The shares rose 13% to 2p after the company said “excellent drill results” confirm the presence of higher grade gold-copper mineralisation at the Havieron licence in the Paterson region of Western Australia.
Australian mining giant Newcrest Mining Ltd (ASX:NCM), which has the right to acquire a 70% stake in the project by spending up to US$65mln on exploration and development work, started drilling in May
Newcrest issued a stock market statement in Australia in which it revealed the best results from the drilling included 17 metres at 21 grams per tonne gold and 0.39% copper from 1153 metres.
The stakes in Curzon Energy and metallurgical coal miner MET will not be core assets going forward and Regency will look to sell them in due course, said Scott Kaintz, chief executive.
Going forward, the main assets will be the Mambare nickel-cobalt project in Papua New Guinea, and a 50% interest in the Dempster Vanadium project in the Yukon, Canada.
Base is now mining the South Dune at mineral sands mine Kwale, having stopped operations from the Central Dune at the end of June.
Production for the quarter amounted to 88,800t on ilmenite, 22,600t of rutile and 7,100t of zircon.
Salt Lake Potash Ltd (ASX:SO4) (LON:SO4) has consolidated its strategic tenement package at Lake Way Sulphate of Potash (SOP) Project in WA through a sales agreement with Blackham Resources Ltd (ASX:BLK).
This will result in Salt Lake Potash acquiring a package of tenements and securing access to power and process water rights, providing synergies for the project, including capital and operating cost savings.
To help fund the acquisition, the company will place 10.58 million shares to Fidelity International to raise A$7.4 million before costs.
The fourth hole in the programme intersected 18m of copper at an average grade of 2.35% with one 7.60m section grades of 4.15%.
The group said its portfolio of royalties contributed around £33mln to £33.5mln in the first half of 2019, up from £20.8mln the year before. In the first quarter of 2019, royalty income was £14.3mln.
Shanta Gold Ltd (AIM: SHG) has achieved commercial production at the Ilunga underground mine, part of its well-established New Luika gold project in south western Tanzania.
The primary ventilation fan and underground infrastructure are installed and operational. The first ore stope is now in production at a depth of 98 metres below the portal and 130 metres below surface.