Keras Resources (LON:KRS) – CORP: New tribute deposit
Market Cap: £15.5m; Current Price: 1.15p
Near surface ore with near-term production potential
Keras Resources has secured an additional tribute agreement from Paddington Gold, a subsidiary of Norton Gold Fields, to mine the Royal Standard North lease area, located 20km south Keras’ current mining activities at the Grants Patch lease area.
Keras estimates that the deposit contains 25,000t to 50,000t at a grade of c. 2g/t Au.
Keras will now commence grade control drilling.
NORTHLAND CAPITAL PARTNERS VIEW: A positive expansion for Keras Resources that gives the Company an additional mining area with near surface gold ore that can be rapidly extracted and turned into cash flow. The location of the project means it already has a Mining Lease and Mining proposal in place and will only require final approval of the project management by the Department of Mines.
Stratex International (LON:STI) – BUY*: Dalafin update
Market Cap: £9m; Current Price: 1.9p; Target Price: 6.6p
Low cost exploration yields promising results
During Q116 Stratex International completed a low-cost exploration programme at the Dalafin Project, located in Senegal.
The programme consisted of geological mapping, soil sampling, outcrop and lag sampling.
At the Faré Prospect 1,136 soil samples were completed demonstrating an extension to southwest by 750m and up to 600m wide. Another anomaly, around 1,250m long was located to the east of Faré South.
New zones of mineralisation have also been discovered at the Baytilaye prospect.
No change to forecasts, rating or price target.
NORTHLAND CAPITAL PARTNERS VIEW: Low cost exploration from Stratex International has yielded some promising results at the Dalafin Gold Project, located in Senegal. The Company is now reviewing the entire project data set to plan a drill programme to test the southwest extension of the Faré Zone, potential extensions to the Madina Bafé sheeted vein zone, as well as, the gold-bearing quartz-tourmaline veins of Baytilaye East.
Petrel Resources (LON:PET) – CORP*: Award of Irish offshore licence options
Market Cap: £6.4m; Current Price: 6.4p
From Friday: Two new offshore licence options
Petrel Resources has been awarded two new Licencing Options in the Porcupine Basin, offshore Ireland.
The northwestern Porcupine Licence Option abuts the Conamara oil-field found by BP in 1983 and includes Block 35/01 and the available portion of Block 35/02, located to the west of Conamara oil-field. The option also includes Block 26/26 and the available portion of Block 26/27 to the northwest of the Conamara oil-field.
The eastern Porcupine Licence Option includes Block 45/27 that was covered by a 3D seismic programme in 2013.
The options are valid for two years and can be converted into Frontier Exploration Licences.
NORTHLAND CAPITAL PARTNERS VIEW: The award of these two licence options is a positive development for Petrel Resources. The Company had focused on seeking prospective areas in reasonable water depths close to existing discoveries making these licence options interesting targets for the Company.