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Proactive news summary, including Ariana Resources, Greka Engineering, Metals Exploration, Medusa Mining, Minera IRL and Mosman Oil & Gas

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A barrage of results came from the small cap sector on Tueday, mainly interims. 

Reporting firms included  Ariana Resources (LON:AAU), Greka Engineering (LON:GEL), Medusa Mining (ASX:MML), Metminco (LON:MNC), Metals Exploration (LON:MTA) and Xtract Resources (LON:XTR).

Amur Minerals (LON:AMC) shares were lifted over 10% as it said it remained confident it will be awarded a production licence for its Kun-Manie nickel project in Far East Russia.

Obtaining a licence, alongside updating the 2007 pre-feasibility and further exploration of the huge deposit are the priorities going forward, it said.

A production licence would allow Amur to move to the next stage of development of Kun-Manie, it said.

Meanwhile, innvestors in Tunisia focussed Independent Resources (LON:IRG) welcomed today’s interim results statement with a 23% rise in the share price.

Many investors may yet have some catching up to do given the truly transformational developments of recent months.

Long awaited government approval came in August for the Ksar Hadada project giving the AIM oil company operatorship and a substantially increased stake in the asset – it now has 86.345% rather than 19%.

It also gave IRG until April 2016 to complete exploration and development commitments.

Potash project developer Sirius Minerals (LON :SXX) released long awaited news that it is submitting key planning applications for the mine and mineral transport system (MTS) and for the materials handling facility (MHF) for its York potash system.

W Resources (LON:WRES) has already started work on a fast track mine at La Parrilla in Spain following production of first tungsten concentrate from tailings, it said today.

The tailings facility is currently on track to reach target production volumes of 25 tonnes per month of 60% - 63% WO3 (tungsten) and possibly more.  

The next stage at La Parrilla will be a fast track mine in an area adjacent to the current pit, utilising existing tailings and power, water and road infrastructure.

Aureus Mining (LON:AUE) reported another set of ‘excellent results’ from the final holes of its drill programme on the Ndablama gold project in Liberia.

They included 3 grams per tonne of the precious metal over 28 metres, 3 grams over 20 metres, 2.8 grams over 24 metres and 3.3 gram over 18 metres. The mineralisation was intercepted from 88 metres down to 139 metres.

The data chimes with results published in January, April and July. In all, Aureus completed 19,000 metres in this its phase-four drilling programme.

In oil, Nostra Terra (LON:NTOG) chief executive Matt Lofgran told investors that the company has reached an exciting time in its development.

“We are now cash flow positive and making a big move forward with our recent acquisition, providing Nostra Terra with more control over its own destiny, while also having potential for a tremendous increase in production and reserves,” he said in the company’s interim results.

Operations over the past year have focused on the Chisholm Trail prospect and increasingly the company is also looking at the Verde prospect, where production is also growing, and the newly acquired White Buffalo prospect.

Elsewhere, Mosman Oil & Gas (LON:MSMN) said oil shows had been uncovered from Crestal-2 well in New Zealand.

That said, wireline logs analysed on-site were not conclusive and the data has been sent for expert review. 

The information garnered thus far indicates good porosity in the Cobden Limestone but indicates mainly water with some possible oil zones, Mosman told investors.

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