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Proactive weekly mining highlights: Greatland Gold, Kibo Energy, Sunrise Resources…

A look back at the top news from London’s junior miners this week…
mining dump truck
The small caps miners are still getting back into the swing of things after the Christmas break

In an open letter to shareholders, Louis Coetzee, the chief executive of Kibo Energy PLC (LON:KIBO), set out the company’s position as one purely focussed on energy going into 2019.

Coetzee referred to a “multi-project portfolio,” including “three major and equally exciting African energy projects, and a UK flexible energy project” which could generate near-term revenue.

“In 2018, through strategic acquisitions and divestments, we successfully repositioned Kibo as a purely energy-focused company, and our projects are now positioned to be critically important in the effort to provide power to more of Africa,” he said.

Rockfire Resources PLC (LON:ROCK) decided to relinquish two exploration licences at the Mount Visi site in Papua New Guinea following a review of past data.

The resource company said following a review of past drilling, geology, accessibility, geophysics and geochemistry, it would relinquish the licences to focus on its assets in Queensland, in line with its strategy.

However, the group added that it would retain its other licence in the country, Nakru, which is currently awaiting renewal from authorities in Papua New Guinea.

Carmeltazite, a mineral found in one of the gemstones from the Mount Carmel property in Israel owned by Shefa Yamim ATM LTD (LSE:SEFA) has been recognised and approved as a new mineral by the International Mineralogical Association.

The new mineral, first discovered by Shefa Yamim, was named carmeltazite due to the location of the discovery on Mount Carmel, and due to its major chemical components, namely, titanium, aluminium and zirconium.

Greatland Gold PLC (LON:GGP) (ASX:GGP) shares gained on Thursday lifted by news Primorus Investments PLC (LON:PRIM) has increased its holding in the Australia-focused gold explorer to around 1.1%.

In a statement, Primorus said it now owns a total of 35m shares in the AIM-listed metals exploration company, which were acquired at a weighted average price of 1.71p per share.

Tharisa plc (LON:THS) is “fully committed” to its Vision 2020 strategy although a quarterly production report today has shown a larger than expected dent in output as it works to optimise operations.

The platinum metals firm produced 33,600 ounces of PGMs and 305,400 tonnes of chrome concentrate, representing a 5.9% and 10% reduction, as recovery rates declined due to the processing of tailings.

Tharisa noted that the PGM basket price increased by 5.9% in the quarter to US$983 per ounce.

Sunrise Resources Plc (LON:SRES) raised £350,000 through a share placing to support activities at the CS pozzolan-perlite project in Nevada. It is selling some 291.6mln new shares priced at 0.12p each.

The cash is earmarked for ongoing mine permitting, customer trials and other work required for development of the project.

Landore Resources LTD (LON:LND) has boosted the gold resource at the BAM East deposit on its Junior Lake property in Ontario by 51% to 951,000 ounces.

The average grade is 1.03 grams per tonne. The updated number includes 701,000 ounces at 1.08 grams per tonne in the indicated category.

In addition, Landore has also modelled potential mineralised material in target areas adjacent to the current delineated deposits, and this could amount to a further 441,000 ounces.


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