Skip to main content
The Markets by Proactive
Go to Proactive UK
Proactive UK has moved. Proactive’s coverage of London’s small caps continues on proactiveinvestors.com Go there →
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Media

Proactive weekly mining news summary: Ariana Resources, Galantas Gold, Mariana Resources

Mariana resources made the headlines this week as chief executive Glen Parsons said he was delighted with results at its Hot Maden project in Turkey. Meanwhile, the company signed a deal with Asset Chile for two of its Chilean projects. It

Mariana Resources’ (LON:MARL) chief executive Glen Parsons said he was delighted with the latest round of drill results from the Hot Maden copper project in Turkey.

Holes 10 and 11 yielded intercepts of 100.2 metres at 5.6 grams per tonne of gold plus 1.3% copper from around 82 metres below surface and 107.7 metres at 4.2 grams gold and 0.9% copper from 255 metres.

That wasn’t the only mining news out of Turkey this week.

The Turkish authorities really seem to be getting behind Ariana Resources’ (LON:AAU) Kiziltepe project in the west of the country.

Last week it signed off the all-important forestry permit, paving the way for construction and ultimately production.

Back to Mariana Mariana Resources (LON:MARL) however, and the company is ramping up exploration at two of its projects in Chile following a partnership with a Chilean asset management fund.

The projects, Doña Ines and Exploradora East, could receive as much as US$1.65mln from Asset Chile Exploración, which has the opportunity to earn 50% in the properties in two phases.

It wasn’t the only deal Asset Chile made as Orosur Mining (LON:ORM) has signed off the farm-out of up to 60% stake of its stake in the Anillo project in Northern Chile.

Asset Chile Exploración has completed due diligence and will take a 40% stake in the gold and silver project if it spends US$3.475mln in three stages of exploration.

From South America to South Africa and Pan African Resources (LON:PAF) expects its performance to improve in 2016 as it moves into a new high grade zone at its Evander gold mine.

Recent drilling at the Fairview mine at Barberton revealed an extension of the high grade 11 Block of the MRC orebody by a further 170 metres, adding an estimated 317,500oz of gold.

In addition, Pan African has agreed the ZAR200mln (£10.4mln) acquisition of a thermal coal mine from Shanduka Resources.

The Uitkmost colliery in South Africa has a coal mineral resource of 25.7mln tonnes and sells approximately 400,000 tonnes of coal per annum

Elsewhere in Africa, Armadale Capital (LON:ACP) struck a "landmark" agreement to fund and develop its Mpokoto project in the Democratic Republic of the Congo (DRC) into production, which is earmarked for the first half of 2016.

The heads of terms is with Africa Mining Contracting Services group (A-MCS), who will fund, construct and operate the project in the Katanga province.

Meanwhile, Kibo Mining (LON:KIBO) and its partner Metal Tiger (LON:MTR) have started work on the Morogoro gold/copper project in Tanzania.

Assay tests will be carried out on existing samples for gold and multi-element mineralisation with results due in the third quarter.

In other copper news, Kalimantan Gold Corporation (LON:KLG) said it was ‘very pleased’ with the results from its latest seven drill holes on the Beruang Kanan copper project in Central Kalimantan, Indonesia.

Moderate to high grade copper was reported in all holes and the results met, and in some cases, exceeded expectations.

To gold and Canada-listed gold explorer Alexander Nubia (CVE:AAN) hit gold or silver in all of the latest seven exploration holes at the Gold-Oxide cap at Hamama West in Egypt.

The step-out drill programme tested the ‘bend’ in the Gold-Oxide cap, as well as the western extension of the 3 km-long Main Horizon.

Finally, Galantas Gold (LON:GAL, CVE:GAL) said mining was set to begin once more at Ireland's only gold mine.

The Northern Irish government has issued the company's subsidiary Omagh Minerals with a long-awaited planning consent so an underground mine at the Omagh site can now go ahead.

Operations there are currently suspended.

Galantas president and chief executive Roland Phelps told investors: "This is a significant milestone and a game changer for Galantas.

Initial ground works are to kick off immediately, said the firm, which also revealed it had terminated its Bergen financing facility.

Advertisement
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK