Some of the main stories among London's small cap miners this week
Ariana Resources PLC (AIM:AAU) reported an increase in estimated resources for the Apliki copper project in Cyprus.
Apliki contains a measured, indicated, and inferred resource of about 17 million tonnes (Mt) at copper grades of between 0.26% to 0.69%, according to the updated mineral resource estimate (MRE).
Bens Creek Group PLC (AIM:BEN, OTC:BENCF) raised £6.0mln, before expenses, to help fund its transition to an equipment owner and operator and move away from using contractors.
The group raised about £3mln through the placing of almost 10mln shares at 30p per share. It also issued about 10mln new shares, at the same price, to major shareholder MBU Capital Group Ltd, Mohammed Iqbal (the beneficial owner of MBU) and Bluestar Global Capital Ltd.
Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) has agreed to buy exploration data for the Garadagh and Xarxar contract areas, its recently awarded concessions in Azerbaijan.
It will pay AzerGold, the previous holder of the concessions, US$3.3mln for the data for Garadagh and US$0.7mln for Xarxar.
Empire Metals Ltd (AIM:EEE) said an airborne magnetic survey identified a significant structure at the Pitfield copper-gold project in Western Australia.
The structure closely aligns with a 7km surface copper anomaly identified by previous owners during surface sampling in the early 1990s.
East Star Resources PLC (LSE:EST) provided a positive update on the ongoing drilling programme at the Apmintas licence on the Chu-Ili gold belt in Kazakhstan.
Four holes totalling 970 metres (m) were drilled on the Novoe target before the diamond drill rig was moved to the Southern Shabdar target where the first hole has already been completed and a second is underway.
Kavango Resources PLC (LSE:KAV, OTC:KVGOF) demonstrated the discovery potential of its Kalahari Suture Zone project in Botswana following a comprehensive review of all available exploration data.
“Kavango has now completed the most comprehensive and successful exploration programme ever conducted on the Kalahari Suture Zone (KSZ),” said chief executive Ben Turney.
Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) reported a 34% drop in interim earnings on lower gold and silver output and higher production costs across all operations.
Adjusted EBITDA fell to US$130.5mln from US$198.5mln in the first half of 2021. Revenue declined 12% to US$347.8mln on lower average realised silver prices and lower silver and gold production.
Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) reported an updated resource estimate for its La India project in Nicaragua.
The project contains an estimated 1.087mln ounces of gold in the indicated category and 1.189mln ounces in the less certain inferred category.
Oriole Resources PLC (AIM:ORR) said it has identified further gold targets at its 90%-owned Central Licence Package (CLP) in Cameroon.
The best results from 3,533 soil samples include 520 parts per billion (ppb) gold, 463 ppb gold and 111 ppb gold with 12 samples grading more than 51 ppb and 105 samples reporting more than 8 ppb gold.
Future Metals NL (ASX:FME, AIM:FME) has received firm commitments to raise $5 million. The heavily oversubscribed placement was for 40 million new fully paid ordinary shares at a price of $0.125 per share. A share purchase plan to raise $500,000 will follow.
The placement has seen strong support from new Australian and international institutional and sophisticated investors and includes the issue of one free-listed attaching option for every three placement shares issued exercisable at a price of $0.10 per share and an expiry date of June 11, 2024.
AIM-listed mining company Galileo Resources has identified multiple gold targets in its latest aeromagnetic and radiometric survey conducted at the Bulawayo Gold Project, Zimbabwe.
The survey successfully mapped magnetic greenstone lithologies, the most likely host for gold mineralisation in the region, together with geological structures, which typically act as conduits for mineralising fluids.
Metal Tiger PLC (AIM:MTR, OTC:MRTTF, ASX:MTR) said its investee company Cobre announced the fourth intersection of copper mineralisation from its ongoing drill programme on Kalahari Metals Limited’s Ngami Copper Project licences.
The AIM and ASX-listed investor in natural resource companies said drill hole NCP10 intersected a broad 69m zone of copper mineralisation, based on visual estimates confirmed with pXRF readings.
China has held a monopoly on global natural graphite production for over 30 years, producing around 60%-80% of the world's natural graphite.
But the large number of advanced development projects spread throughout the globe, combined with high prices, means that the geographical distribution of the natural graphite market is poised for change.
Pure Gold Mining Inc (TSX-V:PGM, LSE:PUR, OTC:LRTNF) told investors it expects to deliver positive site-level cash flow from its Ontario mine in the third quarter this year as the company continues its bid to lift output and lower costs.
The miner updated on operations and reported results for the second quarter to June 30, 2022, a period, which saw a "complete overhaul" of its mine planning process.
Condor Gold PLC (AIM:CNR, TSX:COG, OTC:CNDGF) highlighted the progress made in de-risking its La India project in Nicaragua as it reported interim results.
"Condor made significant advances during the 6-month period de-risking the fully permitted La India project to a near construction ready status and completing all technical studies for a feasibility study on La India open pit,” said chairman and chief executive Mark Child.
Power Metal Resources PLC (AIM:POW) reported significant results from an electromagnetic survey at the Molopo Farms Complex project in southwestern Botswana.
Preliminary survey results from Molopo Farms, which has the potential to be a large-scale nickel-platinum group element project, confirmed one of the drill holes penetrated the edge of a newly identified magnetic conductor.
Cobra Resources PLC (LSE:COBR) said results from an aircore drilling programme at the Wudinna project’s Clarke prospect were “exceptional” for both gold and rare earths.
The results were from 29 shallow holes that were drilled as part of a 91-hole, 4,000 metre aircore drilling programme in June, which was designed to de-risk a deeper reverse circulation (RC) drilling programme later this year.
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said it had ‘reaffirmed plans’ with the Ethiopian authorities for the start of work on its Tulu Kapi gold mine in October.
Tulu Kapi’s first gold pour should coincide with the start of production from KEFI’s second major project - Jibal Qutman, in Saudi Arabia – which is targeted to take place in 2024.
Rainbow Rare Earths Ltd said it has become a member of the European Raw Material Alliance (ERMA) – a group which aims to make Europe more resilient by diversifying supply chains, promoting innovation, creating jobs and attracting investment.
"We are pleased to have been accepted as a member of ERMA - an essential alliance which is working to accelerate the green and digital transition through securing and reinforcing rare earths supply chains,” George Bennett, Rainbow chief executive, said.
Empire Metals Ltd (AIM:EEE) said a recently completed drilling programme at the Eclipse-Gindalbie gold project in Western Australia returned multiple significant intercepts.
The drilling programme of 26 holes focused mainly on extending the known mineralised trends, along strike and at depth, around some of the historical gold mines such as Homeward Bound, Bulletin, Eclipse and Jack's Dream as well as the small pit at Budd's Find.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) has received a ‘Buy’ rating and a £21.00 price target from UBS Investment Bank as the financial services provider initiates coverage of the gold producer.
The miner's London-listed shares are currently trading at about £17.50, while its Toronto-based shares are trading at about C$27.70.
Amaroq Minerals Ltd - formerly AEX Gold Inc - said it has now signed a Memorandum of Understanding (MoU) with ABD Solutions (ABDS), a business within AB Dynamics PLC, to investigate the potential for the introduction of vehicle autonomy systems for various mining vehicles at the Nalunaq site in Greenland.
In a statement, Eldur Olafsson, the company's CEO commented: "We are delighted to announce our planned partnership with ABD Solutions a well-regarded automation company with substantial experience working with organisations to accelerate the transition to autonomy."
Caracal Gold PLC (LSE:GCAT) said second-quarter production from its Kilimapesa gold mine was in line with expectations and that the expansion project at the mine achieved some significant milestones.
It produced 746 ounces of gold from the Kenyan mine and achieved its first production from the pilot heap leach plant. Construction and commissioning of a second heap leach pad has been completed and work on a third pad was 80% complete during the quarter.
Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) has commissioned the Vatomina preconcentrate plant in Madagascar and announced it has overcome recent operational difficulties, helping its shares rise 10%.
The construction and relocation of the first part of Vatomina's 9,000 tons per year plant, which will remove 80%-90% of impurities from the ore, has now been completed and the preconcentrate and final concentrate plant recommissioned and synchronised in operation.
Panthera Resources PLC (AIM:PAT) said it expects to receive drilling results from the Bassala gold project in Mali and an Induced Polarisation (IP) survey at the Bido gold project in Burkina Faso on or around the end of this month.
AIM-traded Panthera announced last month that it had completed the latest drilling programme at Bassala and that samples had been sent to the lab for assaying.
AfriTin Mining Ltd (AIM:ATM, OTC:AFTTF) has completed the construction part of its Phase 1 expansion project at its flagship Uis polymetallic mine in Namibia, allowing the project to move into the commissioning stage.
Commissioning of the new circuits will be conducted in two stages. Commissioning of the dry plant has already started and will be completed by the end of this month, while commissioning of the wet plant is set for September.
East Star Resources PLC (LSE:EST) said it has been awarded three new licences on the Rudny Altai volcanogenic massive sulfide (VMS) belt in Kazakhstan.
The new licences incorporate two historic operating and high-grade copper-lead-zinc mines - Pokrovskoye and Talovskaya - one known deposit – Verkhubinskoye - and many historical mineral occurrences.
Castillo Copper Ltd (LSE:CCZ, ASX:CCZ) has re-focused on enhancing confidence in the grade of its mineral resource across all three of its Australian assets following the inking of an option agreement to sell the company’s Zambian assets to Hyperion Copper.
CCZ’s three projects – the Broken Hill Alliance (BHA) Project and Cangai Copper Mine in New South Wales and the NWQ Copper Project in Queensland – hold a combined global mineral resource of 173,735 tonnes of copper and 21,709 tonnes of cobalt.
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