On Wednesday, Power Metal revealed that interest from “third parties continues to be received” for a Botswana massive nickel sulphide project it is helping bankroll.
The annual Mining Indaba conference in Cape Town this week provided the stage to update on the progress at the Molopo Farms Complex Project (MFC). Power has an 18.26% stake in the deposit’s owner Kalahari Key Mineral Exploration and will have a 50.96% economic interest in the project once it has “earned in” by spending US$500,000 on exploration.
Then on Tuesday, the company revealed it has completed initial due diligence at the Alamo project in Arizona. The Alamo project shows evidence of possible epithermal mineralisation related to a deep-seated porphyry intrusion. Evidence of intrusive dykes and structural conduits also support the prospectivity of the project.
And before that, on Monday, Power Metal highlighted a release from Katoro Gold (LON:KAT), in which Katoro states that work in its joint venture with Blyvoor is now underway. Katoro’s plan is to recover gold and other minerals from six tailings dams controlled by Blyvoor. Power Metal Resources holds 10mln Katoro shares, representing 5.57% of the company.
There was also multiple news from Bluejay Mining PLC (LON:JAY). On Tuesday it released encouraging results from the first geochemical survey undertaken at the Disko-Nuussuaq polymetallic project in Greenland. Disko is prospective for nickel, copper, cobalt, platinum group metals and gold.
Then on Wednesday, BlueJay revealed that its environmental application (EIA) for the Dundas minerals sands development in Greenland has been confirmed as compliant with the country’s guidelines and can move forward to the public consultation stage.
The EIA, combined with the Social Impact Assessment (SIA), will enable BlueJay to move into the fixed period public consultation and subsequent preparation of the White Book required for final ministerial approval for an exploitation licence.
Elsewhere, Sirius Minerals PLC (LON:SXX) said on Friday that it it has set up a shareholder helpline as it also laid out the process and timetable towards the anticipated completion of the company’s recommended takeover by blue-chip Anglo American plc (LON:AAL).
At the peak, more than 80,000 individual private shareholders had shares in the Yorkshire mine developer, and many of those were believed to be either first time or relatively inexperienced investors. Pitched at 5.5p per share, the offer price values the troubled British firm at just over £400mln.
IronRidge Resources Ltd (LON:IRR) said it has returned more high-grade gold as well as broad intersections in the latest batch of assay results from exploration at the Zaranou gold project in Côte d’Ivoire.
The results form the final batch of assays from the company’s maiden exploration drill programme which totalled 7,448 metres of aircore drilling in 151 holes and 1,593 metres of reverse circulation drilling in 10 holes.
There was more news from Greatland Gold PLC (LON:GGP), which said it has intersected high-grade gold mineralisation from its maiden diamond drilling programme at Derby North, a prospect within the Company’s 100% owned Warrentinna project in Tasmania, Australia.
Among the highlights was a 21.7 metre intercept grading 3.3 grams per tonne gold from a depth of 9.3 metres.
Numis Securities also gave a boost to Greatland Gold shares this week, upping its target price for the Australian-focused gold explorer by 50% following a recent well-received drilling update.
The Numis analysts reiterated a ‘buy’ rating on Greatland and hiked their target price to 6p from 4p.
The AIM-quoted firm will retain a net smelter royalty (NSR) on future production of up to 2%, to a maximum of US$2.7mln.
ECR noted that the transaction will allow it to focus on core gold exploration activities in Australia.
The AIM-listed company said it spent US$200,000 to take its holding in MN Holdings Ltd up from the 10% stake it bought in December.
The new resource confirms that Régua contains 4.47mln tonnes grading 0.27% tungsten trioxide (WO3). The initial mining will focus on the higher-grade areas of the orebody close to the surface.
Cobre holds 80% of Perrinvale where an initial programme comprising 1,000 metres of drilling across three prospects – Zinco Lago; Schwabe; and Monti.
NQ Minerals PLC (LON:NQMI) (OTCMKTS:NQMLF) said on Friday that the authorities in Tasmania have approved the company’s acquisition of the Mt Block permit around the firm’s flagship Hellyer base and precious metals project. The 46 square-kilometre area effectively triples NQ’s footprint.
“This tenement is underexplored and has the potential to host new mineralisation close to NQ’s Hellyer processing plant,” NQ chairman David Lenigas said in a statement.
In the world of sparklers, Gem Diamonds Ltd (LON:GEMD) said it has recovered an exceptional 183 carat white type-IIa diamond.
The company also recovered two different high quality diamonds, one of 89 carats and the other of 70 carats, from the Letšeng mine in Lesotho, the highest dollar per carat kimberlite diamond mine in the world.
The company’s estimated net asset value rang in at 211p per share, a significant premium on the current share price of 187p.