Vast Resources (LON:VAST): Nkombwa Hill update
Market Cap: £8.6m; Current Price: 0.27p
From Yesterday: Maiden Resource estimates
Kilmire International Limited has completed a maiden JORC Resources estimate at Vast Resources’ Nkombwa Hilll Phosphate and Rare Earth Element Project, located in Zambia. Kilmire is earning a 65% interest in the project by achieving certain milestones and the completion of this estimate increases its stake in the project to 50.4%.
The total JORC compliant mineral resource estimate stands at 21.8mt at a grade of 7.06% P2O5 and 1.17% total rare earth oxides (TREO) at a 3% P2O5 cut-off grade and 2.78mt at a grade of 2.76% TREO and 6.43% P2O5 at a 1% TREO cut-off grade.
The next phase of work will see Kilmire fund an additional US$1,000,000 to de-risk the project by completing metallurgical work that could contribute to a possible feasibility study in the future.
NORTHLAND CAPITAL PARTNERS VIEW: As a result of the Kilmire earn-in at the Nkombwa Project, Vast Resources now owns 49.6% interest in a significantly more advanced and attractive phosphate and rare earth element project. The current JORC compliant mineral resource only represents around 5% of the hill’s volume above the valley floor, so there is significant upside potential for resource expansion. Vast will continue to benefit from the de-risking of the Project at no cost to itself while it focuses on its revenue generating operations in Romania and Zimbabwe.
Petrel Resources (LON:PET) – CORP: Tano Basin update
Market Cap: £7.1m; Current Price: 7.1p
Clontarf Energy (LON:CLON) – CORP:
Market Cap: £3.6m; Current Price: 0.6p
From Yesterday: Proposed work programme submitted
Pan Andean Resources, a private Ghanaian Company held 30% by Petrel, 60% by Clontarf and 10 by local Ghanaians, has submitted a proposed work programme on the Tano acreage, offshore Ghana, to the Ghanaian authorities in Accra.
The new work programme forms part of the ongoing negotiations regarding the terms of acquiring an exploration licence for the Tano Basin acreage.
Further updates that provide more detail on the geological information and exploration plans will be announced in due course.
ValiRx Plc (LON:VAL) – CORP: Conference poster
Market Cap: £6m; Current Price: 7.25p
Poster shows VAL201 having early indications of efficacy in advanced prostate cancer
ValiRx announced that a presentation, in the form of a poster, was given by the Company and its Principle Clinical Investigator at the prestigious European Society for Medical Oncology ("ESMO") Conference on Monday, 10 October 2016 in Copenhagen.
The presentation provided data from the Company's "First-in-human (FIH) phase I/II, dose escalation and pharmacokinetic (PK) study to show the safety and tolerability of VAL201 in patients with advanced prostate cancer and other advanced solid tumours."
The poster showed that the trial had demonstrated early indications of efficacy in advanced prostate cancer with no drug-related serious adverse events recorded, as was previously announced via RNS on 13 September 2016.
The study continues with expansion into other tumour types.
An Endometriosis trial is also being planned.
NORTHLAND CAPITAL PARTNERS VIEW: ValiRx presented a poster demonstrating the safety and tolerability of VAL201 in patients with advanced prostate cancer and other advanced solid tumours. Of interest, data also show anecdotal evidence of efficacy in advanced prostate cancer. The Company is currently expanding the trial further into other tumour types.