logo-loader

Proactive weekly mining highlights: Rockfire Resources, Pan African Resources, Metal Tiger…

A look at the week's main events in the small-cap mining sector

Pensana Metals Ltd - Proactive mining highlights: Rockfire Resources, Pan African Resources, Metal Tiger…

Rockfire Resources PLC (LON: ROCK) announced this week that it has started a new round of drilling at the Plateau gold project in Queensland.

Pensana Metals Ltd’s (ASX:PM8) bulk testing material from Longonjo Rare Earth project in Angola arrived in Perth, Western Australia, for a pilot test work program. The company’s transition to a UK-based entity also passed its final milestone with the Supreme Court of Western Australia approving the scheme of arrangement.

Pan African Resources plc (LON:PAF) expects to produce 185,000 ounces of gold for the full-year as the South Africa-focused gold miner said sales at the halfway stage were 92,941 ounces, up 14.7%.

Metal Tiger PLC’s (LON:MTR) portfolio firm, metal explorer Cobre, is to float on the Australian Stock Exchange on or around the 31 January.

The total value of Metal Tiger’s 19.35mln shares in Cobre at the IPO price of A$0.20 (10p) per share will be A$3.9mln (£2mln), giving the firm an unrealised paper profit of around A$1mln (£0.52mln). The company’s Botswana-based subsidary has also won government approval for a pair of acquisitions that will add a combined 10 exploration concessions in the country.

Base Resources Limited (LON:BSE), in a quarterly update, told investors that the Kwale mineral sands project has steadily increased production. Thanks to the improved performance Base Resources has upgraded its guidance for 2020.

The company has also confirmed the existence of further high-grade mineral sands mineralisation at the Toliara project in Madagascar, following a 29,753 metre programme of aircore drilling.

A major investment programme at the Moma mineral sands project in Mozambique is set to come to an end later this year. The owner, Kenmare Resources plc (LON:KMR) reckons that when the expansion programme is complete it will have invested a total of US$150mln to take production up to 1.2mln tonnes a year. The output increase amounts to around 35% of the previous production level, and looks set to boost margins and profits too.

Pembridge Resources PLC (LON:PERE) has stepped up exploration at the Minto copper mine in Yukon, Canada with a sizeable drilling campaign now underway following an aerial magnetic (MAG) survey over the site.

The firm is also planning to appoint an operator for Minto Explorations Ltd, the company which runs the Minto mine.

Ariana Resources PLC (LON:AAU) hailed “exceptional” results from a resources sampling programme at the Tavsan gold project in Turkey, part of its Red Rabbit joint venture.

Europa Metals Ltd (LON:EUZ) is to step back from further drilling at the Toral base metal project for the time being and analyse the data accumulated from recent exploration.

Regency Mines PLC (LON:RGM) updated investors on the first substantial exploration activities to take place on the company’s flagship Mambare project since 2012.

Oriole Resources PLC (LON:ORR) revealed positive initial results from its 2020 exploration campaign at the Bibemi gold project in Cameroon.

Mapping work, at the 90% owned project, has shown a continuation of mineralisation at the main Bakassi area adding 1.3 kilometres to the known strike which now exceeds 5 kilometres. Preparations are underway for a drill programme of 1,500 metres.

Oriole has also successfully applied for the extension of its licence over the Dalafin gold project in Senegal.

NQ Minerals PLC (LON:NQMI) (OTCMKTS:NQMLF) is looking to investors across the Atlantic and has retained the services of Ortoli Rosenstadt LLP, an internationally focused, New York-based law firm to pursue a potential ADR listing of the company's securities in the United States.

Asiamet Resources Ltd. (LON:ARS) said it intends to relocate its corporate head office function to Jakarta, Indonesia from Melbourne, Australia commencing immediately following on from a review of its operations.

Greatland Gold PLC (LON:GGP) said final tests at its Firetower prospect in Tasmania have confirmed a defined mineralisation over a strike length of more than 200 metres.

Caledonia Mining Corporation PLC (LON:CMCL) increased its ownership in the Blanket gold mine in Zimbabwe to 64% through the acquisition of an additional 15% stake from Fremiro Investments.

BlueRock Diamonds PLC (LON:BRD) booked revenue of £4.1mln for the 2019 full year, up by 190%. During the second half of 2019, the company also turned a profit for the first time.

Premier African Minerals Limited (LON:PREM) has had its RHA Tungsten mine in Zimbabwe connected to the national grid with sufficient power to start processing tailings at the site.

IronRidge Resources Ltd (LON:IRR) produced battery-grade lithium in conversion trials conducted on coarse spodumene concentrate samples taken from the company’s Ewoyaa lithium project in Ghana.

Revenues generated by the royalty portfolio held by Anglo Pacific Group PLC (LON:APF) (TSE:APY) hit £57.6mln in 2019, a 20% increase on the revenue generated in 2018, and another record.

Chaarat Gold Holdings Ltd (LON:CGH) issued just over 1.3mln  new ordinary shares of US$0.01 each in settlement of loan agreement fees and following the exercise of warrants. 

Three of the directors of W Resources PLC (AIM:WRES) converted short-term loans provided to the company in November into shares. The conversion price was 0.307p per share, the volume weighted average for the week ended 10 January 2020.

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Pensana Metals Ltd named herein, including the promotion by the Company of Pensana Metals Ltd in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

planarTECH looking to raise upwards of £500k to meet 'great deal of demand'...

planarTECH chairman Ray Gibbs speaks to Proactive London's Andrew Scott ahead of a crowdfunding campaign on Seedrs to raise around £500k as it looks to expand its current business and meet the demand it's experiencing for its graphene systems. The company was formed in 2014 and makes the...

1 hour, 7 minutes ago

5 min read