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Today's Market View - Cornish Metals, Caledonia Mining, Oriole Resources and more...

AEX Gold Inc (LON:AEXG) – Operational update Cornish Metals* (LON:CUSN) – AIM Admission – Writing the next chapter in Cornwall’s long mining history Cornish Metals* (CVE:CUSN) – CLICK FOR PDF Europa Metals Limited (LON:EUZ) – Drilling starts at Europa’s Toral zinc, lead, silver project in Spain Caledonia Mining* (LON:CMCL) – Record mine production at Blanket

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SP Angel . Morning View . Monday 18 01 21

Chinese GDP growth accelerates on course for strong 2021 

 

AEX Gold Inc (LON:AEXG) – Operational update

Cornish Metals* (LON:CUSN) – AIM Admission – Writing the next chapter in Cornwall’s long mining history

Cornish Metals* (CVE:CUSN) – CLICK FOR PDF

Europa Metals Limited (LON:EUZ) – Drilling starts at Europa’s Toral zinc, lead, silver project in Spain

Caledonia Mining* (LON:CMCL) – Record mine production at Blanket

GoldStone Resources (LON:GRL) – Settlement of Claim by Former Director

IronRidge Resources* (LON:IRR) – Further results from Zaranou gold exploration project, Cote d’Ivoire

Oriole Resources (LON:ORR) – Exploration projects update

Tertiary Minerals* (LON:TYM) – New copper exploration project in Nevada

 

Explosion at CATL battery factory in China causes one fatality

One person sadly lost their life and a further 19 were injured due to an explosion at a factory belonging to CATL in the city of Ningxiang, Hunan on the 7th of January.

The plant is run by Brunp Recycling Technology, who said in a statement that the explosion was caused by waste aluminium foil igniting in the waste disposal unit.

CATL have since announced that the incident would have limited impact on its production and operations, and safety measures would strengthen as a result of the incident.

 

Recent Interviews:

IGTV:   Is 2021 the start of the new COVID-Supercycle or will Lockdowns delay the recovery? https://youtu.be/7LO0tDc-pNc

As traders continue to bid up Tesla, is the EV sector approaching a bubble? https://youtu.be/LaDWBpTZ7SQ

Copper price rise: https://youtu.be/mdPXTup15VY

VOX Markets: 13/01/20 https://audioboom.com/posts/7770987-john-meyer-on-lithium-ironridge-res-savannah-res-kodal-mins-cornish-metals-bluerock-diamonds

iiTV:     The mining stock to own in 2021: https://www.youtube.com/watch?v=4x7SuSLQwCI&t=11s

Small Cap Mining Share tips for 2021 - https://www.youtube.com/watch?v=G_6RKAp91k4

Miners for a green industrial revolution - https://www.youtube.com/watch?v=rXlNS6JIDvg&t=3s

A Mining megatrend and three solid dividend stocks - https://www.youtube.com/watch?v=sH5r-QbTRwg

*SP Angel almost invariably acts as nomad or broker or nomad and broker to companies mentioned in the above videos and podcasts.

We speak more about these companies as we have a good understanding of their business and can talk with a greater degree of confidence. As ever, however, it should be noted that our views do not take into account the circumstances and needs of any particular investor or investor type. So enjoy the talks, one and all, but please do your own research, including other companies not mentioned by us but operating in the same areas, and get professional advice where appropriate.

 

Dow Jones Industrials -0.57% at 30,814

Nikkei 225 -0.97% at 28,242

HK Hang Seng +1.01% at 28,863

Shanghai Composite +0.84% at 3,596

 

Economics

Containers – shortage of containers in China may delay shipments to the West dampening sales by manufacturers

A slowdown on containers passing through ports elsewhere due to Covid-19 restrictions is also exacerbating the container shortage as well as delaying raw material supplies into China

 

US – Markets are closed on Monday as the nation celebrates the Martin Luther King Day.

The US$ is stronger this morning amid a mild risk off sentiment and despite positive China GDP data.

Janet Yellen who is planned to be confirmed as Treasury Secretary by the Congress is expected to confirm the US administration commitment to market determined exchange rates and will not be seeking a weaker currency to boost exports, the Wall Street Journal reported.

US retail sales fell 0.7% mom in December vs -1.1% in November.

PPI rose 0.3% in November vs 0.1% in October

Industrial production rose 1.6% in December vs 0.4% in November and was -3.6% yoy vs -5.5% yoy

Manufacturing output up 0.9% in December vs 0.8% in November and was -2.8% yoy vs -3.7% yoy

Capacity utilisation improved 74.5% in December vs 73.3% in November

business inventories rose 0.5% in November vs 0.7% in October

NY Fed Empire State manufacturing index drifted 3.5 for January vs 4.9 in December

Preliminary Jan Michigan consumer sentiment index came in at 79.2 vs 80.7

 

China – Growth picks up in Q4 allowing the economy to avoid an annual drop making China the only major economy to post positive GDP growth in 2020.

GDP climbed 6.5%yoy in Q4/20 beating estimates for a 6.1%yoy increase and following an increase of 4.9%yoy in the previous quarter.

Output was up 2.3% in 2020 with estimates for the economy to grow 8.4% this year recovering from the pandemic 2020, according to Reuters.

Growth was led by the manufacturing sector while personal consumption lagged expectations amid coronavirus related restirctions.

Industrial Production (%YTD): 2.8 v 2.3 in November and 2.7 est.

Retail Sales (%YTD): -3.9 v -4.8 in November and -3.9 est.

 

Japan - machine tool orders rose 1.5% in November vs 17.1% in October and fell -11.3% yoy vs 2.8% in October

 

Germany - GDP is estimated to fall 5% last year

 

US – Trump administration targeting CNOOC for its drilling activity in the South China Sea

CNOOC’s violation of the 200 mile zone offshore Vietnam and the Philippines among other nations is symptomatic of China’s failure to respect the rights of maritime law.

The new US legislation will restrict access to American technology particularly in the oil and gas space.

We suspect the Biden Administration will not rush to unwind this particular legacy of the Trump era

 

UK - GDP fell 2.6% in November  vs a rise of 0.4% in October. November was -8.9% ytd and -6.8% yoy.

Nov industrial production fell 0.1% vs 1.1% in October. IP fell -4.7% yoy in November vs -5.8% in October

manufacturing output rose 0.7% in November vs 1.6% in October, and was -3.8% lower yoy in November vs -6.1% in October

UK People over 70 and clinically extremely vulnerable will start receiving invitations for their first COVID-19 vaccination from today.

24-hour vaccination centres are coming to London by the end of the month to accelerate the inoculation programme.

3.8m vaccinations have been administered so far.

The government will hold its first two-week review of the current lockdown on Wednesday with Dominic Raab suggesting the end of the lockdown is unlikely before March.

Authorities initially suggested that the lockdown could be eased in mid-February but the legislation allows it to continue until the end of March, FT reports.

Separately, the UK now requires all inbound travellers to have proof of a negative test before being allowed into the UK and almost all need to quarantine for 10 days.

The close of “travel corridors” that allowed quarantine-free travel will be in place until at least 15 February.

Property prices drop 0.9%mom what could be a sign of sellers trying to speed up transactions before a temporary reduction in a stamp duty expiring on the March 31.

 

Norway – raises concerns over Pfizer vaccine after fatalities in elderly

 

Currencies US$1.2071/eur vs 1.2124eur last week.  Yen 103.76/$ vs 103.69/$.  SAr 15.301/$ vs 15.171/$.  $1.354/gbp vs $1.366/gbp.  0.767/aud vs 0.774/aud.  CNY 6.494/$ vs 6.473/$.

 

Commodity News

Precious metals:  

Gold US$1,835/oz vs US$1,853/oz last week

Gold ETFs 107.2moz vs US$106.7moz last week

Platinum US$1,078/oz vs US$1,099/oz last week

Palladium US$2,377/oz vs US$2,392/oz last week

Silver US$24.96/oz vs US$25.40/oz last week

 

Base metals:

Base metals prices supported by strong Chinese data

Industrial metal prices were broadly stronger this morning, aided by better than expected data released in top consumer China.

Fourth quarter GDP rose to 6.5% YoY, stronger than the 6.2% expected and up from 4.9% in Q3.

Three-month base metals on the LME rose an average of 0.9%, led by a 1.1% rise in copper to $8,021/t (Fastmarkets MB).

Metals prices firmed despite a stronger US dollar, with the dollar index up 0.2% this morning.

 

Copper US$ 7,996/t vs US$7,985/t last week –

China unwrought cu imports fell 8.7% mom but rose 33% yoy to 6.68mt helped by higher Chinese prices through the mid-year

Chinese copper concentrate imports rose to 21.77mt for the year

China, Antaike estimate refined copper output rose 6% yoy in December to give FY production of 8.54mt 0.02% yoy

Chilean Supreme Court suspended operations at Cerro Colorado ~60ktpa due to dispute with the local community over water.

Aluminium US$ 1,988/t vs US$1,999/t last week

Nickel US$ 18,065/t vs US$17,975/t last week - Refned Nickel output rose 1.4% 164.6kt with domestic NPI production falling 16.5% to 504,000t

Zinc US$ 2,683/t vs US$2,716/t last week

Lead US$ 1,994/t vs US$2,014/t last week

Tin US$ 21,160/t vs US$21,085/t last week

Energy:           

Oil US$54.7/bbl vs US$55.7/bbl last week – China Crude oil imports represent some 12% of global demand at 10.85mbpd equiv

Oil prices fell back on Friday as demand fears grow, but OPEC has predicted an increase in US shale production at current price levels

Further dampening the demand outlook, news that China has reported its highest Covid-19 case count in months weighed on market sentiment

OPEC has also estimated that the improved outlook for crude oil prices could result in higher US shale production

OPEC upgraded its forecast for US oil production, expecting an increase of 370,000bopd, up from a previous forecast of 71,000bopd

Bitter cold and skyrocketing prices for LNG are now being felt in more places than just Asia

The ripple effects are affecting gas markets everywhere, straining supplies and forcing consumers to cut back

Another potential side effect could be the undermining of the spot market, potentially leading to more emphasis on oil-linked contracts, which would provide more stability 

Total has announced its decision to withdraw from the American Petroleum Institute, the industry’s most powerful lobby

The French super major cited API’s opposition to methane regulations, EV subsidies, and carbon pricing

Total also disagreed with API’s political contributions to US politicians that oppose the Paris Climate Agreement. 

Saudi continues to put pressure on Chinese oil imports with all Asia-bound grades materially increased by 20-70 cents/bbl, with steeper increases in the light range (Arab Light saw the biggest month-on-month move)

Combined with turnaround in Japan and China assumed to take place in February and Saudi Arabia’s unilateral commitment of cutting production by 1mbpd in February-March 2021, the assertiveness of Saudi Aramco might lead some refiners to rethink their regional purchases

In addition, contango seems to have disappeared from the markets so storing crude in hefty storage tank farms no longer makes commercial sense

Saudi Aramco reacting to Dubai backwardation extending to its widest since July 2020 was to be expected, boosted by robust demand from China and India throughout December, the Dubai M1-M3 increased as high as 92 cents/bbl on 16 December, though it has declined since

However, as the market moved closer towards the end of December 2020 the extent of the backwardation eased to 20-30 cents/bbl, meaning that all the while Middle Eastern NOCs were expected to increase their February OSPs

Natural Gas US$2.603/mmbtu vs US$2.719/mmbtu last week

Natural gas futures closed higher on Friday after recovering from an early session loss

The market opened under pressure as overnight forecasts pointed toward a short-term warming trend, but prices turned up at the mid-session as volatile midday outlooks shifted back to expectations for a severe winter chill in late January that could trigger a surge in heating demand

On Friday, March natural gas futures settled at $2.696/mmbtu, up $0.066 or +2.51%

The strong gains more than offset losses from the previous session that were fuelled by forecasts calling for warmer temperatures

 

Bulk:   

Iron ore 62% Fe spot (cfr Tianjin) US$168.5/t vs US$168.8/t - Iron ore imports rose 9.5% to 1.17bnt

Chinese steel rebar 25mm US$663.6/t vs US$663.4/t - China December crude steel output rose 7.7% YoY to 91.25mt

Crude steel output rose 5.2% in 2020 compared to the year prior to 1.053bt.

China plans to cut steel production in 2021 as it seeks to restrain capacity and cut carbon emissions (Bloomberg).

Thermal coal (1st year forward cif ARA) US$69.9/t vs US$72.4/t - Coal imports totalled 307mt lifted by a 235%mom rise in December of 39mt

Coking coal swap Australia FOB US$135.0/t vs US$134.0/t

 

Other: 

Cobalt LME 3m US$37,510/t vs US$38,005/t

NdPr Rare Earth Oxide (China) US$68,374/t vs US$67,515/t

Lithium carbonate 99% (China) US$9,009/t vs US$8,806/t

Ferro Vanadium 80% FOB (China) US$30.2/kg vs US$30.2/kg

Ferro-Manganese high carbon 78% Mn US$1,430/t vs US$1,380/t

Tungsten APT European US$235-240/mtu vs US$235-240/mtu

Graphite flake 94% C, -100 mesh, fob China US$530/t vs US$520/t                

Graphite spherical 99.95% C, 15 microns, fob China US$2,475/t vs US$2,475/t

Spodumene 6% Li2O min, cif (China) US$395/t vs US$380/t

 

Battery News

Cornwall to host this year’s G7 summit

Cornwall is to play host to the first face-to-face G7 meeting since the pandemic started, with Boris Johnson seeking to promote a green recovery from the Covid-19 crisis.

Leaders from Australia, India, South Korea and the EU will also attend the event as guests.

The Prime Minister commented: “Two-hundred years ago Cornwall's tin and copper mines were at the heart of the UK's industrial revolution and this summer Cornwall will again be the nucleus of great global change and advancement,"

Mining operations in the county leading the UK’s green revolution include Cornish Metals* and Cornish Lithium, with both companies aiming to produce metals vital for the EV revolution in a sustainable way.

* SP Angel acts as broker and financial advisor to Cornish Metals

 

2020 US emissions rise the least since WW2  

US greenhouse gas emissions rose less in 2020 than in any year since WW2 as the pandemic caused much of the US economy to grind to a halt.  

Emissions were 10.3% lower than the previous year across all sectors and it was the first year since he 1980s that the US pumped less than 5.5bn tonnes of CO2 equivalent into the atmosphere.  

They are likely to exceed its 2020 targets under the Copenhagen accord to cut emissions by 17% from 2005 levels, however reducing them by the 26-28% by 2025 targeted by the Paris agreement remains a challenge.   

Biden has vowed to reduce emissions from the electricity sector to net zero by 2035. 

 

Company News

AEX Gold Inc (LON:AEXG) – 48.5p, Mkt cap £85.9m – Operational update

AEX reports that it has awarded key procurement packages relating to its Nalunaq Project in South Greenland.

The Company has selected the contractor for the underground development as part of the exploration programme at Nalunaq, with AEX and the contractor forming an integrated project team which will lead to their mobilization at Nalunaq in H2 2021.

AEX has procured major equipment to support the underground development programme, including jumbos, an underground haul truck, Load Haul Dump loaders, and other underground service mobile equipment.

Mine underground services, such as for ventilation, dewatering, compressed air and power distribution are in the tendering process and will be procured during H1 2021.

The awarding of such procurement packages follows the awarding of process equipment packages, including the crushing, grinding, gravity and tailings thickening circuits in December and early January.

All surface support equipment required to support the exploration program, such as the 100 tonnes rough-terrain crane, fuel and water trucks, tractors and trailers, and others have been procured.

AEX expect to providing further project development updates at Nalunaq, further exploration results from the 2020 exploration season, as well as the upcoming exploration plan for 2021 in South Greenland. 

 

Cornish Metals* (LON:CUSN) – AIM Admission  – Writing the next chapter in Cornwall’s long mining history

Cornish Metals* (CVE:CUSN) – C$0.10, Mkt cap C$14m

 

Cornish Metals is evaluating the potential of a former copper / tin producing area at United Downs in west Cornwall which, during the 19th century was known as “the richest square mile in the old world.

Subsequently, in the 20th century, the area hosted the Wheal Jane and Mount Wellington mines which closed following the collapse of the International Tin Agreement in the late 1980s.

At the time of the closures, exploration from the Mt Wellington mine via the Wheal Maid decline area within the Cornish Metals area had identified extensive mineralisation on the Tregarlands and Whiteworks veins with on-vein development showing continuity of over 200m along strike.

Subsequent drilling of two holes by Cornish Lithium in 2020 has intersected 15m at an average grade of 8.45% copper and 1.2% tin and identified six new mineralised structures at depth between the historic United and Consolidated mines.

Cornish Metals’ initial exploration programme plans to follow-up the potential of the area identified in the decline and the Cornish Lithium drilling with a view to establishing an initial mineral resource estimate over the first 18 months and bringing the project to a feasibility study within three years.

Cornish Metals is following up previously curtailed exploration success by other operators in an historic Cornish mining district to the west of the 20th century mines at Wheal Jane and Mount Wellington.

Limited drilling during 2020 identified wide intersections of copper and tin at depth below the 19th century workings at the United and Consolidated mines providing an immediate target for follow up work.

Cornish Metals plans to delineate an initial mineral resources estimate within 18 months and a feasibility study for mine development within three years.

The Cornish Metals senior management team is led by seasoned technical exploration professionals with in excess of 70 years combined experience in exploration, mining operations and financial management of exploration and production mining companies.

The company also owns the historic South Crofty tin mine in Cornwall where a Preliminary Economic Assessment (PEA) in February 2017, showed an initial pre-production investment of US$119m to reopen the mine was expected to generate an after-tax NPV5% of US$130.5m and IRR of 23% through the processing of approximately 2.6mt of ore over an 8 year mine life.  The re-opening of the mine involves de-watering and refurbishing the flooded mine workings at an estimated cost of around US$35m

 

Europa Metals Limited (LON:EUZ) 11.5p, Mkt Cap £5.65m – Drilling starts at Europa’s Toral zinc, lead, silver project in Spain

(Europa holds 100% of the Toral project)

Europa Metals reports the start of drilling at its Toral zinc, lead, silver project as part of its Pre-Feasibility study work program.

The drilling will focus on the higher levels of the mine covering the first four years of anticipated production above the 600m level.

This will increase the resource definition to JORC stadards by infilling the gaps left by historic drilling into the deposit.

Metallurgical work will check the suitability of the ore sorting analysis before incorporating this into the mine schedule.

Drilling is part funded by an interest free €466,801.50 partly refundable loan from the Centre for the Development of Industrial Technology (CDTI) secured with help from the University of Salamanca.

Conclusion: It is good to see progress on the Toral zinc project in Spain. We look forward to further results from the PFS study.

 

Caledonia Mining* (LON:CMCL) 1205p, Mkt Cap £142m – Record mine production at Blanket

Caledonia Mining has announced that, with final quarter output of 15.012 oz,  2020 delivered record gold production of 57,899 oz from its Blanket mine in Zimbabwe.

The company expects output in the range 61-67,000 oz for 2021.

Expressing delight that, despite the challenges of the Covid19 pandemic, Blanket had “hit the top end of our revised annual production guidance” in 2020, Chief Executive, Steve Curtis, confirmed that “we are on track for commissioning of Central Shaft to be completed in the first quarter of 2021. In December we also announced that we had entered into option agreements on two properties in Zimbabwe, delivering on our strategy of organic growth, while increasing the dividend for the fourth time at the start of January to 11 cents a share”.

Conclusion: The delivery of record production and the completion of its’ major capital development programme at the Blanket mine in 2020  despite the additional challenges of the pandemic positions the company for sustainable growth as production builds to the 80,000ozpa level from 2022 and broadens its activities to the exploration and evaluation of the Glen Hume and Connemara properties in Zimbabawe

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

 

GoldStone Resources (LON:GRL) 9.1p, Mkt Cap £25.6m – Settlement of Claim by Former Director

GoldStone has reached an agreement with a former director of the Company  for full and final settlement of damages awarded by the South African Labour Court in December 2018.

The Company has agreed to issue 1,800,000 new ordinary shares of 1p each in the Company to the former director, which have a value to £163,800. In addition to the US$22,500 already paid in cash, the shares represent the full and final settlement of the damages awarded.

GoldStone has been indemnified against any future claims by the former director of the Company, and the settlement agreement allows GoldStone to retain the majority of the cash associated with the damages awarded to the former director of the Company for working capital purposes.

 

IronRidge Resources* (LON:IRR) 14.4p, Mkt cap £58.1m – Further results from Zaranou gold exploration project, Cote d’Ivoire

IronRidge has announced further results from its reverse-circulation (RC) and aircore (AC) drilling programme at the Zaranou project area close to the Ghanaian border in Cote d’Ivoire.

Noting that the project area is “along strike from significant operating gold ("Au") mines including Chirano (5Moz Au), Bibiani (5.5Moz Au) and Ahafo (17Moz Au)”, the company reports what it describes as “significant mineralisation” along a 47km long structure including results from its Ehuasso, Coffee Bean, Mbasso and Yakasse targets.

Among the results highlighted in today’s announcement are:

An intersection of 16m averaging 6.68g/t gold from a depth of 100m in hole ZARC-0102  at the Ehuasso target which also produced a 68m long intersection averaging 1.4g/t from 20m depth in hole ZARC-0101, 64m averaging 1.41g/t gold from 100m in hole ZARC-0104 and 20m averaging 2.13g/t from 96m depth in hole ZARC-0099; and;

An intersection of 8m averaging 14.01g/t gold from 4m depth in hole ZAAC-0763 at the Coffee Bean prospect which also showed intersections of 8m averaging 9.32g/t gold from 32m depth in hole ZAAC-0757, 28m averaging 1.85g/t from 8m depth in hole ZAAC-0682 and 13m averaging 3g/t from 56m depth in hole ZAAC 0676; and

An intersection of 40m averaging 0.9g/t from 16m depth in hole ZAAC-0904 at the Mbasso prospect where drilling also encountered another 40m wide intersection, averaging 0.69g/t, from surface in hole ZAAC0842 and 14m averaging 1.31g/t from a depth of 40m in hole ZAAC-0818; and

An intersection of 28m averaging 4.07g/t from a depth of 124m in hole ZARC0100 at the Yakasse target where hole ZARC-0098 intersected 4m averaging 2.69g/t from 192m and hole ZARC-0096 inteersected 24m at ana average grade of 0.38g/t gold from 100m depth.

A number of the intersections are reported to contain higher grade intersections within the wider reported interval.

The company says that “High-grade and broad low-grade drill intersections reported at depth at Ehuasso and Yakassé confirm continuity of mineralisation at depth” and that  it expects to complete its continuing 50,000m programme of reverse-circulation and aircore drilling “by the end of January 2021”.

CEO, Vincent Mascolo, confirmed that “only 12km of the 47km of identified strike having been drill tested to date, an additional 8km strike of hard-rock artisanal workings and 27km of soil anomalies remain untested”.

Conclusion: Drilling on the Zaranou project area is producing encouraging results with only around a quarter of the known 47km strike length of interest trested so far. We look forward to further results as the exploration progresses.

*SP Angel acts as nomad to IronRidge Resources

 

Oriole Resources (LON:ORR) – 1.07p, Mkt cap £13.1m – Exploration projects update

Oriole Resources has provided details of its exploration projects with completion of a 10,000m aircore drilling programme at its Senela project and results expected to be available later in the current quarter.

The drilling “is intended to better-define the geochemical footprint of the gold mineralisation at the Faré prospect … [and where] … Subject to the results of the AC drilling programme, IAMGOLD has planned a further 5,000m follow-up RC drilling and has also planned 1,000m diamond drilling to test mineralised intervals previously identified by Stratex International”.

”In Cameroon, the Company anticipates first results from its maiden diamond drilling programme at the Bibemi project ('Bibemi') later this quarter and into Q2 (announcement dated 15 December 2020). The total planned programme now stands at 28 holes for 3,080m and will focus on testing the depth extension of surface gold mineralisation identified at four main prospects - Bakassi Zone 1, Bakassi Zone 2, Lawa West and Lawa East - that occur over an 8.3-kilometre-long system.”

The company says that it is also awaiting approval of eight additional licences located in central Cameroon.

Oriole Resources also says that its 11.8% owned Thani Stratex Djibouti has completed a Phase 1 programme of drilling at the Hesdaba prospect and expects results during Q1 2021.

 

Tertiary Minerals* (LON:TYM) – 0.3p, Mkt cap £2.3m – New copper exploration project in Nevada

Tertiary Minerals reports that it has staked claims over an area covering approximately 1km x 600m at an area called Brunton Pass in Nevada.

The company says that “Samples collected by United States Bureau of Mines (USBM) contain up to 6.91% copper including a chip sample grading 1.36% copper over 3.66m (12ft)” and that “Follow up samples taken by the Company confirm widespread copper mineralisation and include an 8ft channel sample grading 4.66% copper over 2.44m (8ft)”.

The company’s initial exploration of the area, which also contains anomalous levels of uranium, is expected to start within the next two weeks with an initial drone magnetic survey.

Executive Chairman, Patrick Cheetham, explained that Brunton Pass is Tertiary Minerals’ “second copper project alongside our precious metals projects and complements our Lucky Copper Project where our planned drill programme is now permitted and where we expect to be drilling as soon as a rig becomes available. Copper is increasingly a focus for the Company. It is a key metal in electric vehicles, prices are strong, and the market outlook is favourable."

Conclusion: Tertiary Minerals confirms its increasing exploration focus on copper and on Nevada where it is assembling a portfolio of precious and polymetallic exploration projects.

*SP Angel act as Nomad and Broker to Tertiary Minerals

 

Analysts

John Meyer –  – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk - 0203 470 0474

Joe Rowbottom – Joe.Rowbottom@spangel.co.uk - 0203 470 0486

 

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk - 0203 470 0472

Abigail Wayne – Abigail.Wayne@spangel.co.uk - 0203 470 0534

Rob Rees – Rob.Rees@spangel.co.uk - 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

 

 

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

 

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

 

Sources of commodity prices

Gold, Platinum, Palladium, Silver

BGNL (Bloomberg Generic Composite rate, London)

Gold ETFs, Steel

Bloomberg

Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt

LME

Oil Brent

ICE

Natural Gas, Uranium, Iron Ore

NYMEX

Thermal Coal

Bloomberg OTC Composite

Coking Coal

SSY

RRE

Steelhome

Lithium Carbonate, Ferro Vanadium, Antimony

Asian Metal

Tungsten

Metal Bulletin

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