Kavango Resources #KAV – Notification of PDMR and PCA dealings
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, provides the following additional information in relation to the subscription for 1,090,911 New Ordinary Shares in the Company (“Director Subscription Shares”) and associated warrants announced on 6 July 2021.
Admission and Total Voting Rights
Application has been made for the Director Subscription Shares to be admitted to the Standard List segment of the Official List and to trading on the main market of the London Stock Exchange plc (“Admission”). It is expected that Admission will become effective and that dealings in the Director Subscription Shares and the shares allotted pursuant to the Placing announced on 5 July 2021 will commence at 8.00am on or around Monday 02 August 2021.
Following Admission, the total issued share capital of the Company will consist of 402,931,686 Ordinary Shares. Therefore, the total number of voting rights in the Company is 402,931,686 and this figure 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.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For additional information please contact:
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
+46 7697 406 06
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
UK Investor Magazine podcast – Barclays, US Tech Stocks and Junior Miners with Alan Green
Alan Green joins the UK Investor Magazine Podcast for our latest instalment of UK equities and global markets. We discuss Barclays (LON:BARC), Power Metal Resources (LON:POW) and Tertiary Minerals (LON:TYM)
We start with looking at US Tech stocks in Apple and Alphabet and go through the numbers from their bumper quarterly updates. Both produced revenue figures that surpassed analyst estimates in a strong quarter for two of the world’s largest technology companies.
Given the strong results from Apple and Alphabet, we explore whether we may be reaching the top of the earnings cycle as we come out of the pandemic and if a period of weaker growth could cause waves in equities.
Barclays (LON:BARC) also reported a huge jump in profits as they released half year profits that rose to £5bn helped by the reversal of COVID provisions and strong investment banking activity. Barclays also increased their dividend and we look forward to what investors could expect from Barclays and other UK banks in terms of payouts in the future.
We also explore Power Metal Resources (LON:POW) and Tertiary Minerals (LON:TYM).
Power Metal Resources #POW – Geochemical Sampling, Mapping and Prospecting Programme Continues at Pace; Option Exercised to Acquire a 100% Interest in Two Licences in the Tati Greenstone Belt, Botswana
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company announces today that it has exercised its option (the “Option”) to acquire a 100% interest in two gold-nickel exploration licences located within the Tati Greenstone Belt (the “Tati Project” or the “Project”) located near Francistown, Botswana, through its local wholly owned operating subsidiary Power Metal Resources Botswana Pty Limited (“Power Metal Botswana”).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“The Tati Greenstone Belt is an ancient Archaean greenstone belt in the east of Botswana towards the Zimbabwe border. Francistown and its surrounding area were the site of the first South African gold rush in the nineteenth century, and have not had extensive modern exploration.
The Company’s due diligence review of historic data identified numerous multi kilometre-scale nickel, arsenic and gold anomalies, which are now the subject of an ongoing Phase I exploration programme which includes detailed geochemical sampling, mapping and prospecting.
We consider that the Tati Project is highly prospective and has the potential to deliver major gold and nickel discoveries, and on that basis we have exercised our option to acquire a 100% interest in the Project.
This transaction brings Power Metal to four project interests in Botswana, demonstrating our commitment to this secure and supportive jurisdiction therefore exposing our shareholders to tremendous upside across a highly attractive portfolio which alongside the Tati Projects now includes:
– 50% interest in a strategic joint venture (“SJV”) with Kavango Resources plc (“Kavango”) at the South Ghanzi Kalahari Copper Belt project targeting copper-silver discoveries with multiple airborne electromagnetic (“AEM”) geophysics targets and geochemical copper-zinc anomalies including some geographically extensive targets including the Morula Target which extends for over 18km in length and remains open along strike.
– 50% interest, also in the SJV with Kavango, in the Ditau Camp project targeting rare earth discoveries within large scale potential carbonatite intrusive bodies where three key target areas have recently been prioritised for drilling.
– An effective 50.8% economic interest in the Molopo Farms Complex project with JV partner Kalahari Key Mineral Exploration Pty Ltd targeting magmatic intrusion-hosted massive and disseminated nickel-copper sulphide and platinum group element (“PGE”) discoveries.
The Tati Project will shortly be delivering exploration updates to the market as the samples collected are due to to be assayed utilising multi-element analysis. In addition, the objective is to see drill programmes running across all four Botswana interests in 2021, seeking multiple metal discoveries across the portfolio.”
BACKGROUND – TATI PROJECTS
Readers wishing to review the background should refer to the Company’s announcement dated 6 May 2021 detailing the full terms of the Option and which may be viewed here:
A historical data compilation completed on the Project led to the identification of several kilometre-scale nickel, arsenic and gold in-soil anomalies on PL127/2019 and PL126/2019. The historic data collected and interpreted is of widely spaced soil sampling surveys which were collected and analysed by previous operators.
The results from the data compilation were announced in a due diligence update by the Company on 23 June 2021 and which may be viewed here:
A Phase I work programme is underway on the Project which was announced by the Company on 28 June 2021 and may be viewed here:
EXPLORATION PROGRAMME UPDATE
Power Metal is currently undertaking a systematic, infill and extensional, soil sampling programme which will include over 1,000 invididual soil sampling points, together with outcrop rock sampling and prospecting following up on multiple orogenic gold and magmatic nickel targets identified during the historic data compilation. Further information on exploration plans and current status are provided below.
PL126/2019
Two soil sampling grids have been completed. The first grid, located along the northwestern licence boundary, is targeting a northwest-southeast oriented historic Au-in-soil anomaly. A total of 380 samples have been collected along northeast-southwest oriented sample lines.
These samples are currently en route to South Africa where they will be prepped to be sent on for final geochemical analysis in Australia.
The second grid completed over this licence covers a historic nickel-in-soil anomaly which is coincident with a government mapped mafic/ultramafic intrusive unit. A total of 84 samples were collected which will be assayed by x-ray fluorescence (“XRF”) analysis in the coming days.
PL127/2019
A total of three soil sampling grids will be completed.
The first grid covering Target Area A has been completed which included 350 soil samples. This grid was designed to provide coverage over a northwest-southeast oriented historic arsenic-in-soil anomaly.
Two additional grids covering: 1) Target Area B – over a historic arsenic-in-soil anomaly which is spatially coincident with arsenic anomalies extending from the nearby Signal Hill Gold mine; and 2) Target Area C – covering a historic southeast-northwest trending Nickel-in-soil anomaly which extends on to the nearby Tekwane Nickel mines. These surveys are in progress and the samples will be analysed with a portable XRF spectrometer within the coming days, following completion of the programme.
Maps showing the location of the Project licences , target areas and the sampling undertaken to date may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/arsenic-geochemistry-map/
EXPLORATION PROGRAMME RATIONALE AND NEXT STEPS
The goal of the Phase I work programme is to further develop some of the high-priority exploration targets on the Tati Project which the Company plans to drill test later in the year.
Results from this programme will be released to the market following receipt, compilation and interpretation by Power Metal.
OPTION EXERCISE – TRANSACTION TERMS
Vendor:
Vital Commodities Pty Ltd, a company registered and Incorporated in Botswana (“VC”) VC is a private Botswana company that owns two prospecting licences in Botswana, (the “Vendors”). VC is 100% owned by Equity Drilling Limited, a company registered and incorporated in Guernsey.
Option Exercise:
Note the Option fee in respect of this transaction was a cash payment of £50,000 to the Vendors as originally announced on 6 May 2021 and now paid. The full amount of £50,000 paid (the “Offset Payment”) may be credited and offset from the cost of the drilling undertaken by Equity Drilling Limited (100% owner of VC and who have a right to quote for drilling work at the licences until 30 September 2022) at the two PLs which are the subject of this Option or at other Power Metal interests in Botswana.
VC will subject, to local authority approvals, arrange immediate transfer of PL 126/2019 and PL 127/2019 into Power Metal Botswana.
The consideration items outlined below, following Option exercise, will not become due and payable until the necessary local authority approvals for the transfer of PL 126/2019 and PL 127/2019 to Power Metal Botswana have been received and the transfer completed.
– Power Metal will pay an initial consideration of £25,000, payable through the issue to the Vendors of 833,333 new ordinary Shares of 0.1p each in the Company (“New Ordinary Shares”) at an issue price of 3.0 pence per New Ordinary Share (“Initial Exercise Shares”).
– Thereafter should Power Metal elect to proceed with the year 3 exploration spend programme (for the year ending 30 September 2022) it will pay a further consideration of £50,000, payable to the Vendors through the issue of 833,333 New Ordinary Shares at an issue price of 3.0p each for each licence where such spending is confirmed, thereby if both
– confirmed then 1,666,666 New Ordinary Shares would be issued (the “Further Exercise Shares”).
– In addition, Power Metal will pay a single further consideration payment of £100,000 through the issue the Vendors of 3,333,333 New Ordinary Shares at an issue price of 3.0p (“Final Exercise Shares”) if either of the two following conditions are met:
– (1) Confirmation of a 250,000 oz JORC (2012) compliant gold Mineral Resource across the two prospecting licences
– (2) Confirmation of a 5,000,000 tonne economic nickel deposit at a grade of >1.5% nickel.
– Additionally, the Company shall issue to VC 5,833,332 warrants over New Ordinary Shares (the “Vendor Warrants”) in two separate tranches of 2,916,666 warrants each as follows:
2,916,666 Vendor Warrants shall be issued to acquire 2,916,666 New Ordinary Shares at an exercise price of 5p per share, exercisable over a 2-year period from 6 May 2021 and which are only exercisable on completion of exploration drilling against which the £50,000 Offset Payment has been credited (the “5p Vendor Warrants”).
The 5p Vendor Warrants shall be subject to a 5-day VWAP accelerator, by which should Power Metal shares trade above 10p for 5 trading days then the Company shall have the right to serve notice on VC that it must exercise and pay for the exercised 5p Vendor Warrants within 14 calendar days or the 5p Vendor Warrants shall be cancelled.
2,916,666 Vendor Warrants shall be issued to acquire 2,916,666 New Ordinary Shares at an exercise price of 7.5p per share, exercisable over a 2-year period from 6 May 2021 and which are only exercisable on completion of exploration drilling against which the £50,000 Offset Payment has been credited (the “7.5p Vendor Warrants”).
The 7.5p Vendor Warrants shall be subject to a 5-day VWAP accelerator, by which should Power Metal shares trade above 15p for 5 trading days then the Company shall have the right to serve notice on VC that it must exercise and pay for the exercised 7.5p Vendor Warrants within 14 calendar days or the 7.5p Vendor Warrants shall be cancelled.
Up to 30 September 2022 Power Metal will engage VC to quote for all drilling activities undertaken on PL 126/2019 and PL 127/2019.
The Vendors and their professional licensing and geological teams will continue to work with Power Metal following Option exercise to manage licences and third party relationships, undertake ground exploration and to help where appropriate to further build the licence footprint in Botswana. Reasonable commercial terms will be agreed for any additional work undertaken.
TATI GREENSTONE BELT INFORMATION
The Tati Greenstone Belt (“TGB”) is located in the vicinity of Francistown, adjacent to the Zimbabwe border, in north-eastern Botswana. With a total strike length of 65km and up to 20km in width the TGB hosts a large number of orogenic style gold deposits and several economically significant intrusive magmatic nickel-copper-platinum group elements (“Ni-Cu-PGE”) rich sulphide deposits.
A gold rush started at Tati in 1867 leading to the establishment of Francistown and over 70 reported small scale gold mining operations.
The TGB is Botswana’s only gold producing region with the Mupane gold mine (held by Galane Gold Ltd) being the country’s only major gold producer. Mupane was formerly an open-pit operation and is now an underground mine. It is located in the southern part of the TGB.
The known nickel deposits on the greenstone belt consist almost entirely of disseminated to semi massive sulphide bodies hosted by a series of late stage gabbroic-troctolitic intrusive bodies. Significant nickel operations operated until 2016, including the former Tati Nickel Mining’s Selkirk underground mine which commenced production in 1989 and the Phoenix open pit which started in 1995. Both deposits are located in the south-central portion of the TGB.
Geologically the TGB is part of the Francistown Arc Complex within the southern margin of the Archean age Zimbabwe Craton in the northern contact zone of the Limpopo Belt. The principal lithologies of the TGB are lower greenschist to lower amphibolite facies volcanic and sedimentary rocks, constrained by three fault-bounded volcano-plutonic sequences which are intruded by granitoids.
Whilst there is a long history of small scale gold mining on the TGB, the Company believes it to be under explored by modern standards and systematic exploration focussing on areas with sand cover and geophysics targeting greater depths are likely to yield further gold and nickel discoveries.
GLOSSARY
Orogenic Gold (Deposits) – Gold deposits found within metamorphic belts which form as a result of major crustal deformation events.
Intrusive Magmatic Nickel (Deposits) – Nickel deposits found at the base of large mafic and ultramafic intrusive bodies.
Arsenic/Gold/Nickel-in-soil anomaly – Geochemical anomaly defined by increased arsenic/gold/nickel levels over background.
PGE – Platinum group elements (ruthenium, rhodium, palladium, osmium, iridium, and platinum
Mafic Intrusive Unit – Igneous rock that is dominated by magnesium and iron rich silicate minerals including pyroxene, amphibole, olivine, and mica.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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 |
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking large scale metal discoveries.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
ECR Minerals #ECR – Purchase of Second, Multi-Purpose Drilling Rig for Central Victorian Goldfields, Australia
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce the purchase of a second drilling rig by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
MGA has recently signed a contract for the purchase of a new Cortech CMR1000 multi-purpose drilling rig for a total of US$402,957. This follows the purchase of the Midas Drilling Rig (“Midas”) currently engaged in an aggressive drilling programme at the Bailieston project. The new rig is a high capacity, heavy duty multi-purpose drill rig which is highly effective in diamond coring, reverse circulation and rotary drilling techniques. It has been purchased complete with spares and all downhole equipment and is capable of drilling as deep as 2,000 metres*. The rig will be delivered in Q4 2021 and will further boost MGA’s in-house drilling capability.
With access to a growing team of experienced drilling personnel to operate the rig, along with Midas, the addition of the new CMR1000 rig increases MGA’s flexibility in the field and is expected to accelerate future drilling schedules and enable drill programmes to be completed at lower cost.
Craig Brown, Chief Executive Officer commented: “I am delighted to announce the acquisition of our second drill rig. Midas has already proved its value in the field, as it has been constantly working at Bailieston since our campaign launch at the Byron prospect announced on January 12th 2021.
The strong cash position enjoyed by ECR Minerals has enabled us to maintain aggressive drilling programmes across our existing properties, and the acquisition of the new, multi-purpose rig significantly enhances our on-the-ground capabilities.
The RC and diamond drilling capability the new CMR rig provides us with is particularly suited to the license areas at our three Queensland projects announced in May 2021. Given the recent results from the Creswick project announced on July 19th 2021, we are confident that the strategy of fast-paced and aggressive drilling programmes across multiple high-profile gold targets will expose ECR to potential new gold discoveries.”
*Factory data sheet specification http://cortech.cn/product_show.asp?id=2&lan=en
MARKET ABUSE REGULATIONS (EU) No. 596/2014
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 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
OR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
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Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
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 two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
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 Queesnland, Australia.
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 has earned a 25% 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.
Memorandum between the state and ČEZ: The state will support the construction of a Czech gigafactory for batteries for electric cars
On Monday, the government approved a memorandum between the state represented by the Ministry of Industry and Trade and ČEZ on support for a project for a battery factory for electric vehicles in the Czech Republic, the so-called gigafactory. This was stated on Twitter (https://twitter.com/KarelHavlicek_/status/1419679992041156611) by Deputy Prime Minister and Minister of Industry and Transport Karel Havlíček (for YES). According to him, the expected investment of over 50 billion crowns will bring at least 2,300 jobs. The investment should amount to at least 52 billion crowns (Approx £1.6bn) in the 1st phase. Havlíček and CEZ CEO Daniel Beneš will sign the memorandum on Tuesday morning.
Havlíček announced last year that CEZ Group was considering building a factory for lithium batteries for cars in northern Bohemia in the next few years, which it described as a gigafactory project. Together with investors from the automotive industry, the company wants to use lithium from the Cínovec area in the Ore Mountains for the production of batteries.
Link here to read the full article –Memorandum between the state and CEZ_ The state will support the construction of a Czech gigafactory
Power Metal Resources #POW – Diamond Drill Programme Recommenced at the Silver Peak Project in British Columbia, Canada, Targeting High-Grade Silver Extensions of the Victoria Vein
Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development announces the recommencement of the 2020 diamond drilling exploration programme at the Silver Peak Project (“Silver Peak” or the “Project”) located in British Columbia, Canada. The Project includes the Eureka-Victoria Silver Mine which is covered by the first ever Crown-granted mineral claim within the Province.
The Project is located on Silver Peak Mountain, which is 6km south of the TransCanada Highway and the town of Hope, British Columbia. The Project and the historic mine workings are accessed via recently upgraded mine access roads which connect to the TransCanada Highway.
HIGHLIGHTS:
· Due diligence sampling completed summer 2020 by Power Metal, testing the Victoria Vein from the Upper Portal, returned bonanza silver (Ag) with significant copper (Cu) and lead (Pb) credits from two surface channel samples including:
– 0.50m of 10,718g/t silver (345 troy Ag oz/tonne), 2.14% Cu, and 2.99% Pb and;
– 0.50m of 14,937g/t silver (480 troy Ag oz/tonne), 3.05% Cu and 11.95% Pb.
· A follow up diamond drilling programme commenced in late 2020 however inclement weather conditions led to a significant curtailment of the programme. The programme was designed to test the extension of selected due diligence channel sample intercepts along strike and at depth. The highlight result from that programme was 0.31m of 5,270 g/t Ag (169.5 troy oz/t).
· Diamond drilling has now recommenced, utilising a portable electric drive Shaw drill, to test for the extensions of the Victoria Vein along strike and down dip. Current planned programme entails shallow drilling of approximately 20 holes of circa 10 metre depth targeting high-grade vein intersections (the “Phase I programme”).
· Following receipt of the Phase I drilling results, the planned next exploration step is a Phase II programme which will include mapping and prospecting, as well as the Project’s first ever deep diamond drilling of >100 metre depth per hole planned to assess the vertical extent and geological controls on the bonanza silver mineralisation at depth.
· The Company will update the market with further progress from the ongoing Phase I programme, including drilling results from the holes completed once they have been compiled, assayed, and interpreted by Power Metal personnel.
· Power Metal holds a 30% interest in the Silver Peak Project and the costs of the Phase I programme have been previously paid in full as outlined in our Project Commercial Update in March 2021 a link to which is provided below.
· Work continues with regard to the planned initial public offering (“IPO”) for Silver Peak as previously announced. However, the Company notes that commercial interest has also been shown in the project from third parties with regard to outright acquisition. Discussions continue in this regard.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“It is great to be back exploring and drilling at the high-grade Silver Peak project.
The bonanza silver grades of up to 480 troy silver ounce per tonne over 0.5m identified during the summer 2020 sampling programme were exceptional, and the follow up diamond drilling in late 2020, although curtailed, managed to confirm 169.5 oz troy silver per tonne over 0.31m in one assay.
With the diamond drilling programme announced today, we are targeting 20 individual high-grade vein intersections and very much looking forward to the findings.
The exploration work, especially drilling, can add considerable value to the project and as a result we are pushing on with our Phase I programme whilst also carefully managing commercial developments in respect to the Project.”
POWER METAL INTEREST
The original agreement in respect to the Silver Peak Project was announced 14 September 2020 and may be viewed through the following link:
Due to the positive results achieved during the due diligence programme and follow up 2020 drilling programme, the Company announced on 15 March 2021 that it had accelerated the earn-in on the Project and now holds a 30% interest, the details of which may be viewed through the following link:
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
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 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking large scale metal discoveries.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Tertiary Minerals #TYM – Exploration Update – Pyramid Silver-Gold Project
Further to its announcement of 3 June 2021 Tertiary Minerals plc is pleased to provide the following update on its Pyramid Silver-Gold Project in Nevada, USA:
HIGHLIGHTS
- Phase 2 trench planning now complete.
- Three trenches to be excavated for a total of 300 m to better define North Ruth silver discovery (45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold in Trench 1).
- Infill soil sampling results received:
- Western Line Anomaly extended to 1,100m overall length.
- Western Line Splay Anomaly extended to 800m overall length.
- New soil results include samples containing up to 0.77g/t gold and 9.32 g/t silver
- Phase 2 trenching will include 4 trenches to test new soil anomaly extensions.
- Notice level permit being processed by US Bureau of Land Management for trenching on Public Lands. Approval expected within days.
- Drone-based magnetic survey conducted – Interpretation received.
- Drill testing to follow trenching programme.
Commenting today, Executive Chairman Patrick Cheetham said:
“We are keen to build on the exciting discovery last month of a wide zone of silver mineralisation in our Phase 1 trenching programme at the North Ruth anomaly. This mineralisation is open both along and across strike and we will now be undertaking further trenching to better define the scale and orientation of the mineralisation prior to drill testing. We are also announcing further encouraging soil sampling results from infill sampling in the southern half of the project area and the Phase 2 trenching programme will include a number of additional trenches to test newly defined soil anomalies. Permits are expected to be approved within the next week or so.”
ENQUIRIES
| Tertiary Minerals plc
Patrick Cheetham, Executive Chairman
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Tel: +44 (0)1625 838 679 |
| S P Angel Corporate Finance LLP
Nominated Adviser & Joint Broker Richard Morrison/Caroline Rowe
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Tel: +44 (0)203 470 0470 |
| Peterhouse Capital Limited
Joint Broker Lucy Williams/Duncan Vasey
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Tel: +44 (0)207 469 0930 |
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
Background
The Pyramid Gold-Silver Project is located in north-central Nevada, USA and is targeting epithermal gold-silver mineralisation in the prolific past producing Walker Lane Mineral Belt.
The project comprises a group of patented mining claims currently being leased by the Company and a group of surrounding unpatented mining claims held by the Company on Public Lands. (Patented claims have a legacy private land status no longer available to (unpatented) mining claims on Public Lands).
On 3 June 2021, the Company announced the discovery of a wide zone of silver mineralisation at surface during a (Phase 1) trenching programme carried out on the patented claims. Trenching was conducted to investigate the source of high-grade silver and gold rock samples (see announcement of 10 May 2020) found in following up mapping of soil gold and silver anomalies previously defined by the Company (see announcement dated 11 January). A number of these soil anomalies had not been closed off by the previous Phase 1 soil sampling.
Phase 1 trenching was restricted to the North Ruth and Western Line soil anomalies and Trench 1 in the North ruth Anomaly intersected a 45m continuous thickness of mineralisation grading 61ppm silver (1.78 ounces/ton) and 0.09ppm gold starting 42.67m from the east end of the trench continuing up to the western end of this trench where it ended still in mineralisation.
Phase 2 Soil Sampling
A further 162 soil samples were taken at 30m intervals on six, 120m spaced lines to infill a 0.56sq km area in the southern half of the project area, primarily to test for extension to the Western Line and Western Splay anomalies.
Analytical results have been received with individual soil results of up to 0.77 g/t gold and 9.32 g/t silver in separate samples.
Evaluation of these results indicate a small extension to the Western Line Anomaly to a total strike length of 1,100m and a 250m extension to the Western Splay Anomaly, with a possible fault offset, to a total length of 800m. Additional isolated gold-in-soil anomalies are present in the southeast of the project area.
Phase 2 Trenching
The Company has completed planning for a follow up trenching programme to further evaluate the North Ruth silver mineralisation and the extensions of the Western Line and Western Splay anomalies.
Three trenches will be excavated at North Ruth to widen and deepen Trench 1 and test along strike. A further 4 trenches will be excavated on the soil anomalies for a total of 628 m of trenching.
The Company has submitted a Surface Disturbance Notice level permit application to the Bureau of Land Management (“BLM”) to permit trenching on BLM public lands and this permit is expected within the next several days and trenching will follow shortly thereafter.
Drone Magnetic Survey
In June 2021 a drone based magnetic survey was conducted comprising 65 line‑kilometres in order to provide additional data for drill planning.
A plan showing the location of the features mentioned in this news release will be available shortly on the Company’s website at: https://www.tertiaryminerals.com/pyramid-silver-gold-project-nevada-usa
Notes:
- All soil samples were submitted to Paragon Geochemical, Reno for sample preparation and analysis. Analysis was performed using method FSAU-25, a 51-element aqua regia ICP/MS package. Quality control samples were inserted into the sample run by the analytical laboratory for internal QA/QC purposes
- The information in this release has been compiled and reviewed by Mr. Patrick Cheetham (MIMMM, MAusIMM) 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.
- This 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.
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
Power Metal Resources #POW Raises £63,158 in Warrant Exercise
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 8,421,053 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”).
The Warrant Shares are being issued pursuant to the exercise of 8,421,053 warrants at an exercise price of 0.75 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £63,158 have been received by Power Metal in respect of these exercises.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 8,421,053 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 2 August 2021 (“Admission”). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,187,317,944 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’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 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking large scale metal discoveries
The Company has a global portfolio of project interests including precious, base and strategic metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage exploration prospects subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Cadence Minerals #KDNC – Approval of the Shipment of a further net US$10 million of Iron Ore from the Amapa Project.
Cadence Minerals AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that DEV Mineração S.A (“DEV”) has been permitted to export a further US$10 million (after the deductions of all logistical, regulatory, shipping and sale costs) of iron ore from its stockpiles situated at its port in Santana, Amapa, Brazil (“Second Permission”). This authority is in addition to the first permission granted to DEV on 10 February 2021, in which it was permitted to ship an initial US$10 million, net of costs, of iron ore (“First Permission”).
In August, DEV is scheduled to complete its fourth and last shipment under the First Permission; the four shipments of 58% beneficiated iron ore has netted approximately US$10 million to DEV. On completion, DEV will begin the shipments to fulfil the Second Permission.
The net profit from the sale of the iron ore will be used primarily for commissioning studies, capital projects and working capital. As per the First Permission, 10% of the net profits will be reserved for payment against the amounts owed to the secured bank lenders (“Bank Creditors”).
A separate update as to the operational progress will be published soon.
Cadence Interest in the Amapa Iron Project
As previously announced, in early September 2020, we announced that DEV Mineração S.A’s (“DEV”), Cadence and Indo Sino Pty Ltd (“the Investors”) agreed in principle to the settlement terms proposed by the Bank Creditors. The principal commercial terms agreed in 2020 have not varied materially, and at the time of writing, the final settlement is currently with the Bank Creditors for comment and/or approval.
The execution of a settlement agreement with the Bank Creditors would represent the satisfaction of Cadence’s remaining major precondition to make its initial 20% investment in the Amapa Project. On completion of the conditions and the release of the Cadence escrow monies, Cadence will become a 20% shareholder in the Amapá Project via our joint venture company, which will own 99.9% of DEV.
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For further information:
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance, future capital and other expenditures (including the amount. nature and funding sources), competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements in this announcement are based on what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
Andrew Hore – Quoted Micro 26 July 2021
AQUIS STOCK EXCHANGE
Ecotricity has launched a 340p a share cash bid for Good Energy (GOOD). Ecotricity believes the combined group would be better placed to compete in the energy supply business. The Good Energy board rejects the bid.
Arbuthnot Banking (ARBB) reported a bounce back in interim pre-tax profit from £200,000 to £3m. the main profit improvement was at Arbuthnot Latham. NAV was 1292p a share at the end of June 2021. Assets under management reached £1.22bn. A second interim dividend of 16p a share was announced, and it will be paid on 24 September.
NQ Minerals (NQMI) says its Hellyer gold mine generated revenues of A$19.8m in the second quarter, while net income was A$5.7m. The major capital investment in the mine cost A$16.4m and was finished during the quarter. NQ Minerals is still seeking to move to a full listing on the London Stock Market.
Sativa Wellness Inc (SWEL) generated record revenues in the first half of 2021, and it is generating cash from operations. CBD products supplier Goodbody Botanicals is profitable. There have been 47 clinics opened to offer Covid-19 testing.
Apollon Formularies (APOL) says that medicinal cannabis formulations developed by its subsidiary have been able to kill prostrate cancer cells.
Watchstone Group (WTG) management recommends that shareholders reject the mandatory 34p a share bid.
Ervin Kovac has resigned as director of Freyherr International (FRYR) and the shares remain suspended as the company’s financial position remains uncertain. Trading was suspended more than nine months ago.
Harry Hyman has taken a 3.08% stake in Oberon Investments (OBE).
Newbury Racecourse (NYR) is moving from the Access segment to the Apex segment.
AIM
Digital payments business Boku (BOKU) increased interim revenues by 37% to $34m – organic growth was 21%. Investment is increasing in order to take advantage of growth prospects, but cash is also increasing.
Trading is improving at employee benefits services and insurance products provider Personal Group (PGH) and interim revenues were 12% ahead at £34m even though weak insurance sales last year mean that premium income fell. SaaS-based revenues increasing by 50% – helped by the partnership with Sage. Sales of consumer electronics products through PG Let’s Connect has improved by one-fifth.
Insolvency levels remain relatively low, but Begbies Traynor (BEG) still grew strongly last year. In the year to April 2021, underlying pre-tax profit improved from £9.2m to £11.5m – a combination of organic and acquisitive growth. There is more to come this year from recent acquisitions.
Lawyer Gateley (GTLY) managed to increase its pre-tax profit from £18.1m to £19.3m despite the tough trading conditions in the year to April 2021. The property and corporate finance divisions did particularly well last year. This kept utilisation levels high. A final dividend of 5p a share was announced. Gateley is paying £815,000 for Tozer Gallagher, which is a quantity surveyor and construction consultant.
Online womenswear retailer Sosandar (SOS) increased its full year revenues by 35% to £12.2m. It remains loss-making and that is likely to continue this year even though revenues continue to grow rapidly. First quarter revenues jumped by 256% to £5.7m, although the comparatives were weak. Active customers increased by 23% compared with the previous quarter. Singer forecasts double full year revenues to £24.4m.
Parcel and freight delivery company DX (DX.) is still growing its freight business faster than expected and analysts have upgraded their forecasts for 2020-21 and the current year. The additional business is also more profitable than in the past. DX Express revenues are flat due to lower office mail delivery revenues.
Judges Scientific (JDG) had a much better order book at the end of June 2021. It was 49% higher than June last year. Organic sales growth was 5% compared with full year forecasts of 1.5%.
Open Orphan (ORPH) spin out Poolbeg Pharma (POLB) has started trading on AIM. The shares are trading at 10.875p, which is equivalent to 3.63p a share to Open Orphan shareholders. The Open Orphan shareholders cannot sell yet.
Vela Technologies (VELA) has invested £750,000 in Northcoders Group, which joins AIM on 27 July. Manchester -based Northcoders provides software coding training.
International payments business Cornerstone FS (CSFS) is pursuing potential acquisitions, but it has not secured any since it floated earlier this year. The mix of business remains consistent, although more of it is direct which improves margins, and trading has almost returned to pre-pandemic levels.
MAIN MARKET
New shell Acceler8 Ventures (AC8) has soared from its placing price of 100p to 215p on limited volumes. After expenses, the cash in the company is equivalent to 60p a share. The sector of the potential target has been kept vague.
Sivota (SIV) is a shell that wants to acquire Israel-based technology businesses. The company has just under 78p a share of cash. The share price has risen from the placing price of 100p to 112.5p.
NMCN (NMCN) is making progress with the refinancing and related documentation. The 2020 accounts are expected to show a pre-tax loss of much more than the £24m previously indicated.
Aquaculture technology developer OTAQ (OTAQ) increased full year revenues by 18% to £4.05m, while the underlying loss was reduced from £1.05m to £726,000. Restrictions have held back the progress of the business.
Town Centre Securities (TOWN) has collected 88% of the billed rent of £4.9m for the quarter to June 2021 with a further 8% that was agreed to be deferred.
Andrew Hore
