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ECR Minerals believes its Creswick gold project will be “transformational”

Last updated: 15:35 08 May 2019 BST, First published: 09:10 08 May 2019 BST

cora gold

ECR Minerals PLC (LON:ECR) has dazzled investors after identifying more gold than it had first thought at its Creswick project in Australia.

Of the 17 holes drilled so far, ECR said it had found gold in all of them, with some grades coming in at a whopping 44.6 grams of gold per tonne of ore.

Those figures might be conservative though. Bosses believe that the gold mineralisation is ‘nuggety’ in nature, which can often lead to understated assays.

“The question we have to answer is how much gold does the DMS hold that would be amenable to a bulk tonnage gold mining operation,” said chief executive Craig Brown.

“We are closing in on the answer and the directors believe that the outcome has the potential to be company transformational and is therefore deserving of our close attention.”

ECR shares rocketed 44.6% to 0.94p on Wednesday afternoon.

EQTEC hits a penny

EQTEC Plc (AIM: EQT) shares shot up in Wednesday’s early deals after announcing an agreement to develop the Billingham waste-to-energy project in county Durham.

Under a newly signed memorandum of understanding the London quoted firm will act as lead developer and technology provider for Billingham, where some 200,000 metric tons of municipal waste will be processed into energy.

"We are extremely happy to have executed the MOU, representing our first deal with COBRA, our major strategic partner,” said Ian Price, EQTEQ chief executive.

“This has the potential to be a flagship project of significant scale, with the intention to process at least 200,000 metric tons per annum of RDF, with an estimated project value in the range of £150mln to £180mln.”

Shares surged by a quarter to 1p.

World’s biggest sovereign wealth fund invests in Sirius Minerals

It’s been a rough week or so for Sirius Minerals PLC (LON:SXX) investors after the polyhalite miner unveiled plans to raise US$425mln at a hefty discount to the market price.

That has, understandably, knocked the shares lower, but news that the Norwegian sovereign wealth fund has taken a 3.5% stake in the FTSE 250 company has pushed the stock higher today.

The Norwegians have snaffled 166.5mln shares in Sirius, held under the name of Norges Bank – the country’s central bank which manages the wealth fund.

Also helping to boost the stock was a Berenberg research. Analysts cut their price target to 35p from 40p, but said, “fundamentally, we remain positive on the project’s longer-term credentials”.

Sirius shares are up 4.9% to 16.0p.

Cora Gold sparkles on latest update at Sanankoro gold discovery in Mali

Cora Gold Ltd (LON:CORA) shares have sparkled this morning, up 12.5% to 4.22p after bosses set out ambitious plans for the rest of 2019 at the Sanankoro gold discovery in Mali.

They want to establish a maiden resource estimate by the fourth quarter of this year, while they are also aiming to complete a scoping study for a smaller scale gold development of Sanankoro by the end of the year.

A 6,000-metre drilling campaign is due to get underway shortly, with the geological team and drill rig ready and waiting to begin.

Final results from previous metallurgical testwork are due back from the lab in the current quarter, with follow up work already being planned.

“We have a clear objective for the next stage of work of obtaining sufficient information for the publication of a maiden resource for the Sanankoro gold oxide Project later this year,” said chief executive Jonathan Forster.

“This will mark a key milestone for the company in the development of the Sanankoro gold project.”

Ad revenues tumble at ITV

 ITV plc (LON:ITV) has reported a decline in advertising revenues for its first quarter, blaming the ongoing “economic and political uncertainty” from Brexit and the timing of Easter.

The news has sent the stock tumbling to the bottom of the FTSE 100, down 5.5% to 124.4p.

In a trading update, ITV said total external revenue was down 4% at £743mln in the quarter, offsetting 22% growth in revenues from the firm’s video-on-demand (VOD) service and a 1% revenue rise in its content production arm ITV Studios, which has produced shows such as Love Island and Bodyguard.

The fall also offset 22% growth in revenues from the firm’s video-on-demand (VOD) service and a 1% revenue rise in its content production arm ITV Studios, which has produced shows such as Love Island and Bodyguard.

Meanwhile, revenue for ITV’s broadcast and online segment was down 7% at £489mln, while total advertising had also fallen 7%.

Bould’s website change doesn’t go down well

Bould Opportunities PLC (LON:BOU) shares have dropped again, down 12% to 0.035p.

The cash shell, which used to be known as Photonstar LED, announced a change of website this morning, which evidently didn’t go down too well with the market.

If you want to take a look at the new site, here’s the link.

Bould recently launched an open offer to raise £660,000 to help it evaluate potential opportunities for a reverse takeover.

Gfinity chosen by HP Omen to make second series of popular esports show

Esports group Gfinity Plc (LON:GFIN) was among London’s top risers in early trading on Wednesday after it was chosen by HP’s gaming arm, HP Omen, as the production partner for the second season of The Esports Report.

The six-episode series will cover the latest new from the world of esports and gaming, and will be broadcast live from the Gfinity Arena in London.

Gfinity will be responsible for content production, sourcing guests and presenters, securing gaming footage, scripting the shows and co-ordinating the filming.

Every episode will be distributed via HP Omen’s Twitch, Facebook and Twitter channels, while digital magazine Game Sport will also distribute them.

Executive chairman Garry Cook said: “Gfinity is increasingly being chosen by leading global brands to design develop and deliver their esports solutions.

“We are delighted to have the opportunity to work alongside HP Omen again, having partnered together on the Gfinity owned Elite Series.”

Gfinity shares jumped 10.3% to 4.6p on Wednesday morning.

‘Spoons down on margin concerns

JD Wetherspoon PLC (LON:JDW) shares frothed lower despite the no-frills pub chain enjoying a boom in third-quarter sales.

Like-for-like sales, which strip out the impact of new and closed stores, soared by 7.6% in the 13 weeks to the end of April, while total sales jumped 8.4%.

But shares in the FTSE 250 group are down almost 5% to 1,282p as bosses failed to lift guidance, prompting further concerns that margins are being hammered by soaring costs.

“[Sales were] ahead of expectations and yet there is no change to expectations implying that operating margin, already low at 7.8% FY18 and 8.9% at 1H19E, remains under significant pressure, particularly from labour costs,” said City broker Liberum in a note to clients.

BigDish serves up a treat

Restaurant booking platform BigDish PLC (LON:DISH) looked tasty as it set its sights on launching in four more cities in May, having just gone live in Exeter and Basingstoke.

The company’s app helps restaurants to fill empty covers by offering discounts at quieter times, expects to launch in Brighton, Swindon, Taunton and Winchester later this month.

Going forward, the plan will be to go live in more cities within the lucrative London consumer belt, which should provide it with “strong exposure to growth”.

Shares opened 6.5% to 3.04p on Wednesday.

Proactive news headlines:

UK medicinal cannabis firm Sativa Investments PLC (AQSE:SATI) has decided to allow an option over a farm in Wilshire to grow its own produce to lapse in July. The company also announced that it plans to change its name to Sativa Group alongside an amended strategy.

MaxCyte Inc (LON:MXCT) has started dosing the second cohort of patients in the phase I clinical trial of its MCY-M11 cancer immunotherapy.

Healthcare-focused consultancy Cello Health PLC (LON:CLL) is confident its second quarter will continue the “very good” start made to 2019.

BigDish PLC (LON:DISH) is aiming to launch its restaurant booking platform in four more towns and cities by the end of May, having already gone live in Exeter and Basingstoke at the start of the month.

Argo Blockchain PLC (LON:ARB) shares surged on Wednesday after it forecast breakeven earnings (EBITDA) in the second half of the year and brought new units online to boost its cryptocurrency mining capacity.

Circassia Pharmaceuticals PLC (LON:CIR) said findings from a recent clinical trial of one of its key drugs will appear in a prestigious scientific publication.

Tower Resources PLC (LON:TRP) has chosen to put back the start date of the planned NJOM3 well, at the Thali block in Cameroon.

Telit Communications PLC (LON:TCM) has settled its VAT dispute with the Italian authorities for the 2004-2007 tax years.

Sound Energy PLC (LON:SOU) has told investors that the initial phase of TE-10 well testing is now largely complete.

AfriTin Mining Limited (LON:ATM) has signed a deal with Namibia Power over grid electricity for the pilot plant at the Uis tin mine.

ReNeuron Group PLC (LON:RENE) revealed it is in a strong financial position as it heads into a pivotal 18 months both clinically and commercially.

EQTEC Plc (AIM: EQT) shares shot up in Wednesday’s early deals after announcing an agreement to develop the Billingham waste-to-energy project in county Durham.

Mosman Oil And Gas Ltd (LON:MSMN) shares rose in Wednesday’s early deals after announcing a farm-out deal for the Champion project, in east Texas, with  ASX-listed Xstate Resources Limited (ASX:XST).

April was a record month for sales and production from the Hellyer Mine in Tasmania, reported NQ Minerals PLC (LON:NQMI).

Plexus Holdings PLC (LON:POS) said the High Court of Justice in England and Wales has confirmed the cancellation of the company's share premium account, allowing for the reduction of capital.

Kodal Minerals PLC (LON:KOD) has appointed Mark Pensabene, the general manager of Mineral Resources Ltd, as an independent non-executive director.

Shield Therapeutics PLC (LON: STX) has appointed finnCap Ltd as its joint broker with immediate effect.

 

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