SAVANNAH RESOURCES (LON:SAV)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £27m
CURRENT PRICE – 4.88p#
Assay results show remarkable continuity at Mina do Barroso
NORTHLAND VIEW
Savannah Resources has reported the initial assay results from its RC drill programme at the Mina do Barroso Lithium Project, located in Portugal.
At the Reservatorio Target, drilling confirmed mineralisation over a strike length of 200m with down dip extensions to 80m. Results include: 36m at 1.26% Li2O from 29m (17RESRC05); 33m at 1.15% Li2O from 16m (17RESRC07); and 25m at 1.01% Li2O from 36m (17RESRC03).
At the Grando Target, drilling confirmed mineralisation over a strike length of 200m. Results include: 18m at 1.27% Li2O from 21m (17GRARC06); 17m at 1.24% Li2O from 16m (17GRARC05); and 14m at 1.18% Li2O from surface (17GRARC07).
Drilling is now expected to commence at the NOA Target, with additional drilling to follow at both Reservatorio and Grando Targets. The Company is aiming to define a JORC compliant mineral resource estimate before the end of the year.
Mapping of five additional targets is underway. A second phase of metallurgical test work is expected to commence shortly.
Positive initial results from Savannahs Resources RC drill programme at the Mina do Barroso Lithium Project. The lithium mineralisation intercepted appears to occur over fairly consistent widths with the grade also remaining remarkably consistent. Both the Reservatorio and Grando Targets remain open along strike and at depth and further drilling could expand these areas. Drilling is now kicking off at other targets but will return to Reservatorio and Grando to follow up on these positive results.
COMPANY DESCRIPTION
Savannah Resources is an exploration and development company with copper-gold projects located in Oman, a mineral sands project in Mozambique and lithium projects in Finland and Portugal.
PREMIER AFRICAN MINERALS (LON:PREM)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £22.4m
CURRENT PRICE – 0.4p#
Enters agreement to sell Forestry and Limestone business
NORTHLAND VIEW
Premier African Minerals has entered into an agreement with Amire Glory Limited for the sale of Prem’s 52% interest in the TCT Industrias Florestais Limitada, which owns the limestone and forestry business, located in Mozambique. Prem will retain an initial 50% interest in the project.
Prem will novate its rights and obligations under its TCT Acquisition Agreement but also retain a free carried interest in the limestone project. Amire will settle the US$2.1m vendor consideration due to the original previous vendors of the project.
Admire is in the process of acquiring a 60% interest of the assets of Grupo Madal that includes a 94,000ha forest concession, 34,000ha in conservation and tourism operations and 31,000ha of agricultural land in the Zambezi province of Mozambique.
George Roach (CEO of Prem) has a 33% interest of Admire Glory and will dilute to below 10% on completion of the Group Medal transaction.
Premier African Minerals is focused on its three principal assets: the RHA Tungsten Project; the Zulu Lithium Project; and its holding in Circum Minerals. This deal allows Prem to reducing its financial exposure to the non-core forestry business while retaining an interest in the limestone project. As George Roach is a Director and shareholder of both companies the execution of the LoU is a related party transaction under AIM Rule 13.
COMPANY DESCRIPTION
Premier African Minerals is a multi-commodity exploration and development company with assets located across Africa. Its principal asset is a 49% operator interest in the RHA Tungsten Mine located in Zimbabwe. It has also recently acquired a Limestone and Forestry business located in Mozambique.
SECTOR – MINING
RATING – CORP*
MARKET CAP – £8.2m
CURRENT PRICE – 0.375p#
Calidus Resources continues to consolidate the Warrawoona Gold Belt
NORTHLAND VIEW
Calidus Resources, a company that Keras Resources holds a 30% interest in, has entered into a binding Term Sheet with Novo Resources Corp. (NVO.TSXV) to form a joint venture. Under this joint venture Calidus will have the right to acquire a 70% interest in Novo’s Exploration Licences 45/3381, 45/4194, 45/4622, 45/4666 and Prospecting Licences 45/2661, 45/2662, 45/2781. These licences surround Calidus' flagship Warrawoona Gold Project and include direct extensions to the Klondyke Shear.
Anomalies in these licences include a 5km long extension of the Klondyke Shear where previous drilling returned results including: 10m at 1.7g/t Au from 56m (RC96WA06); 2m at 5.58g/t Au from 31m (RC96WA07); and 4m at 4.35g/t Au from 141m (RC96WA10).
At the Cutty Sark target, historic RAB drilling intersected 8m at 8.6g/t Au and limited follow-up RC drilling returned intercepts of 4m at 2.41g/t Au and 3m at 7.89g/t Au.
A parallel 5km long gold in soil & rock anomaly (Hottigans) has not been drill tested. Numerous other targets are present within the licenses.
Total consideration to Novo is 20 million shares in Calidus and expenditure commitment of A$2m over three years (this would dilute Keras' holding in Calidus to approximately 29%).
This appears to be a very positive deal for Calidus Resources and its major shareholder Keras Resources. The licences being acquired contain several areas of defined mineralisation, as well as numerous targets where there are positive anomalies. The deal has given Calidus the opportunity to consolidate a large proportion of the Warrawoona Gold Belt on very attractive terms.
COMPANY DESCRIPTION
Keras Resources is an exploration company with interests in gold projects, located in Australia, a manganese project and a cobalt-nickel project, located in Togo.
SUNRISE RESOURCES (LON:SRES)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £4m
CURRENT PRICE – 0.22p#
Completion of sale of Junction Gold Project
NORTHLAND VIEW
Sunrise Resources has completed the sale of the Junction Gold Project to VR Resources.
Sunrise is expected to receive an initial payment of US$10,000 and 50,000 shares in VR Resources. It will receive an additional 50,000 shares in VR should drilling take place, if no drilling takes place within 18 months the project is returned to Sunrise.A final payment of 250,000 shares in VR will be awarded to Sunrise should VR complete a NI 43-101 compliant Mineral Resource Estimate for the Project.
Sunrise will also receive a 3% NSR, 1.5% of which can be brought back for US$500,000 per 0.5%.
Positive news for Sunrise Resources with the completion of its first disposal in line with its new strategy of focusing on its pozzolan and perlite projects and monetizing its other interests.
COMPANY DESCRIPTION
Sunrise Resources is an exploration company focused on its 100%-owned CS Pozzolan-Perlite Project, located in Nevada.
SECTOR – OIL & GAS
RATING – CORP*
MARKET CAP – £2.7m
CURRENT PRICE – 2.6p#
Interim Results
NORTHLAND VIEW
LBT increased to €207k in H117 from €106k in H116, largely due to an increase in administrative expenses.
Net debt totaled €99k in H117 compared to net cash of €592k in H116.
At Petrels joint venture with Woodside Energy in the Irish Atlantic Porcupine Basin 3D seismic data has been acquired over FEL3/14 a block on which Petrel has a 15% carried interest. The data is now being processed with interpretation expected by late 2017. Petrel is also in discussions with Woodside that may lead to the arbitration process on the former FEL 4/14 being withdrawn.
At Petrels other Irish Atlantic Porcupine Basin acreage its geophysics team is reprocessing the limited number of historic 2D seismic lines covering Block 45/27.
In Ghana, Petrel has had constructive discussions with the Ghanaian Ministry of Energy, with a mutual desire to resolve all outstanding issues and complete the ratification process.
Petrel Resources continues to be conservatively run and is focusing its efforts on the Irish Atlantic Porcupine Basin where there has been renewed interest from a number of significant operators. It is also actively seeking a resolution to its Ghanaian acreage and is in with the Ghanaian Ministry of Energy.
COMPANY DESCRIPTION
Petrel is an Oil & Gas exploration company with projects in the Porcupine Basin, and applications in Ghana.