It was a busy week for Greatland Gold PLC (LON:GGP). On Thursday the AIM-listed firm shares got a lift as it described some of the latest drilling results from its Havieron gold prospect in Western Australia as ‘truly spectacular’.
One infill hole hit 109 metres (m) of gold at an average grade of 6.3 grammes per tonne (g/t). Greatland’s drilling partner Newcrest’s latest update also reported an 82m intersection of gold and copper in a new area 220m north-west of the previous drilling.
Gervaise Heddle, Greatland’s chief executive noted that this was the eighth set of excellent data from Havieron and contained some of the best results.
Meanwhile, Greatland shares also rose on Monday after the company said it had executed a series of agreements that will assist in the application process for a mining lease at the Havieron project in Western Australia.
The firm revealed that Newcrest had signed an indigenous land use agreement with the Western Desert Lands Aboriginal Corporation (Jamukurnu-Yapalikunu), the prescribed body corporate for the Martu People of the Central Western Desert region in Western Australia, to establish a framework between the parties in regards to any future development activities at Havieron, including mine construction and operation.
There was also good news for investors in another gold miner this week, with Ariana Resources PLC (LON:AAU) surging on Thursday after the firm reported a 50% increase in the joint ore reserves at the Tavsan project in Turkey, part of its Red Rabbit joint venture (JV) with Proccea Construction.
The AIM-listed firm said the resource has increased to 4.49mln tonnes for 253,000 ounces of gold and 723,000 ounces of silver, while the estimate was also further de-risked with 77% of the resource now in the measured and indicated JORC categories.
And staying with gold, on Friday, NQ Minerals PLC (LON:NQMI) announced that it has received the greenlight from the Australian government for its proposed acquisition of the Beaconsfield gold mine in Tasmania.
A deal was struck in February for NQ to acquire “historically one of the richest gold mines” for an initial fee of A$2mln.
It has now been approved by the Australian Government’s Foreign Investment Review Board. With government approval in place the company can now advance to complete the deal and, in time, start work to reboot the project.
Moving to another commodity, BlueRock Diamonds PLC (LON:BRD) got a boost on Monday from news it has sold 2,400 carats from its Karevleei mine in South Africa at an average price of US$290 per carat for a total of US$700,000. The transaction was conducted privately.
“This sale at a time when the traditional sales channels for diamonds remain closed and at a price which we estimate to be at current market value for that particular parcel of diamonds is an excellent result in a highly uncertain market,” said BlueRock executive chairman Mike Houston in a statement.
Also on Monday, Vast Resources PLC (LON:VAST) revealed that it had received its third shipment of equipment for the Baita Plai polymetallic mine in Romania, including an underground rock loader and mining jackhammers The shipment arrived on June 1 and cleared customs on June 5, and subsequently arrived at Baita Plai over the weekend The shipping schedules of the remaining containers of equipment remains on schedule, the group added.
On Tuesday, Chaarat Gold Holdings Ltd (LON:CGH) laid out its key development milestones for its Kyzyltash gold deposit in the Kyrgyz Republic. This was the first deposit explored by Chaarat and is the second development phase of the Tulkubash/Kyzyltash gold complex.
Chaarat said it will now undertake drilling at Kyzyltash to provide samples for further testing. The test results are expected to be available in early 2021, which would enable Chaarat to choose the appropriate technology for project development.
On this basis, Chaarat added, an updated feasibility study is now expected in 2022, with financing in 2023 and construction in the following two years and construction of around 300,000 ounces per year is expected thereafter.
Kavango Resources PLC (LON:KAV) announced on Friday that it has appointed specialist geological modelling firm, Mira Geoscience to help select drill targets at the Kalahari Suture Zone ( KSZ) nickel/copper prospect.
Mira Geoscience is an acknowledged specialist in advanced geological and geophysical 3D modelling, the company noted, including the interpretation of mineral systems and drill target identification.
Kavango said it has supplied Mira Geoscience with a comprehensive set of historical data for the northern section of the KSZ alongside its own exploration findings. The junior miner believes KSZ might host multiple ‘Norlisk-style’ copper-nickel-PGM deposits.
Amur Minerals Corporation (LON:AMC) shares strengthened this week after it revealed its project development process in Russia continued to make progress, with indicative revenue terms confirmed by the authorities.
The company said that it has now been provided with non-binding indicative offtake terms for both the nickel and copper concentrates due to be produced at the Kun Manie (KM) mine project.
It comes after an update earlier this month which confirmed the metallurgical approach, with the generation of a copper concentrate and a nickel concentrate, using industry-standard sulphide floatation methods.
Elsewhere on Thursday, MetalNRG PLC (LON:MNRG) provided investors with a general update as to its business activities. The company revealed it has revised the terms of its initial offer to the vendor of the Romanian oil and gas assets as previously reported, in the wake of the weaker oil price. In light of the current environment, the revised terms are substantially different from the previous terms and therefore the vendor is considering its position.
In the United Kingdom, following screening and preliminary appraisal, the company has identified a number of onshore oil and gas assets and has entered into a heads of terms agreement with the owners of a small portfolio of onshore, conventional oil and gas producing licences, with the aim of acquiring the portfolio within a three-month timeframe. Meanwhile, at Gold Ridge In Arizona the company is working on development plans for its gold mine.
European Metals Holdings Ltd (LON:EMH) (ASX:EMH) on the same day advised shareholders to seek their own financial advice immediately with regard to an apparent tender offer for the company’s shares by Krupa Global Investments, České Lithium and partners.
The tender is reported to be a voluntary offer to all shareholders in EMH for the acquisition of 29.9% of the company’s shares at a price of 15.5p in cash.
EMH has been informed by Krupa that it has made its tender offer announcement through certain media outlets, but so far as EMH is aware, Krupa has not made any announcement through a regulated information service such as RNS, nor to ASX, nor has it published any tender offer document containing detailed terms and conditions.
The group said the purported tender offer has been made unilaterally by Krupa and its associates and without prior consultation with EMH.
And on Friday. Scotgold Resources Ltd (LON:SGZ) revealed that it will resume construction and development activities at the Cononish gold project in Scotland on Monday, June 15, following the easing of coronavirus (COVID-19) restrictions by the Scottish government.
Key work to be undertaken will be the construction of the process plant building and, in parallel, the remaining earthworks, the group said. The mining team currently furloughed will be brought back progressively over the next two weeks and refresher training and familiarisation with the new procedures undertaken. Underground development on a single shift basis is expected to resume as from July 1.
Elsewhere, Metal Tiger PLC (LON:MTR) revealed on Tuesday that Cobre Limited (ASX:CBE), in which it owns an 18.8% stake, has commenced its third drilling programme at the Perrinvale VHMS project in Western Australia.
The natural resources investor said a diamond drill rig was now onsite while a reverse circulation drill rig is due to be mobilised to the site this week.
In a separate announcement late on the same day, Metal Tiger also revealed it had completed a third financing arrangement with its lender pursuant to an umbrella facility. The company said it had entered a stock lending arrangement under which the lender will be able to borrow up to 289,109 shares in Australian explorer Sandfire Resources (ASX:SFR), while the company also has the right to sell 289,109 Sandfire shares to the lender in three years at 80% of the A$5.05 reference price.
In return, Metal Tiger said it has borrowed A$1.17mln from the lender.
And on Friday, Ferro-Alloy Resources Limited (LON:FAR) revealed it has raised US$300,000 through a bond issue on the Astana Stock Exchange in Kazakhstan as the group also announced that it restarted its production operations in the country.
The vanadium miner said investors have subscribed for 150 of its bonds with a nominal value of US$2,000 each. The bonds are unsecured with a three-year term and bear interest at 7.5%, paid twice-yearly. Around 50 of the bonds have a maturity date of June 5, 2023, while the remaining 100 bonds have a maturity date of June 11, 2023.
Meanwhile, the company said production from the hydrometallurgical process was restarted on June 1, 2020, and that it now has “significant production” from both its hydrometallurgical and pyrometallurgical process routes.