Petrel Resources (LON:PET) – CORP: Ghanaian Tano Basin negotiations
Market Cap: £7m; Current Price: 7.1p
Clontarf Energy (LON:CLON) – CORP:
Market Cap: £2.6m; Current Price: 0.6p
Revised acreage accepted in principle
Pan Andean Resources, a private Ghanaian Company held 30% by Petrel, 60% by Clontarf and 10 by local Ghanaians, has been offered revised Tano Basin acreage coordinates by Ghanaian officials that the Company has accepted in principle.
Negotiations to formalise the revised Petroleum Agreement will continue as an agreement has yet to be reached on certain matters. At present no assurances can be given that these negotiations will lead to a successful outcome for the Company or that a formal agreement will be reached.
Sunrise Resources (LON:SRES) – SPECULATIVE BUY*: Strategy overview
Market Cap: £2.5m; Current Price: 0.22p
Sunrise Resource provides an update on its Strategy and an overview of its business.
Sunrise is an exploration Company that identifies opportunities through extensive archival research. The Company prefers to stake open ground allowing it to acquire 100% of its projects at a minimal cost.
The company is focused on the quality of an opportunity rather than any specific commodity. The Projects it becomes involved in tend to be in areas of low risk such as Nevada or Australia.
The Company has low overheads and focuses its funds on exploration where they have the potential to add the most value
In Nevada, SR Minerals Inc., holds;
The Country Line Diatomite Project, where the Company holds a royalty which is expected to be first paid in June 2017.
The Pozz Ash Project, where the Company is evaluating the potential for natural pozzolan (green cement).
The Bay State Silver Project, a historic mine with narrow high-grade mesothermal silver mineralisation. The Phase II drill programme is now complete at the project and assay results are expected within six weeks.
The Garfield Copper-Gold Project, where the Company is evaluating the potential for a large low-grade copper discovery.
The Junction Gold Project, a gold project where outcropping surface material has returned grab sample assays up to 16g/t Au. The next phase of work will include soil sampling to define favourable targets for trenching and drilling.
Also in Nevada, WestGold Inc., holds;
The Newark Gold Project, located at the confluence of major gold trends in Nevada and Sunrise is targeting Carlin-Style mineralisation.
The Clayton Silver Project, where the Company is targeting epithermal silver mineralisation.
The Stonewall Gold-Silver Project, which is believed to cover a major epithermal system.
In Australia, Sunrise Minerals Australia Ltd., holds;
The Cue Diamond Project, where the company is targeting kimberlite dykes.
The Bakers Gold Project, where the Company plans to drill test areas of historic workings.
In Ireland, Sunrise Ireland., holds;
The Derrginagh Barite Project, where the Company is continuing to monitor developments in the barite market.