The mining sector took centre stage today in the world of small caps. Sunrise Resources (LON:SRES) kicks the highlights off today as it said it will start drilling on its Bay State silver project in Nevada next week, after signing a contract with Boart Longyear to undertake the work.
Given that access to the drilling sites has already been secured and drill pads put in place, the drilling itself is scheduled to start first thing Monday 24th August.
The plan is to drill three holes to test for mineralisation beneath existing workings at the Chihuahua vein system.
Elsewhere, SolGold's (LON:SOLG) 12th hole at the Cascabel copper/gold project has exhibited encouraging visible copper mineralisation, which increased with depth, the firm said as it updated on progress.
The hole is now at 647.6 metres and drilling continues at the hole in the Alpala central zone- one of three porphyry targets the firm has identified along the Alpala structural zone.
Rare Earth Minerals (LON:REM) marked another milestone at the Yangibana project in Australia - the granting of a mining lease.
REM bought a 30% free carried interest to bankable feasibility study in the project four years ago and its partner with 70% is owner and operator Hastings Rare Metals (ASX:HAS).
In potash news, Sirius Minerals (LON:SXX) said a customer for its nutrient-rich polyhalite fertiliser has tripled its order.
The unnamed Fortune 500 company now wants 1.5mln tonnes of the material a year when the York Potash Mine opens.
The supply contract is for an initial seven years, which reveals a long-term commitment to Sirius and its product.
Meanwhile, African Potash (LON:AFPO) has told investors that a newspaper report referring to an imminent share placing was “speculative and unfounded”.
The company noted an article published in the Daily Mail which referred to ‘an impending placement at a significant discount to the current share price’.
In the oil & gas sector, Petroceltic (LON:PCI) gave an update on the Ain Tsila gas project in Algeria, for which a tendering process has begun for the EPC (engineering, procurement and construction) contract.
The joint operating company, Groupement Isarene, has now completed a pre-qualification process which selected a short-list of contractors, Petroceltic said. These contractors will have experience in Algeria and would be capable of delivering the project, it added.
Meanwhile, Europa Oil & Gas (LON:EOG) confirmed that it applied for new acreage in the UK’s 14th onshore licensing round.
Its applications were not, however, among the blocks offered to companies in the first tranche which were announced on Tuesday.
Finally, Sea Dragon Energy (CVE:SDX) has struck a deal to merge with Madison PetroGas, a privately owned peer, to create a “larger and stronger” company.
The new company, which will be renamed SDX Energy, is expected to benefit from economies of scale and operational efficiencies.