Sunrise Resources (LON:SRES) – CORP: Projects update
Market Cap: £0.9m; Current Price: 0.12p
Forming a new subsidiary company focused on gold projects in Nevada
At the Bay State Silver Project, surface and underground sampling is expected to continue to the south of the areas previously sampled, to refine targets for follow up drilling.
At the Garfield and Junction Projects trenching and soil sampling is planned.
Fieldwork is planned at the Cue Diamond Project to locate the source of the Target 5 diamond bearing kimberlite float and other geophysics based targets.
At the Pozz Ash Project, sampling and process test work is planned to determine if the material is suitable for a “green” cement replacement.
A New Nevada based subsidiary is to be formed to acquire gold projects located in Nevada.
NORTHLAND CAPITAL PARTNERS VIEW: Sunrise Resources has outlined an extensive mapping and sampling programme across its portfolio for 2016 and we look forward to further developments.
Connemara Mining Company (LON:CON) – CORP: Inishowen update
Market Cap: £0.7m; Current Price: 1.33p
Significant mesothermal gold mineralisation discovered
Connemara Mining Company has received the results of its initial drill programme at the Inishowen Licences, located on Donegal, Ireland.
Results include; 5.8g/t Au over 3.05m from 23.05m (16-MR-03) and 1.3g/t Au over 1m from 30.71m (16-MR-01).
NORTHLAND CAPITAL PARTNERS VIEW: These initial drill results from Connemara Mining Company demonstrate the presence of significant mesothermal gold mineralisation in a geological setting that the Company believes is similar to that of the Dalradian Resources high-grade Curraghinalt deposit. Additional drilling will be conducted to determine how many veins are present and gain a clearer understanding of the grade.
Botswana Diamonds (LON:BOD) – SPECULATIVE BUY*: Drilling commences
Market Cap: £5.4m; Current Price: 1.8p
From yesterday: Botswana Diamonds and Alrosa commence drill programme in Orapa
Botswana Diamonds and joint venture partner Alrosa have commenced there 2016 drill programme.
The first large diameter reverse circulation hole has commenced on AK21, located in PL 260 in Orapa.
Three diamond drill holes will commence this week on PL 260. Once completed the diamond drill rig will move to PL 210 to drill 203 holes looking for the source of the KIM anomaly.
NORTHLAND CAPITAL PARTNERS VIEW: The large diameter reverse circulation hole that is designed to test if the AK21 kimberlite grade improves at depth is now underway. We look forward to the results.
Amphion Innovations plc (LON:AMP): Settlement
Market Cap: £6.7m; Current Price: 3.4p
Amphion settles contested arbitration ruling
Amphion has reached a settlement agreement with Berkeley Research Group LLC (BRG).
As previously reported in the Company's Notes to the Consolidated Financial Statements for the year ended 31 December 2014, in December 2012 BRG, an expert consultant engaged by the Company's wholly owned subsidiary DataTern, filed for arbitration claiming US$1,142,478 million was owed to them. DataTern opposed the arbitration, contesting the amount owed.
In January 2015, the arbitrator found in favour of BRG and awarded them a total amount of US$2,090,865 million for the balance due and legal costs.
The Company had recorded the US$2,090,865 as a liability in its Consolidated Financial Statements for the year ended 31 December 2014.
Amphion has now reached a settlement agreement with BRG for US$1,575,000 million. The payment terms are US$100,000, which was paid upon signing the settlement agreement, and further payments of US$400,000 on 30 April 2016, US$500,000 on 30 June 2016 and US$575,000 on 31 December 2016.
As a consequence of this settlement, the liability has been transferred from DataTern to Amphion. Amphion intends to satisfy the BRG payment obligations through additional loan facilities.
NORTHLAND CAPITAL PARTNERS VIEW: Settling with BRG allows this liability to be transferred to Amphion from DataTern, permitting the subsidiary to obtain non-recourse litigation financing so that it may continue its patent litigation programme.