Sirius Minerals PLC (LON:SXX) told investors that mine development activity levels continue to increase every month .
The North Yorkshire mine remains on time and on budget, the company said in a quarterly update.
In a note to clients, analysts at Liberum Capital said: “Language around marketing and sales contracts has become incrementally more positive and some colour was given on the current phase of stage 2 financing discussions.”
They added: “The stock seems to have found a level around the convertible exercise price at 25p and moving into the last quarter of the year there is increasing likelihood of positive catalysts coming in the form of further sales announcements which de-risk sage 2 financing and provide additional validation of the product.”
Liberum reiterated a ‘buy’ rating and 60p price target on the stock.
Galantas Gold Corporation (LON:GAL) (TSXV:GAL) saw its shares jump today after it announced a positive outcome to a Judicial Review into the planning consent for underground development at its wholly-owned Omagh Gold Mine in Northern Ireland.
The AIM-listed firm said a third party's request for quashing the planning consent decision was denied following the Judicial Review in Belfast High Court.
The consent was granted in July 2015 following an exhaustive study and examination by the Department of Environment Northern Ireland (DOENI). It permitted the underground mining of gold veins that were recently worked in upper levels within an open pit.
Drilling by Amur Minerals Corporation (LON:AMC) designed to link the Ikenskoe/Sobolevsky (IKEN) and Kubuk (KUB) deposits in Russia, has already identified a minimum 2,200 metres of new mineralisation along ISK, the three kilometre exploration anomaly.
Newly acquired drill results are expected to materially increase the current resource, which stands at 770,000 tonnes of nickel and 207,000 tonnes of copper.
The average thickness per ore hole in the most recent drilling is 23.1 metres with an average length weighted nickel grade of 0.87% and 0.24% for copper.
New mineralisation has been identified immediately to the east of IKEN deposit, where 500 additional metres nearly double the size of the deposit. The KUB deposit has been extended to the west by nearly 600 metres, doubling the size of the deposit. What’s more, a third mineralised block (ISK-2) has been identified in this area. It is 800 metres long and contains an average of 24.2 metres thickness averaging 0.79% nickel and 0.21% copper.
“The mantra this year has been that we are aiming for first sales by the end of December,” says Martin Eales of Rainbow Rare Earths (LON:RBW). “I’m pleased to say we’re on track.”
Rainbow has spent the last eight months or so since it listed in January, pushing on with development work at the Gakara rare earth project in Burundi. In order to hit the year-end production target, says Eales, the company has had to develop both mine and processing plant at the same time.