Rockwell Diamonds (TSX:RDI) – CORP: Q117 results
Market Cap: CAD$5mm; Current Price: 9c
Q117 sees significant improvement in operational performance
Volumes processed in Q117 totalled 865,000m3 up 10% compared to 788,000m3 in Q116, and also up 10% compared to 789,000m3 in Q416.
Carats produced totalled 5,688cts in Q117 up 88% from 3,025cts in Q116, and up 20% from 4,726cts in Q416.
The average price per carat was US$1,801/ct in Q117 up 26% from US$1,432/ct in Q116, and up 24% from US$1,448/ct in Q416.
As a result of the improved production levels and diamond prices, revenues totalled US$9.3m in Q117 up 40% from US$6.7m in Q116, and up 31% from US$7.1m in Q416.
Mining operations moved to contractor mining from May.
Construction at Wouterspan remains on track for August 2016.
NORTHLAND CAPITAL PARTNERS VIEW: Q117 has seen an improved operational performance by Rockwell Diamonds and was largely due to enhancements at the Remhoogte-Holsloot Complex Project that outweighed the wind down of operations at the Saxendrift Project. Rockwell had a difficult 2016 but has made large strides forward in the first financial quarter of the Company’s year-end. The return of production at Wouterspan should further strengthen the Company’s operations as it looks to reach its target of processing 500,000m3 of gravel per month.
Keras Resources (LON:KRS) – CORP*: Prince of Wales update
Market Cap: £12m; Current Price: 0.9p
Drill results including 3m at 14.64g/t Au and 3m at 7.25g/t Au
Keras Resources reports the results of its reverse circulation drill programme from the Prince of Wales project, located on the Grants Patch lease, with results including; 3m at 14.64g/t Au from 66m (PWRC005) and 3m at 7.25g/t Au from 60m (PWRC002).
Clean up of pit underway to allow the re-access of the decline. The Company expects to begin mining in Q416.
The Company will now commence a resource development programme using diamond drilling.
NORTHLAND CAPITAL PARTNERS VIEW: Keras Resources is rapidly advancing its underground Prince of Wales Project towards production in the next six months under its tribute agreement with Norton Goldfields. The project has a historic underground resource of 154,000t at a grade of 8g/t Au and the Company believes around 20,000t of high-grade mineralisation can be extracted from the previously developed Consols decline.