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Proactive weekly mining highlights: Caledonia Mining, Galileo Resources, Alba Minerals, Anglo Asian Mining ...

A round-up of the week’s top news from the junior miners
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Caledonia Mining Corporation PLC (LON:CMCL) has added 13% to the most certain category resource at the Blanket gold mine in Zimbabwe.

Measured and Indicated ounces are now 805,000oz, up from 714,000oz in August 2017, from 6.74mln tonnes at a grade of 3.72 grams per tonne (g/t).

Drilling earlier this year conducted by Galileo Resources PLC (LON:GLR) at the Star zinc project revealed some extremely impressive grades.

Among the highlights from this year's first pass drilling were 38.15% zinc over 16 metres and 25.12% over six metres. That was then followed up by intercepts of 41.5% zinc and 46% zinc across widths of between seven and nine metres.

Alba Mineral Resources PLC (LON:ALBA) said a team had been dispatched to North Wales to carry out electromagnetic and magnetic geophysical surveys on its gold asset there.

It follows the completion of a geochemical assessment of the Clogau-St David's mine area and near-mine extensions, samples from which have been sent for analysis.

Anglo Asian Mining Plc (LON:AAZ) shares surged on Wednesday after the firm declared its maiden dividend and a jump in profits in its half-year results.

The miner declared an interim dividend of US$0.03 per share as it swung to a pre-tax profit of US$8.1mln from a US$1.3mln loss the year before as revenues climbed to US$40mln from US$29.8mln.

Earlier in the week, it had boosted reserves and resources at the Gedabek open pit in Western Azerbaijan.

The total gold and copper resource amount to 985,697 ounces of gold, 63,375 tonnes of copper and 8,171,626 ounces of silver.

Strategic Minerals Plc (LON:SML) has published “exceptional assay results” from the 2018 drilling campaign at its Redmoor project in Cornwall.

Investors pored over the results from the initial two holes from the 2018 Redmoor drilling programme, which yielded the company's best drill results at the project to date.

Junior explorer Metiminco Limited (LON:MNC) is adding a nickel string to its bow with the acquisition of a direct shipping project in the Solomon Islands.

The Jejevo nickel laterite project has an estimated exploration target resource of 10Mt-15Mt at grades of approximately 1.1%-1.3% based on drilling by former licence holders Inco and Sumitumo.

The highlights of the first half of the fiscal year for NQ Minerals PLC (NEX:NQMI) (OTCQB:NQMLF) undoubtedly centre around the Hellyer gold mine in Tasmania.

During the period to June 30, the company continued the refurbishment of the Hellyer floatation plant on time and on budget in anticipation of the restart of production.

W Resources PLC (LON:WRES) has hit high-grade and wide intersections from recent reverse circulation drilling at its Régua mine development in northern Portugal.

The reverse circulation assays are significantly higher than expected, including 29 metres 0.75% WO3 from 48 metres on the north-western flank.

A substantial shareholder in Afarak Group plc (LON:AFRK) has asked the group to convene a meeting to authorise the directors to repurchase the company’s shares.

LNS Ltd, which controls more than 10% of the voting rights at Afarak, is proposing a scheme that would enable larger shareholders to offload their holdings, should they wish.

Savannah Resources Plc (LON:SAV) has submitted an application for an additional mining lease in Mozambique while also reporting a narrowed loss in its half-year results.

Its subsidiary Matilda Minerals has applied for a lease over an area of 119 square kilometres, with a defined mineral resource estimate of 65mln tonnes.

Updates on the Blueberry and Baita Plai projects cheered Vast Resources PLC (LON:VAST) investors on Thursday.

At Baita Plai, Romania’s National Agency for Mineral Resources (ANRM) now has the revised documentation pertaining to the right to mine at Baita Plai.

Vast, which recently agreed to acquire 29.41% of the Blueberry project in Western Romania, said the vendors have agreed to a further extension, to October 15, to allow more time for the procurement of funds to finance the acquisition.

Mkango Resources Ltd (LON:MKA) has received another batch of encouraging assay results from its Songwe Hill development in Malawi.

All nine drill holes intersected rare earth mineralisation, with grades in the best five holes up to 2.8% rare earth metals over widths of up to and over 30m.

Chaarat Gold Holdings Ltd’s (LON:CGH) Turkish mining contractor has begun deploying equipment at the Tulkubash gold deposit in the Kyrgyz Republic.

Europa Metals Ltd (LON:EUZ) (ASX:EUZ) has increased the JORC mineral resources estimates for its 100%-owned Toral lead-zinc-silver project in northern Spain, following its recent re-logging programme of certain historical core samples.

The lead-zinc explorer said this has led to a 19% increase in zinc equivalent Inferred resource to 19mln tonnes, a 7% increase in contained tonnes of zinc to 720,000, a 6% increase in contained tonnes of lead to 570,000, and an 8% increase in contained ounces of silver to 14mln ounces.

BlueRock Diamonds PLC (LON:BRD) reported a narrowed loss for the first half of the year as average grades and production increased at its Kareevlei mine in South Africa.

The reported a narrowed loss of £789,000 for the period compared to a £1.3mln loss the year before. Meanwhile, revenue rose 269% to £556,000, with a production increase of 81% year-on-year to 73,028 tonnes.

Oracle Power PLC (LON:ORCP) was loss-making in the six months to June 30 – to the tune of around £459,000.

In an update alongside interim results, the company said it will put down a US$700,000 performance bond once the Private Power Infrastructure Board has granted a notice to proceed and formally rubber-stamped a letter of intent for its 700MW coal-fired facility in Pakistan.

Rainbow Rare Earths PLC (LON:RBW) expects production from the Gakara licence in Burundi to rise towards 400 tonnes per month by the end of 2018.

Revenues in the year to June were US$992,000, stemming just from the time that the operation at Gakara was declared commercial.

Losses for the year were US$2.51mln (US$1.4mln).

Eurasia Mining plc (LON:EUA) told investors that it has made the final settlement of its remaining loan facility, by issuing new equity.

It has concurrently appointed Optiva Securities as its new joint broker and has placed newly issued shares to the broker’s clients.

Amur Minerals Corporation (LON:AMC) has reported “highly productive” drilling activity for the month of August at its Kun-Manie nickel copper sulphide project in eastern Russia, with its Ikenskoe / Sobolevsky (IKEN) Inferred High Grade Zone (IIHG) expanding its deposit size by 81%.

Bluebird Merchant Ventures Ltd (LON:BMV), the Asia-focused resource development group, is pleased with progress at its Gubong and Kochang projects in South Korea.

In a brief update detailing its strategy for the fourth quarter of 2018, the company said it expects to receive the necessary permissions this year to start ramping up physical work at the Gubong mine.

Pan African Resources plc (LON:PAF) chief executive Cobus Loots reflected on a challenging year which saw the company ‘act decisively’ to reconfigure operations as it aimed for sustainable profitability.

PAF reported a £11.5mln profit from continuing operations, versus a £40mln comparative figure for the preceding twelve months – stated in South African rand, that amounted to R202mln, against R700.6mln.

Landore Resources Ltd (LON:LND) is looking forward to a couple of important milestones for the BAM Gold deposit in coming months thanks to a successful summer programme of drilling.

A new resource estimation process is anticipated to deliver expanded figures by the fourth quarter, which will in turn tee-up a new preliminary economic assessment (PEA) of the project in the first quarter of next year.

Rockfire Resources Plc (LON:ROCK) has successfully completed its drill programme at the Marengo gold-copper project in Queensland, Australia.

It has encountered mineralisation including sulphides, as well as pyrite and chalcopyrite (copper sulphide).

Tharisa plc (LON:THS) has restructured its proposed acquisition of the Salene chrome project in Zimbabwe.

Rather than buying 90% of the project outright as initially intended, Tharisa will instead take an option to acquire 90% depending on the outcomes of a US$3.2mln exploration programme, which it will fund.

Cadence Minerals Plc (LON:KDNC) has opted not to press ahead with its planned investment in Premier African Minerals Ltd’s (LON:PREM) Zulu lithium project.

At the end of June, the two parties agreed in principle for Cadence to take up to a 30% stake in Zulu Lithium Mauritius Limited (Mauco), a wholly-owned subsidiary of Premier African, for up to US$5.1mln.

Greatland Gold plc (LON:GGP) has commenced a second drilling campaign at the Havieron project in the Paterson region of Western Australia.

Greatland's first drilling campaign at Havieron, carried out in April-May 2018, yielded excellent results, which included 121 metres at 2.93 grams per tonne gold and 0.23% copper.

The latest exploration work undertaken by Ariana Resources plc (LON:AAU) in Turkey has revealed significant potential for the expansion of the Ivrindi gold project.

Ariana is now planning a 1,500 metres reverse circulation drilling programme in order to test the full strike-length of the mineralised structure.

Thor Mining PLC (LON:THR) said in its full-year results it is in a significantly enhanced position compared with the same time a year ago.

The improvement in tungsten prices, and the upgraded definitive feasibility study for the Molyhil tungsten project in Australia’s Northern Territory, support the board’s confidence that it can secure finance for the project.


 


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