#POW Power Metal Resources – Total Voting Rights
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Company hereby announces that as at 30 June 2022 there were 1,477,036,161 ordinary shares of 0.1 pence each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 1,477,036,161 .
The above figure of 1,477,036,161 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
On the Vox Market Podcast, Alan Green talks about #ABDP AB Dynamics, #SNOX SulNOx Group & #ANR Altona Rare Earths
On the Vox Market Podcast, Alan Green talks about #ABDP AB Dynamics, #SNOX SulNOx Group & #ANR Altona Rare Earths
Listen here
Quoted Micro 4 July 2022
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AQUIS STOCK EXCHANGE
Shepherd Neame (SHEP) issued a full year trading statement, and it is set to return to profit in 2021-22. The Kent-based brewer and pubs operator says revenues are recovering. Net debt was reduced from £93.2m to £75.3m by the end of June 2022. The estimated 2021-22 pre-tax profit is £7.2m and it is expected to improve to £9.6m in 2022-23.
Chief marketing officer Mark Harvey is leaving Chapel Down Group (CDGP). He has been with the wine maker for six years.
Energy storage technology developer Invinity Energy Systems (IES) generated revenues of £3.2m in 2021 and reported a substantial loss. VSA has cut its forecast 2022 revenues from £26.5m to £14.1m. There are already contracts that have been secured that are valued at £13.8m. The loss is expected to reduce from £21.3m to £17.9m. There should still be net cash of £10m by the end of 2022.
Visum Technologies (VIS) raised £601,000 at 14p a share ahead of its admission to Aquis on Thursday. Visum is the operator of an on-ride video camera system sold or licenced to theme parks, souvenir producers and ride operators. The share price opened at 12p before recovering to 14p
The technology investment company Asimilar (ASLR) reported interim figures, which show a £10.6m loss due to a sharp decline in the Dev Clever Holdings share price, which is currently suspended. Net assets were 25.3p a share at the end of March 2022.
Blockchain and digital assets investor KR1 (KR1) says net assets were 423% higher at 122.68p a share at the end of 2021, but that figure is likely to be lower now given the weak cryptocurrency market this year. There was £3.49m in cash on the balance sheet.
TruSpine Technologies (TSP) is waiting for the FDA’s response to the request for breakthrough technology designation before filing a 510k FDA submission for tis Cervi-LOK screwless spinal stabilisation system.
Trading in British Honey (BHC) shares was suspended at the end of the week because it has not published 2021 figures.
AIM
A further downgrade for Shield Therapeutics (STX) after its 2021 figures. Most of the 2021 revenues of £1.5m were generated in Europe and not the important US market for the Accrufer iron deficiency treatment. The latest figures show some progress in US Accrufer revenues with first quarter Accrufer prescriptions double the number in the fourth quarter of 2022, taking the total prescriptions for the quarter to more than 3,900. finnCap has reduced its 2022 forecast for US revenues from £8.1m to £6.3m thereby reducing total group revenues from £9.9m to £8.1m.
Shareholders in plant-based polymers developer Itaconix (ITX) have voted against the reappointment of two non-executive directors, including Charlean Gmunder, who was appointed on 19 April this year, and the Itaconix 2022 Equity Participation Plan for non-employees, where 79.16% of votes were against. First half revenues are substantially ahead of the previous record level.
Employee benefits services and insurance provider Personal Group (PGH) has acquired Quintage Consulting Group for £900,000 in cash. This is an employee reward and recognition consultancy providing things such as pay benchmarking surveys.
Footwear supplier Unbound Group (LSE: UBG) says trading has been in line with expectations following a good start to the year to January 2022. The multi-brand platform, that will exploit the extensive database that the company has built up, will launch on 28 July. There are 14 partner brands signed up, including Hush Puppies, and Sketchers.
IG Design Group (IGR) has started to improve operational efficiency in order to move back into profit. Higher freight and supply chain costs hit the business last year. Full year revenues increased from $873.2m to $965.1m, but an underlying pre-tax profit of $32.8m was turned into a loss of $1.3m. A modest rise in revenues is forecast for this year. The order book is already 71% of this year’s budgeted revenues.
Cosmetics supplier Warpaint London (W7L) has reported that first half sales are 30% ahead at more than £24m and gross margin has improved.
MAIN MARKET
Standard list shell Alteration Earth (ALTE) is seeking an acquisition in the clean technology or energy sectors. The plan is to do this within 24 months of admission. The shell raised a total o £1.26m by issuing nine million shares at 4p each and nine million shares at 10p each. The share price ended the first day of trading at 30p, but the bid offer spread was 10p/50p. The deal would need to make the enlarged group worth a minimum of £30m.
Hamak Gold Ltd (HAMA) says two rock chip samples from the Nimba licence in Liberia show grades of 45.5g/t and 37.3g/t. These are located where gold in soil anomalies were reported. There are assays to come from channel sampling of surface exposures.
Andrew Hore
#KDNC Cadence Minerals – Vox Market host an investor presentation and Q&A with Cadence CEO Kiran Morzaria
Kiran talks about:
~ Amapa ironore project, PFS, shipping, stockpiles etc
~ Yangibana rareearths
~ Lithium Technologies / Supplies & Sonora
~ investment returns & markets
Listen to the interview here
#ORPH Open Orphan – Omicron human challenge model
Vaxart becomes the first client of the programme to test its oral COVID-19 vaccine candidate
Open Orphan plc (AIM: ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that hVIVO , a subsidiary of Open Orphan, is developing the world’s first Omicron human challenge model. hVIVO has signed an agreement with Vaxart Inc. (“Vaxart”), (NASDAQ: VXRT) to develop the model with the intent to conduct a subsequent Omicron human challenge study in 2023 to test the efficacy of Vaxart’s oral vaccine candidate, VXA-CoV2-1.
To develop the model, hVIVO will manufacture a new SARS-CoV-2 (COVID-19) challenge agent based on the Omicron variant. The Good Manufacturing Practice (“GMP”) compliant virus manufacturing activities will commence immediately and are expected to complete by Q4 2022. Following manufacture of the challenge agent, the Company intends to conduct a characterisation study. Subject to the successful completion of the characterisation study and receipt of relevant regulatory approvals, hVIVO expects to conduct Omicron human challenge studies in 2023.
The characterisation study will establish a dose of the Omicron challenge agent that will cause a safe and reliable infection in healthy volunteers. The study will enrol healthy male and female volunteers who have previously been vaccinated against or infected with SARS-CoV-2, with no known risk factors for severe COVID-19 and low levels of serum neutralising antibodies (and therefore still likely to become infected following inoculation).
hVIVO has two decades of experience and expertise in challenge agent manufacture and clinical characterisation across a range of respiratory viruses including various strains of influenza, respiratory syncytial virus (RSV), human rhinovirus (hRV – common cold virus), as well as the initial circulating SARS-CoV-2 virus and variants which have since emerged. hVIVO leads the Challenge Agent Manufacture Consortium, which has developed international standards that pertain to challenge agent manufacture and storage, to ensure safety, quality and consistency.
Yamin Khan, Chief Executive Officer of Open Orphan, said: “With our leading end-to-end human challenge expertise, we are delighted to be developing the world’s first Omicron human challenge model and to welcome Vaxart as the first client of this programme.
“hVIVO’s fight against the pandemic continues with the development of this new challenge agent. The benefits to Vaxart are immense, and we have already been contacted by a number of biopharma companies looking to test the efficacy of their products using this challenge virus. I have no doubt that the successful completion of the world’s first COVID-19 characterisation, which was published in Nature Medicine earlier this year, has given our customers the confidence to move forward with the less severe yet more infective Omicron challenge model.”
Dr. James Cummings, Chief Medical Officer of Vaxart, said: “A human challenge study of our oral tablet COVID-19 vaccine candidate against the Omicron variant of SARS-CoV-2 is the most rapid and direct way to assess the efficacy of this candidate against a highly prevalent viral strain.
“hVIVO has pioneered COVID-19 characterization and the Omicron human challenge model, and the use of this model in our planned Phase II human challenge trial will rapidly generate robust, controlled data on the ability of our COVID-19 vaccine candidate to prevent infection and the development of symptomatic disease, as well as its effect on viral shedding, which plays a critical role in the spread of infection from one person to another. The results of this study will inform the next steps in the development of our COVID-19 vaccine candidate, which has the potential to transform personal and public health approaches to controlling the global pandemic.”
Dr Andrew Catchpole, Chief Scientific Officer of hVIVO, said: “The team and I at hVIVO are excited to begin work to manufacture an Omicron challenge agent, the follow-on characterisation, and future human challenge trials. We have unparalleled expertise in SARS-CoV-2 challenge agent manufacturing, having completed work on both the original Wuhan strain and the subsequent Delta variant, in addition to our prior experience in successfully conducting the world’s first COVID-19 characterisation study, and our decades of experience in conducting human challenge trials. We are delighted to be working with Vaxart on this programme and look forward to the opportunity to subsequently test the efficacy of their exciting novel vaccine.”
Interested in becoming a volunteer?
hVIVO recruits many of its volunteers for its challenge study clinical trials through its dedicated volunteer recruitment website, www.flucamp.com . By volunteering to take part in one of our studies in a safe, controlled, clinical environment under expertly supervised conditions you are playing your part to further medical research and help increase the understanding of respiratory illnesses.
For further information please contact:
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Open Orphan plc |
+44 (0) 20 7756 1300 |
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Yamin Khan, Chief Executive Officer |
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Liberum Capital (Nominated Adviser and Joint Broker) |
+44 (0) 20 3100 2000 |
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Ben Cryer/ Edward Mansfield/ Phil Walker/ Will King |
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finnCap plc (Joint Broker) |
+44 (0) 20 7220 0500 |
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Geoff Nash / James Thompson / Richard Chambers |
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Davy (Euronext Growth Adviser and Joint Broker) |
+353 (0) 1 679 6363 |
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Anthony Farrell |
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Walbrook PR (Financial PR & IR) Paul McManus / Sam Allen / Louis Ashe-Jepson |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com +44 (0)7980 541 893 / +44 (0) 7502 558 258 / +44 (0)7747 515393 |
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ECR Minerals #ECR – Half-yearly financial results for the six months ended 31 March 2022
LONDON: 30 JUNE 2022 – ECR Minerals plc, the gold exploration and development company, is pleased to announce unaudited half-yearly financial results for the six months ended 31 March 2022 for the Company as consolidated with its subsidiaries (the “Group”), along with a review of significant developments during the period and subsequently.
HIGHLIGHTS
- The gold exploration boom in Victoria, Australia has continued, with material progress made at the Company’s flagship Creswick and Bailieston assets. ECR’s acquisition of the Brewing Lane and Nagambie-Rushworth Road properties has enhanced access and exploration opportunities at both projects.
- In December 2022, the Company was notified it had been granted licence EL006907 linking Creswick to Ballarat East-Nerrina. The board views this as a key step in building our understanding of the Dimocks Main Shale anomaly and developing ECR’s Creswick project. Also granted was licence EL007484 in East Victoria, situated 50km north of Bairnsdale in the east of the state of Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper reaches of the Tambo River.
- Despite severe delays in receiving assay results during the period due to the impact of COVID-19, the results we did receive from our ongoing drilling campaigns at Bailieston and HR3 delivered substantial progress in both gold grades and our understanding of the regional geology.
- Drilling and subsequent 3D modelling of HR3 drillholes BH3DD005, BH3DD006 and BH3DD007 earlier in the year revealed a moderate south plunging fold underneath and along strike of the Maori Reef workings. In November 2022 we reported initial results from BH3DD009, the first hole completed, which returned 0.7m @ 28.06g/t Au from 52.7m depth from the Maori Reef. Holes BH3DD010 and BH3DD011 reported consistent gold grades in December 2022, while soil sampling results revealed a larger area of anomalies, supporting a dilational jog model theory developed by our head geologist Adam Jones. In March 2022 further data identified five mineralised zones, all correlated to the Maori Anticline (within the Maori Reef), plus consistent gold grades were identified in hole BH3DD012 and visible gold in hole BH3DD034 (see announcement dated 14 March 2022 for full details).
- In February 2022, exploration licences EPM27901, EPM27902 and EPM27903 were granted to 100% owned subsidiary LUX Exploration Limited (“LUX”), in the Lolworth Region, North Queensland. The licences are located approximately 120km west of the historic Charters Towers Gold Mine in North Queensland and cover 964 km2. Historic stream sediment sampling indicates that the Lolworth Range area is prospective for gold, tungsten and tin.
- During the period under review, Dr Trevor George Davenport was appointed as an Independent Non-Executive Director. Most recently Dr Davenport consulted for Kryso Resources Plc at the time of the takeover of control of the company by China Nonferrous International Mining Co. Ltd in 2011. In January 2022, Andrew Scott, a communications specialist and media professional was also appointed as a Non-Executive Director. The sad loss of former CEO Craig Brown presented a substantial challenge to the management team. Nonetheless, a committee was formed with Chairman David Tang, and Non-Exec Directors Dr Davenport and Adam Jones, to manage the company up to the appointment of a new CEO.
- Post-period end, on 11 April 2022 Andrew Haythorpe was appointed as CEO (currently a non-board position). Andrew has more than 20 years of experience managing listed gold miners and explorers on the ASX and TSX as well as working as a mining analyst and actively exploring for gold as a geologist.
- Post-period end, Ludevico Estacio, the Chairman of Philippines company Cordillera Tiger Gold Resources, Inc., (in which ECR had a 25% shareholding), agreed to sell his shares (1,499,996 in total) to ECR. The consideration of 1,499,996.00 Philippine pesos (approximately £22,000) was paid for in cash, and ECR now holds 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital (see announcement dated 27 April 2022 for full details).
- Group comprehensive expenses of £324,333 are reported for the six months ended 31 March 2022 (£468,112 for the six months ended 31 March 2021) and net assets of £7,536,209 at 31 March 2022 (£6,442,465 at 31 March 2021).
- A Group Operating Loss is reported for the six months ended 31 March 2022 of £552,202, compared with £403,079 for the six months ended 31 March 2021.
- Despite the effects of the COVID-19 pandemic on the global economy, the board believes ECR is in a robust financial position and continues to provide shareholders with exposure to an exciting range of gold projects.
FINANCIAL RESULTS
For the six months ended 31 March 2022 the unaudited financial statements of the Group recorded a total comprehensive expense of £324,333.
The Group’s total assets were £7,674,007 at 31 March 2022, compared with £6,522,307 at 31 March 2021. The increase in total assets has occurred largely due to the increase in exploration assets following the capitalisation of exploration expenditure during the period as a result of the current aggressive drilling programme.
The Group held £1,204,289 of cash and cash equivalents at 31 March 2022, compared with £3,928,905 at 31 March 2021.
REVIEW OF PRINCIPAL DEVELOPMENTS DURING THE PERIOD AND SUBSEQUENTLY
The six months to 31 March 2022 and the subsequent period since have been notable as a period of great progress, sadness and change. Former CEO Craig Brown died suddenly at the end of October 2021, and while a committee including Chairman David Tang, and non-exec directors Trevor Davenport and Adam Jones continued to run the Company without interruption, the shock of his sudden loss remains with us to this day. Nonetheless he would be pleased and proud with the operational progress to date, and we believe he would be delighted with the calibre of his recently appointed successor Andrew Haythorpe.
During the period under review, Dr Trevor Davenport was appointed as an Independent Non-Executive Director. Most recently Dr Davenport consulted for Kryso Resources Plc at the time of the takeover of control of the company by China Nonferrous International Mining Co. Ltd in 2011.
In January 2022, Andrew Scott, a communications specialist and media professional was also appointed as a Non-Executive Director. Andrew is well known in the UK and across Australia as a business and markets interviewer. He has worked at Sky News UK, Reuters and Proactive as well as in presenting and media roles at ITV and Television NZ (TVNZ).
Post-period end, on 11 April 2022 Andrew Haythorpe was appointed as Chief Executive Officer (currently a non-board position). Andrew has more than 20 years of experience managing listed gold miners and explorers on the ASX and TSX as well as working as a mining analyst and actively exploring for gold as a geologist. His board experience includes the role of Managing Director at TSX and ASX-listed Crescent Gold Limited, which started with a market capitalisation of $8 million and, under his leadership, reached $250 million within four years. He was also Managing Director of ASX-listed gold producer Michelago Resources and is currently the Managing Director of GoldOz Limited, a gold company seeking to relist on the ASX. As an analyst, Andrew was considered a global leader in the Industrial Minerals sector and rated 12th best gold analyst at Hartley Poynton Ltd.
Currently, through ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”), the board remains focused on the fast-paced drilling programme at Bailieston and Creswick. During the period, large quantities of drill core have been amassed for technical review, processing and assay testing. Although, the impact of intermittent COVID lockdowns on the region has resulted in delays to assay results, our geologist Adam Jones and his team continue to make solid progress. In particular, the ongoing drilling campaign at Bailieston and HR3 delivered substantial progress in both gold grades and our understanding of the regional geology.
Post-period end, Ludevico Estacio, the Chairman of Philippines company Cordillera Tiger Gold Resources, Inc., (in which ECR had a 25% shareholding), agreed to sell his shares (1,499,996 in total) to ECR. The consideration of 1,499,996.00 Philippine pesos (approximately £22,000) was paid for in cash, and ECR now holds 2,333,329 Ordinary Shares in Cordillera representing 70% of its issued share capital (see announcement dated 27 April 2022 for full details of this transaction).
Creswick
At Creswick, in December MGA was notified that license EL006907 linking Creswick to Ballarat East-Nerrina had been granted. The board views this as a key step in building our understanding of the Dimocks Main Shale anomaly and developing ECR’s Creswick asset. The Company has also applied to renew Creswick licence EL006184 for another five years and is awaiting final approval. As the current incumbent, we have first rights over the licence, and our geologist Adam Jones plans to develop the project with soil sampling programmes in the vicinity of the quartz mineralisation identified in the 2021 diamond drilling campaign and to test for sub-cropping gold shoots. The Brewing Lane property at Springmount contains numerous abandoned historical gold workings with some underground exposures that offer opportunities for mapping and sampling, followed up by drilling. The team will also commence evaluation of prospects in the recently approved EL006907 area using exploration techniques that proved successful on EL006184.
Bailieston
Notwithstanding the delays in receiving assay results, MGA is continuing to progress with drilling at the Bailieston tenements (EL5433), focussing on the Maori Reef and parallel reef systems within the HR3 goldfield. The geology team is also making progress with near-term plans to re-enter and continue exploration on the Blue Moon prospect located on the southern extent of EL5433. Drilling and subsequent 3D modelling of HR3 drillholes BH3DD005, BH3DD006 and BH3DD007 earlier in the year revealed a moderate south plunging fold underneath and along strike of the Maori Reef workings (see announcement dated 1 July 2022). In November 2022 we reported initial results from the first hole completed, (BH3DD009), which returned 0.7m @ 28.06g/t Au from 52.7m depth from the Maori Reef. Holes BH3DD010 and BH3DD011 reported consistent gold grades in December, while soil sampling results revealed a larger area of anomalies, supporting a dilational jog model theory developed by Adam Jones. In March 2022 further data received identified five mineralised zones, all correlated to the Maori Anticline (within the Maori Reef), plus consistent gold grades in hole BH3DD012 and visible gold in hole BH3DD034.
Post-period end, we reported the highest grade gold intercept yet at hole BH3DD027, HR3 with 0.2m @ 52.5 g/t Au from 126.3m depth. This was followed by HR3 drill hole BH3DD022, which returned a result of 0.5m @ 12.74 g/t Au (see announcements dated 22 April 2022 and 4 May 2022).
Lolworth District of North Queensland, Australia.
In February 2022, exploration licences EPM27901, EPM27902 and EPM27903 were granted to ECR’s 100% owned subsidiary LUX Exploration Limited, in the Lolworth Region, North Queensland. The area contains metamorphic rocks of the Charters Towers Province, that host large historical gold producing centres such as Charters Tower (6.6M Oz Au) and Ravenswood (>1M Oz Au). The structural and basement geology is poorly understood in the area, suggesting numerous opportunities to find new deposits. The area also contains reported rhyolitic volcanism, which plays host to intrusion-related breccia gold deposits in the region such as Mount Leyshon (>2.5M oz) and Mount Wright (>1M oz). Historic samples also highlighted tin-tungsten mineralisation in the western areas of EPM27902. Reports show no detailed follow-up work has been undertaken.
Exploration licence EL007484 in East Victoria was also granted in February 2022. This licence area is situated 50km north of Bairnsdale in the east of the state of Victoria encompassing the alluvial fields of Swifts Creek and the Mid to Upper reaches of the Tambo River.
The Directors believe exploration licence EPM27901, 27902 and 27903 offer significant potential for precious and base metal discoveries in an area of Australia where multiple large-scale discoveries have already been made.
Outlook
After a challenging transition period, the directors of ECR Minerals plc are excited about the Company’s near-term and future prospects under the leadership of Chief Executive Officer Andrew Haythorpe. As eagerly anticipated assay results begin to arrive, our board, geologists, drilling team and wider staff at the Bendigo headquarters are enthused by the possibility of developing a resource at both the Bailieston and Creswick projects. We are equally encouraged about the prospectivity demonstrated by our new licences at Lolworth Range, North Queensland and our East Victoria exploration licence at Tambo.
These factors, together with the potential to realise shareholder value from our Danglay asset in the Philippines, could result in an exciting year ahead as ECR’s operations and opportunities evolve.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
Tel: +44 (0)20 7929 1010 |
| David Tang, Non-Executive Chairman | |
| Andrew Haythorpe, CEO | |
| Email: info@ecrminerals.com | |
| Website: www.ecrminerals.com | |
| WH Ireland Ltd | Tel: +44 (0)207 220 1666 |
| Nominated Adviser | |
| Katy Mitchell/Andrew de Andrade | |
| SI Capital | Tel: +44 (0)1483 413500 |
| Broker | |
| Nick Emerson | |
| Novum Securities | Tel: +44 (0)20 7399 9425 |
| Broker | |
| Jon Belliss | |
| BlytheRay | Tel: +44 (0) 207 138 3204 |
| Public Relations | |
| Tim Blythe |
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston (EL5433) and Creswick (EL6148) projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
https://mercatorgold.com.au/
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queensland, Australia.
https://luxexploration.com/
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR holds a 70% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resource. ECR also holds a royalty on the SLM gold project in La Rioja Province, Argentina and can potentially receive up to US$2.7 million in aggregate across all licences.
Link here to view the financial statements
UK Investor Magazine Podcast – Moonpig, B&M European, and oil with Alan Green
Tertiary Minerals #TYM – Positive Drilling Results From Jacks Copper Project
Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company, whose strategic focus is on energy transition metals, is pleased to announce that the Company has received positive laboratory assay results from its first drill programme at the Jacks Copper Project (“Jacks”) in Zambia, where it is earning a 90% joint venture interest.
Highlights:
- Significant copper mineralisation intersected in all four diamond drillholes:
22JKDD01: 13.5m grading 0.9% copper from 77.5m downhole, including
3.0m grading 1.7% copper from 79.5m, and
3.5m grading 1.2% copper from 87.0m
22JKDD02: 7.0m grading 0.6% copper from 54.0m, and
3.0m grading 0.8% copper from 191.0m
22JKDD03: 6.0m grading 1.8% copper from 105.0m, including
4.0m grading 2.4% copper from 106.0m
22JKDD04: 14.0m grading 0.8% copper from 27.0m, including
2.0m grading 1.7% copper from 27.0m and
5.0m grading 1.0% copper from 35.0m.
- Copper mineralisation has now been intersected over a strike length of 350m and remains open along strike and at depth.
- Planning is now underway for further evaluation of the historical copper soil anomaly that extends over a strike length of c16km within the licence area.
- Tertiary has given notice to joint venture partner Mwashia Resources Ltd (“Mwashia”) that it has now earned a 51% interest in the Jacks Project licence, and has duly exercised its option to continue earning up to a 90% joint venture interest.
- Jacks Project is one of five licences areas in Zambia where Tertiary has the right to earn a 90% interest from Mwashia.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are delighted to be reporting these positive results. The impressive copper hits in all four holes in our first drill programme confirms and builds on the historical results from the Jacks Project, and demonstrates continuity of copper mineralisation over an open-ended 350m strike length. Given that the Jacks Prospect lies within a 16km long soil geochemical anomaly, it is clear we are dealing with an exciting target with considerable potential. In the meantime, our local partner, Mwashia Resources Ltd, has made good progress on the environmental permitting required for exploration to start on the four other licences within our Zambian portfolio. We look forward to a busy and productive work programme during this dry season.”
For more information, please contact
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Tertiary Minerals plc: |
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Patrick Cheetham, Executive Chairman |
+44 (0) 1625 838 679 |
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SP Angel Corporate Finance LLP – Nominated Adviser and Broker |
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Richard Morrison |
+44 (0) 203 470 0470 |
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Caroline Rowe |
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Peterhouse Capital Limited – Joint Broker |
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Lucy Williams |
+ 44 (0) 207 469 0930 |
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Duncan Vasey |
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Note to Editors
Tertiary Minerals plc (LON: TYM) is an AIM traded mineral exploration and development company whose strategic focus is on energy transition metals. The Company’s projects are located in stable and democratic, geologically prospective, mining-friendly jurisdictions. Tertiary’s current principal activities are the discovery and development of mineral resources in Nevada, USA and in Zambia.
Market Abuse Regulation
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Detailed Information
The Jacks Prospect lies within Exploration Licence 27069-HQ-LEL which covers 141.4 km2 and is located 85 km south of Luanshya in Zambia.
The rocks hosting the known copper mineralisation in the licence comprise basal Katangan Supergroup sediments. This Supergroup includes the Lower Roan Subgroup, the main copper mineralised rock sequence in the Central African Copperbelt.
Mineralisation occurs within the southern limb of a large asymmetric synclinal fold structure that has an east-west trending axis and a westerly plunge. The northern limb dips 15°-25° to the south demonstrated by historic drilling as well as from mapped outcrop. Previous work reports that the dips on the southern limb are variable between 60° to the north and vertical with local overturning. The detailed geometry of the syncline and interpreted parasitic folds is poorly understood and further interpretation of orientated drill core is required. Within the licence area past exploration has defined a 15km long soil geochemical anomaly that broadly follows the southern and northern limbs of the syncline. The Jacks Prospect sits close the nose of the syncline at its eastern end.
During drill planning, the Company created a 3D model of the mineralisation based upon interpretation of historical exploration data which suggests that copper occurs in either two separate mineralised horizons which may be discrete mineralise zones or one refolded horizon. The results of drilling broadly confirm this interpretation. The two mineralised zones, now named the North Zone and South Zone, dip steeply north toward the axis of the syncline.
Further detailed information on the exploration history and the background to the current drill programme can be found in the Company news releases dated 16 June 2022.
Phase 1 Drill Programme
In May 2022, Tertiary contracted Ox Drilling to conduct a diamond drilling programme with geological supervision and drill management contracted to Zambian consulting group GeoQuest Limited. The purpose of the Phase 1 drill programme was to confirm the presence of, and assess the continuity of, copper mineralisation reported in the 1990s.
Four holes were completed for a total of 746m of drilling, two each on two separate traverses spaced approximately 150m apart. During the drill programme core orientation was carried out together with preliminary analysis of core using portable XRF (“pXRF”) to provide real-time interpretation of drill intersections and facilitate the positioning of subsequent holes.
Drill core was cut on-site and 186 samples, along with internal QA/QC samples, were delivered to SGS Laboratories in Kalulushi for independent laboratory-based analysis. Drill core samples were prepared and analysed using methods PRP901 and ICP42S1, respectively.
Analytical Results
Drill hole details and significant SGS assay results are shown in Table 1 and Table 2, respectively.
Hole 22JKDD01 was drilled to intersect the north dipping South Zone mineralisation where historical drillhole KJ12 (see news release dated 2 August 2021) intersected 9.0m grading 0.9% copper. 22KJDD01 was drilled to 164.2m and intersected 13.5m grading 0.9% copper from 77.5m downhole including two higher grade intersections2 of 3.0m grading 1.7% copper from 79.5m and 3.5m grading 1.2% copper from 87m.
Hole 22JKDD02 was drilled approximately 110m north of 22JKDD01 to intersect mineralisation reported in historical drillhole JKD1 which intersected both mineralised zones (13.8m grading 1.0% copper from 112.7m downhole and 2.8m grading 1.0% copper from 229.5m downhole). 22JKDD02 was drilled to 250.9m and intersected 7m grading 0.6% copper from 54m downhole, significantly higher in the hole than expected, however no copper was observed visually or via pXRF where the North Zone had been predicted. The South Zone mineralisation was, however, intersected with 3m grading 0.8% copper from 191.0m downhole in a position that which correlates with the historic drilling.
Hole 22JKDD03 was a step-out hole and was drilled approximately 150m east of 22JKDD02 to a depth of 260.2m. Copper mineralisation was first intersected from 105.0m downhole with 6.0m grading 1.8% copper, including a higher-grade interval of 4.0m grading 2.4% copper from 106m downhole.
22JKDD04 was another step-out hole, drilled approximately 160m east of 22JKDD01 and 170m south of 22JKDD03. It was drilled to test along strike from 22JKDD01 and beneath the copper-in-soil anomaly which, on this traverse, was relocated by infill pXRF soil analysis conducted whilst the drilling programme was ongoing. A broad mineralised zone was intersected with 14.0m grading 0.8% copper from 27m downhole, including two higher grade intersections of 2.0m grading 1.7% copper from 27m downhole and 5.0m grading 1.0% copper from 35.0m downhole.
Drill holes 22JKDD03 and 04, as well as stepping out from 22JKDD01 and 22KJDD02, have demonstrated the presence of mineralisation towards historical drillhole KJD10 which intersected 24.0m grading 1.3% copper and 13.6m grading 0.4% copper in a deeper portion of the mineralised system, some 210m and 230m below surface respectively.
The Company considers that the presence of copper mineralisation has now been demonstrated at Jacks over a 350m strike length and to depths up to 230m vertically below surface, and is open in all directions. Copper mineralisation may be thickening closer to the fold nose, as evidenced by historical drillhole KJD10. To the west a continuous copper-in-soil anomaly extends along the southern limb of the syncline for several kilometres within the licence area and has been tested by only limited very wide spaced drilling with a number of holes intersecting copper mineralisation that remains to be followed up (e.g. 6.5m grading 1.1% copper from 297.5m downhole in 1999 drill hole KJD02).
The Company is currently undertaking a more in-depth review of the drill date with a view to commencing additional fieldwork and drill planning.
Drill Plans and Drill Sections are available to view on the Jacks Project webpage at https://www.tertiaryminerals.com/jacks-project-zambia .
Table 1: Drill Hole Details
|
BHID |
EOH (m) |
Dip |
Azimuth |
Type |
Core |
Avg. Recovery (%) |
|
22JKDD01 |
164.2 |
-55 |
187 |
DD |
HQ/NQ |
82.4 |
|
22JKDD02 |
250.9 |
-55 |
184 |
DD |
HQ/NQ |
95.3 |
|
22JKDD03 |
260.2 |
-55 |
187 |
DD |
HQ/NQ |
99.7 |
|
22JKDD04 |
71.2 |
-55 |
175 |
DD |
HQ/NQ |
90.6 |
Table 2: Analytical Results1&2
|
BHID |
Down Hole Interval (m) |
Copper (%) |
From (m) |
To (m) |
|||
|
22JKDD01 |
13.5 |
0.9 |
77.5 |
91.0 |
|||
|
Including |
22JKDD01 |
3.0 |
1.7 |
79.5 |
82.5 |
||
|
Including |
22JKDD01 |
3.5 |
1.2 |
87.0 |
90.5 |
||
|
22JKDD02 |
7.0 |
0.6 |
54.0 |
61.0 |
|||
|
22JKDD02 |
3.0 |
0.8 |
191.0 |
194.0 |
|||
|
22JKDD03 |
6.0 |
1.8 |
105.0 |
111.0 |
|||
|
Including |
22JKDD03 |
4.0 |
2.4 |
106.0 |
110.0 |
||
|
22JKDD04 |
14.0 |
0.8 |
27.0 |
41.0 |
|||
|
Including |
22JKDD04 |
2.0 |
1.7 |
27.0 |
29.0 |
||
|
Including |
22JKDD04 |
5.0 |
1.0 |
35.0 |
40.0 |
Notes:
1. SGS, Kalulushi – Drill core samples were prepared using method code PRP90, where samples are dried, crushed to 90% passing 2mm and a 250g split pulverized to 85% passing 75µm. Samples were analysed by method code ICP42S, a 26 element multi-acid digest with ICP-AES finish.
2. Drill intervals being reported are thicknesses of mineralisation down-hole at cut-off values of 0.2% copper and 0.5% copper for lower and higher-grade intervals, respectively. Mineralisation is currently interpreted as steeply dipping and true thicknesses are estimated to be approximately 70% of the above reported thicknesses.
3. The information in this release has been reviewed by Mr. Patrick Cheetham (MIMMM, M.Aus.IMM), Executive Chairman of Tertiary Minerals plc, who is a qualified person for the purposes of the AIM Note for Mining and Oil & Gas Companies. Mr. Cheetham is a Member of the Institute of Materials, Minerals & Mining and also a member of the Australasian Institute of Mining & Metallurgy.
4. The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.
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