Ascent Resources (LON:AST) – BUY*: IPPC Permit update
Market Cap: £37m; Current Price: 2.25p; Target Price: 4.3p
Environmental Minister dismisses appeal against IPPC Permit
Ascent Resources has been informed that the appeal in relation to the Integrated Pollution Prevention and Control (IPPC) Permit, which is needed for the installation of a gas treatment facility at the Petišovci Gas Field, has been dismissed as being without merit by the Environmental Minister of Slovenia.
The individual who had previously appealed the award of the IPPC Permit can further appeal in the Court.
NORTHLAND CAPITAL PARTNERS VIEW: The Environmental Minister’s decision to dismiss the appeal against the award of the IPPC permit is another important milestone for Ascent Resources. At this stage it is not clear whether the individual that previously appealed against its award will lodge a further appeal in the Court.
Premier African Minerals (LON:PREM) – CORP: Corporate update
Market Cap: £21.9m; Current Price:0.55
Conversion of Directors fees into equity
Michael Foster (Director) and John Ian Stalker (Non-Executive Director) of Premier African Minerals have accepted new ordinary shares in the Company as payment for their services for the year ending December 2016.
£30,000 in Director Fees will be converted into 6,000,000 new shares at 0.5p per share.
Following the issue of shares Michael Foster and John Ian Stalker will hold 0.19% and 0.79% of the issued share capital respectively.
Following admission the Company will have 4,391,022,019 shares in issue.
Altona Energy (LON:ANR) – CORP: Interim results
Market Cap: £5.4m; Current Price: 0.6p
Altona’s application is next in line
LBT totalled £241,000 in H117 down from £368,000 in H116, largely due to a reduction in administrative expenses and loss from operations.
Net cash totalled £55,000 in H117, up from net debt of £657,000 in H116.
Application for a petroleum exploration licence (PELA 666) was made on 17 October 2016 and is under consideration by the South Australian Government.
New Deed of Variation agreed with Joint Venture Partners, who remain fully supportive.
NORTHLAND CAPITAL PARTNERS VIEW: Altona Energy has been informed by the South Australian Government that the Arckaringa Coal Chemical Joint Venture Co.'s application is the next to be assessed, should the new owner of PELA 604 not proceed with their application.
Connemara Mining Company (LON:CON) – CORP: New licences
Market Cap: £1m; Current Price: 1.4p
Five new prospecting licenses in County Laois
Connemara Mining has acquired five new prospecting licenses in County Laois. These licences contain two known areas of zinc-lead mineralisation, Tonduff and Derrykearn.
Tonduff was discovered by Chevron Mining in 1987 and consists of disseminated and fractured sulphides hosted by Black Matrix Breccias, within the Waulsortian Reef. The historical results are low-grade with hole 1989-91 hitting a number of thin intervals c. 0.25m grading between 1.5% to 2.0% zinc and 0.3% lead. This could be modelled as being on the edge of a larger zinc-lead mineralising system.
Derrykearn was discovered in 1977 by Athlone Prospecting and Development, which intersected 2m of 3% pyrite with 0.2% zinc. In 1984, Ennex discovered more intense and extensive sulphide mineralisation in the form of massive and disseminated pseudo-breccia hosted pyrite-sphalerite-galena at shallow depths of c. 20m to 50m. The best intersection was Hole 1650-11 with 5.95m grading at 13.3% zinc and 3.2% lead. Follow up work by Ennex and Ivernia West extended the mineralisation but concluded at that time that it was sub-economic.
NORTHLAND CAPITAL PARTNERS VIEW: These new licences that Connemara Mining Company has applied for lie along the Rathdowney Trend are located northeast of the Galmoy and Lisheen zinc-lead mines and include the Tonduff and Derrykearn lead-zinc mineralisation.