W Resources (LON:WRES) – BUY*: La Parrilla update
Market Cap: £14.6m; Current Price: 0.4p; Target Price: 1p
First Blast marks the commencement of mining
W Resources has completed the first blast at its La Parrilla Tungsten Project.
The blast covered the first two 10m benches in the Fast Track Mine area and opens up accessible ore to be mined.
20 RC holes, drilled on the north and south lateral extensions of the pit, have been completed and assay results are awaited.
No change to forecasts, rating or price target.
NORTHLAND CAPITAL PARTNERS VIEW: W Resources has completed the first blast at its La Parrilla hard rock tungsten project, located in Spain. The upgrades to the tailings processing plant are expected to commence in September allowing for initial concentrate production (Stage 1) to commence as expected Q416.
TechFinancials (LON:TECH) – BUY*: Termination of Agreement
Market Cap: £7.9m; Current Price: 11.5p; Target Price: 27p
Terminates JV with IBID Holdings
TechFinancials is terminating its joint venture agreement with IBID Holdings due to a breach by the partner.
The Company is considering legal action against its partner for violations that include but are not limited to failure to transfer the initial investment amount.
No change to forecasts, rating or price target.
NORTHLAND CAPITAL PARTNERS VIEW: The termination of TechFinancials Joint venture agreement with IBID Holdings is not expected to have any material impact on the results for the current financial year and both B2B and B2C trading remains in line with market expectations.
Sunrise Resources (LON:SRES) – SPECULATIVE BUY: Garfield project update
Market Cap: £2.4m; Current Price: 0.2p
From yesterday: Positive initial trenching results
Sunrise Resources has completed two trenches at the Garfield Copper-Gold Project.
Trench 1 returned 22m at 0.33% Cu including 2m at 2.18% Cu and 0.48g/t Au from 16m and 2m at 1.2g/t Au and 0.07% Cu from 8m.
Trench 2 did not reach bedrock and was not sampled.
NORTHLAND CAPITAL PARTNERS VIEW: The first trench from Sunrise Resources initial trenching programme at the Garfield Copper-Gold Project, located in Nevada, has returned some positive initial results highlighting significant mineralisation in present at the project. Sunrise now plans a follow up trenching programme this summer.
Connemara Mining Company (LON:CON) – CORP: Inishowen update
Market Cap: £1.5m; Current Price: 2.6p
New gold system defined
Connemara Mining Company reports the results of the first two of four holes drilled during the second drill programme at the Inishowen Project, located in Donegal.
Results include 1m at 2.48g/t Au from 33m (16-MR-04) and 2.98m at 0.27g/t Au (16-MR-05).
NORTHLAND CAPITAL PARTNERS VIEW: The first two holes encountered in Connemara Mining Company’s second drill programme at the Inishowen Project appear to have defined a new gold system in a Green Bed lithology. Results from the final two holes are expected within weeks.