SECTOR: MINING; HEALTHCARE
Mina do Barroso Lithium Project Update
Mina do Barroso Lithium Project Update
NORTHLAND VIEW
§ Savannah Resources’ has published an updated JORC 2012-complaint Inferred Mineral Resource Estimate for the Mina do Barroso Lithium Project, located in Portugal. The updated Mineral Resource Estimate totals 9.1mt at a grade of 1.03% Li2O, an increase of c. 200% on the previous estimate. An Exploration Target for the project has been defined at 17-21mt at a grade between 1% and 1.2% Li2O
§ This estimate comes from three of eight know pegmatites on the Mina do Barroso Lease. Further RC and diamond drilling underway targeting down dip and strike extensions of the defined mineralisation.
§ Savannah expects to commission a Scoping Study shortly and make a development decision before the end of the year.
Savannah Resources has wasted no time since it generated its maiden Mineral Resources Estimate for the Mina do Barroso Lithium Project back in mid-December. A 200% increase in the Mineral Resource Estimate is a sizable achievement completed in a short space of time and additional expansion drilling is ongoing and expected to lead to an another updated Mineral Resource Estimate from the Company in due course. Savannah plans to continue its fast paced work programme at the Project with the Company aiming to complete both a Scoping Study and a Definitive Feasibility Study before the end of the year, this would be a remarkable achievement. Savannah’s current Mineral Resource Estimate for Mina do Barroso currently sits at the lower end of comparable lithium projects in terms of tonnages (Chart 1), though it’s important to note that to date the Company has only tested three out of eight targets and even the three targets included in the Mineral Resource Estimate have potential down dip and along strike extensions that are currently being tested in the on-going drill programme. There is clearly significant potential for the Company to scale up the tonnage with further drilling. In terms of grade the current Mineral Resource Estimate for Mina do Barroso is around the mid-range of comparable lithium projects and lower end of the range for spodumene projects (Chart 1), the Exploration Target highlights an expectation that the grade is expected to increase or remain the same with further work.
COMPANY DESCRIPTION
Savannah Resources is an energy metals group with copper-gold projects located in Oman, lithium projects in Portugal, and a operates a mineral sands project in Mozambique that is a JV with Rio Tinto
Appointment of consulting geologist
NORTHLAND VIEW
§ Altona Energy has appointed Brenton Newell as a consulting geologist.
§ Mr Newell, is a geologist with over 30 years’ experience in a range of commodities, and has worked with companies in Australia, ranging from BHP Billiton to ASX-listed junior explorers.
§ Mr Newell will design an exploration programme focused on the southwest of the Company’s Westfield tenement, using data collected from 40 years of exploration in the Arckaringa Basin. Once this report is completed and the exploration programme is approved by the Board, Mr Newell will then oversee the ground exploration activity.
COMPANY DESCRIPTION
Altona Energy is seeking to develop the Arckaringa Coal Project, located in South Australia.
Completes a Strategic Financing and Restructures the Board
NORTHLAND VIEW
§ Connemara Mining has completed a Strategic Financing to raise £900,000 through the issue of 21,686,747 shares at a price of 4.15p per share. Each share comes with a one-for-one warrant exercisable at 7p per share.
§ Metal Tiger has subscribed for £200,000 of shares. Directors John Teeling and Jim Finn are to convert outstanding unpaid historic salaries totalling £199,500 into Company equity at the placing price of 4.15p through the issue of 4,807,228 shares.
§ The Board will be restructured with Patrick Cullen becoming an Executive Director and Chief Executive Officer and John Teeling becoming Non-Executive Chairman. Michael McNeilly (Chief Executive Officer of Metal Tiger) and David Cockbill (A Corporate Finance Executive at First Equity Limited) are to become new Non-Executive Directors and previous Non-Executive Directors: Vivion Byrne; Danesh Varma; and Gavin Berkenheger are to step down from the Board.
Connemara Mining has secured the funds that will allow it to accelerate its work programmes and fully investigate the potential of its Irish gold and zinc interests. The Company is planning to provide a Strategic Update shortly to give more detail on its plans moving forward.
COMPANY DESCRIPTION
An Irish focused exploration company with interests in gold and zinc-lead projects.
Interim Report
NORTHLAND VIEW
§ Feedback plc announces its unaudited results for the six months ended 30 November 2017.
§ Revenue for the six-month period was £228,874 (2016: £203,000) with Loss before interest, tax and amortisation £337,300 (2016: loss £115,000). Cash on 30 November 2017 was £266,756 (30 November 2016: £63,000).
§ Operational highlights include: TexRAD® distributor agreements signed in China and Korea, CE marked release of TexRAD® Lung, three pilot TexRAD® Lung installations secured with existing research customers and appointment of David Crabb as CEO.
The 12.8% growth in revenues from the previous period demonstrates the increasing demand for the Company’s technology. The CE-marked release of TexRAD® in November 2017 was a significant milestone, allowing the sale of TexRAD® Lung within the EU, a key market, which is expected to further drive revenues. The Company is focusing on developing its clinical evidence base and accelerating market penetration. The appointment of David Crabb will underpin the execution of the Company's growth strategy
COMPANY DESCRIPTION
Feedback plc is a medical imaging business.