Proactive weekly mining highlights: Oriole Resources, Asiamet, Salt Lake Potash …

A look back at some of the weekly news from the mining sector

Oriole Resources PLC - Proactive weekly mining highlights: Oriole Resources, Asiamet, Salt Lake Potash…

Oriole Resources PLC (LON:ORR) subsidiary, Thani Stratex Djibouti Ltd, this week secured US$2.5mln in investment from American Minerals Exploration & Development Fund III.

The company also updated on the Senala project in Senegal where joint venture partner IAMGOLD has indicated that it will start the Year 3 Programme. IAMGOLD intends to move northwards in the programme, to drill the Faré prospect.

An initial programme of 10,000 metres of AC drilling is also planned with follow up drilling to be designed according to results.

Asiamet Resources Ltd (LON:ARS) said it remains focused on the ongoing development of its advanced stage high quality, copper, copper-gold and base-metals deposits in Indonesia, in spite of the wider market turmoil, the company said in a business update.

Salt Lake Potash Limited (LON:SO4) (ASX:SO4) said it is focused on “rapidly progressing” the development of its Lake Way project in Western Australia as it reported its half-year results. Over the six months ended 31 December, the company reported a pre-tax loss of A$32.1mln compared to an A$5.8mln loss in 2018, it ended the year with cash reserves of A$36.2mln, up from A$19.3mln last year.

Condor Gold PLC (LON:CNR) (TSX:COG) said considerable progress has been made towards securing the environmental permit for the development of the La India open pit in Nicaragua. The loss before tax in the first half of the company’s fiscal year narrowed to £1.2mln from £1.5mln the year before. The net cash balance of the group at the end of 2019 was £2,903,556, up from £220,975 a year earlier.

Amur Minerals Corporation (LON:AMC) secured a fixed-term loan note from Plena Global Opportunities. The loan note will provide Amur with up to £1.5mln and consists of three advances. The initial advance of £500,000 is likely to be received by the company on 13 March 2020.

Berkeley Energia Ltd's(LON:BKY) latest results statement detailed ongoing progress as it works to deliver the Salamanca uranium mine in Spain. The pre-revenue company reported a US$5.68mln loss for the year. It ended December with cash reserves of US$92.5mln.

Metal Tiger PLC (LON:MTR) told investors that its proposed acquisition and joint venture in Thailand has been terminated, by mutual agreement.

The company also said its subsidiary, Kalahari Metals (KML), has kicked off a drilling programme at the Kitlanya East project in Botswana. Drilling rig mobilisation was underway at the site to commence testing of copper-silver prospective contacts and structures later this week.

IronRidge Resources Ltd (LON:IRR) agreed a deal to buy Joy Transporters Ltd to gain full ownership of a highly prospective lithium exploration portfolio in Ghana.

Pensana Rare Earths Plc (ASX:PM8) secured just over A$2 million from Fundo Soberano de Angola (FSDEA), the Angolan Sovereign Wealth Fund.

Greatland Gold PLC (LON:GGP) unveiled what it said were “outstanding drill results” from its Havieron project in Western Australia. The AIM-listed miner said the numbers represented “one of the best set of drilling results” at the project since its farm-in partner Newcrest began exploration at the site, with three holes reporting in excess of 400 gold gram-metres and one result reporting 500 gold gram-metres.

The firm also plans to step up exploration at its Paterson licences in Western Australia after establishing Havieron as a significant gold-copper discovery.

Anglo Asian Mining PLC (LON:AAZ) outlined its guidance for the 2020 financial year, projecting production in the range of 75,000 to 80,000 gold equivalent ounces. Based on current metal prices, the company said it expected revenue to significantly increase to over US$100mln.

Europa Metals Ltd (LON:EUZ) recorded its highest grades so far from the Toral project in north-west Spain in the latest two holes to be drilled. The drilling also confirmed a thick, high-grade zone outside the current confirmed resource area with grades of 17% zinc equivalent and a bumper section of more than 25% metal.

Oracle Power PLC (LON:ORCP) told investors it has received strong support for its development of the Thar coal project It was copied into a letter from the Minister of Energy for the government of Sindh to the chairman of the China Pakistan Economic Corridor (CPEC) authority which reflects the sentiments of recent talks in Karachi.

The letter confirmed “continued and strong support” for the project, along with the approval of a letter of intent from the private power and infrastructure board.

Red Rock Resources PLC (LON:RRR) said it was continuing to work on progressing its existing interests in the Democratic Republic of Congo and reviewing new opportunities.

The company – which on 25 February 2020 announced that a new phase of exploration was to begin on the 80%-owned Luanshimba license in the country – said planning discussions have been held with its geological advisors to ensure the most cost-effective programme, and quotes for some of the geophysical work are awaited.

Equipment due to be delivered to Romania to help Vast Resources PLC (LON:VAST) commence production at its Baita Plai project is currently being loaded at the port in China.

Ncondezi Energy Ltd (LON:NCCL) said it is making good progress towards the completion of the financial model for the development of its power project in Mozambique, according to chief executive Hanno Pengilly.

W Resources PLC (LON:WRES) raised £756,000 via placing of just under 210mln new shares to new Spanish investors.

Bushveld Minerals Ltd (LON:BMN)(OTCMKTS:BSHVF) signed a joint venture agreement with redT Energy PLC (LON:RED) to form a vanadium financing partnership to supply vanadium electrolyte for third party-owned vanadium redox flow batteries in projects developed by redT.

Thor Mining PLC (LON:THR) released its financial results statement for the year ended 31 December 2019, with the pre-revenue firm reporting a loss of £479,000 and ending the period with £316,000 of cash and equivalent.

European Metals Holdings Ltd (LON:EMH)(ASX:EMH) ended the year to 31 December 2019 with just US$81,000 cash in the bank. The company subsequently raised £350,000 in January in a placing.


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