Mariana Resources (LON:MARL) – BUY*: Ergama update
Market Cap: £94m; Current Price: 76p; Target Price: 104p
Seven hole diamond drill programme underway
Mariana Resources has commenced an initial 7-hole diamond drill programme at its 100%-owned Ergama copper-gold project, located in Turkey.
The programme is expected to be completed in early-Jan 17 with assay results expected in Q117.
NORTHLAND CAPITAL PARTNERS VIEW: Mariana Resources is commencing its maiden drill programme at the Ergama Project, located in Turkey. The programme will target near-surface porphyry copper-gold mineralisation, located in the centre of the licence, as well as, high-grade gold-silver epithermal mineralisation, located around the edge of the licence.
Churchill Mining (LON:CHL) – SPECULATIVE BUY*: ICSID Arbitration
Market Cap: £49m; Current Price: 32.9p
Yet to receive the ICSID Tribunals decision
Churchill Mining has not yet received the ICSID Tribunals decision. It has also not been informed when the decision will be issued.
The Company has contacted the ICSID Secretariat to request an update.
ValiRx Plc (LON:VAL) – CORP: Quarterly update
Market Cap: £5.6m; Current Price: 6.75p
Clinical trial progress update
ValiRx issued a quarterly update on the progress of its clinical trials.
Lead programme VAL201 continues to perform well in its Phase I/II dose escalation study.
The purpose of the study is to assess the safety and tolerability of VAL201 in patients with advanced stage prostate cancer and other solid tumours.
No dose limiting toxicity has been observed to date, nor have any therapeutically related serious adverse events. As such, VAL201 has met and currently exceeds the predicted safety and tolerability criteria set for the trial.
Also, the vast majority of patients who have completed the study showed stable disease on imaging and following treatment. Furthermore, the majority of subjects on a significant dose have shown changes in PSA levels related to their treatment.
The trial is to be expanded in patient numbers with the inclusion of several new study centers.
With regards to ValiRx’s second clinical programme, VAL401, the company recently announced that the first dosing of patients had commenced in a Phase II trial for the treatment of lung cancer and other oncology indications.
ValiRx reported that two patients are currently in the trial and that the trial is expected to recruit 20 patients.
NORTHLAND CAPITAL PARTNERS VIEW: ValiRx now has two Phase II clinical trials on the go. The successful completion of either (or both) of these trials would represent a major milestone for the business. Positive data read-outs would likely elicit the interest of potential pharma partners.