Goldplat (LON:GDP)#
Ashanti Gold Corp (AGZ CN), the joint venture partner and operator of the Anumso gold project in Ghana of Goldplat (GDP LN) reports significant gold soil anomalies encountered in a completed program. In aggregate up to 400m wide and with an underlying host rock of conglomerate, the anomalies show a significant number of samples with grades at or above 30ppb (.03ppm) gold; deemed highly anomalous among explorationists who work the W Africa gold belts. At least 24 samples gave results at or above 0.1ppm gold.
Mineralized rock grab samples grading 1gAu/t or better were submitted for metallurgical recovery of gold. Oxidized samples were crushed, ground, and bottle rolled for cyanide leach recovery and showed excellent results of greater than 85% gold recovery in 48 hours across all types of samples in the batch.
No comment was made of what comes next on the project but these results certainly put a fire in the field geologist’s mind we believe to get ready for drilling. GDP will retain no less than 25% interest in this ground in the JV.
We retain our BUY rating and 17p price target.
Millennial Lithium (ML CN) has opted to pay off the debt early incurred in the acquisition of the initial core license ground at Pastos Grandes with a portion of the funds raised in the past few weeks. This ground had been set up with a payment schedule upon the announcement of its acquisition on 19 July, 2016. Due to highly successful drilling results to date on the ground, ML has consummated a full and final 100% ownership of this first 1,219 hectares with the transfer of deeds completed 5 October, 2017.
In other news, drilling results from the ‘Cruz’ property have proved disappointing. ML has notified the original vendor of the ground that it is terminating its further interest. ML was to have received US$1m in the next option payment from the JV partner by 1 October, 2017.
Though the drilling results from ‘Cruz’ have been disappointing, the early exit from ground which is not prime preserves capital for better opportunities in the ML property portfolio.
We retain our SPEC BUY recommendation.