issued on 22 September 2017.

The newly-formed Tanzania Ministry for Energy has committed to an indicative timeline for the completion of a memorandum of understanding for fast-tracking development of the Mbeya coal to power project owned by Kibo Mining PLC (LON:KIBO). 

A briefing was held between Kibo, General Electric (GE), the Tanzania Electric Supply Company (TANESCO) and the Deputy Minister for Energy on 14 December 2017. There was also a subsequent follow-up meeting between Kibo and the Deputy Minister.


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