Tertiary Minerals #TYM – Exploration Update – Jacks Copper Project, Zambia


Tertiary Minerals plc (LON: TYM), the AIM traded mineral exploration and development company is pleased to announce the start of a detailed soil sampling programme at the Jacks Copper Project (“Jacks”) in Zambia, where Tertiary has now earned a 90% joint venture interest from local Company Mwashia Resources Ltd. 


 · Detailed soil sampling planned for four separate areas to include: 

Ø A 5.3 sq.km. area surrounding the copper mineralisation recently intersected in drilling at the Jacks Copper Prospect (announced 29 June 2022). 

Ø Infill sampling in key areas of a 15km long soil anomaly defined by Cyprus


Ø Infill sampling of Copper:Scandium (“Cu:Sc”) soil anomalies in two areas defined in wide-spaced soil sampling by First Quantum Minerals (“FQM”). 

· Tribal & Stakeholder engagement successfully completed. 

· Up to approx. 1,600 samples to be collected on a 200m x 40m grid with initial field analysis of samples using portable XRF analyser (“pXRF”) delivering results in real time. 

Commenting today, Executive Chairman Patrick Cheetham said:

“The announcement of this programme highlights the growing momentum of our exploration programmes in Zambia following the successful drilling programme at Jacks this summer and the recent announcement of our collaborative agreement with First Quantum Minerals.

The soil sampling programme at Jacks is targeting extensions to the known copper mineralisation as well as areas defined during wide-spaced soil sampling by FQM as having high Cu:Sc ratios which can indicate the presence of copper sulphide minerals in potentially economic concentrations.”

 For more information, please contact

Tertiary Minerals plc:

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP – Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited – Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

Blencowe Resources #BRES – Change of Registered Office

Change of registered office

Blencowe announces today that the Company’s registered office address has changed to 167-169 Great Portland Street, Fifth Floor London, W1W 5PF.

Open Orphan #ORPH – Upcoming Scientific Presentations

Open Orphan (AIM: ORPH), (to be renamed hVIVO plc (AIM: HVO) effective 26 October 2022), 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 three presentations discussing the data and learnings from recent clinical studies and projects will be presented at two upcoming conferences taking place in Belfast, Northern Ireland.

OPTIONS XI for the Control of Influenza is being held 26 – 29 September 2022 and hVIVO will be at booth 6 during the conference for potential partnering discussions. The 12 th International RSV Symposium will take place on 29 September to 2 October 2022 and hVIVO will be at booth 6 during the conference for potential partnering discussions.

Details of the presentations at OPTIONS XI for the Control of Influenza are as follows:


Immunomodulators and treatment of disease in the influenza human challenge model




Wednesday, 28 September 2022


Hall 1, Poster Board Number: P-532



Influenza, COVID-19, RSV and HRV: translating efficacy testing of vaccine and drugs from human challenge models to the field




Thursday, 29 September 2022 at 11:12 AM


Oral Abstract Session: Translational: Influenza & COVID-19 – Human challenge models

Details of the presentation at the 12th International RSV Symposium are as follows:


RSV vaccines/prophylactics: key learnings from the RSV challenge model and Efficacy of Vaccines




Friday, September 30, 2022

The abstracts and posters will be available on hVIVO’s website from 4 October 2022 here .  

For further information please contact:


Open Orphan plc

+44 (0) 20 7756 1300

Yamin Khan, Chief Executive Officer

Walbrook PR (Financial PR & IR)

Stephanie Cuthbert / Phillip Marriage /
Louis Ashe-Jepson

+44 (0) 20 7933 8780 or  openorphan@walbrookpr.com

+44 (0) 7796 794 663 / +44 (0) 7867 984 082 /
+44 (0) 7747 515 393

Notes to Editors

Open Orphan plc  (London and Euronext: ORPH) is changing its name to hVIVO plc (AIM and Euronext: HVO), which is expected to take effect on the AIM market of the London Stock Exchange and the Euronext Growth Exchange market on 26 October 2022.

hVIVO is a rapidly growing contract research company that is a world leader in testing infectious and respiratory disease products using human challenge clinical trials. The Company provides services to Big Pharma, biotech, and government/public health organisations. 

The Company has a leading portfolio of human challenge study models for infectious and respiratory diseases and is developing a number of new models, such as malaria and COVID-19, to address the dramatic growth of the global infectious disease market. The Paris and Breda offices have over 25 years of experience providing drug development services such as biometry, data management, statistics CMC, PK and medical writing to third party clients as well as supporting the London-based challenge studies. 

hVIVO runs challenge studies in London from its Whitechapel quarantine clinic, its state-of-the-art QMB clinic with its highly specialised on-site virology and immunology laboratory, and its newly opened clinic in Plumbers Row. To recruit volunteers / patients for its studies, the Company leverages its unique clinical trial recruitment capacity via its  FluCamp  volunteer screening facilities in London and Manchester. The newly opened facilities have expanded the scope of the business to enable the offering of Phase I and Phase II vaccine field trials, PK studies, bridging studies, and patient trials as part of large international multi-centre studies.

Vox Markets Podcast – Alan Green covers the following companies: Team17 #TM17  Tekcapital #TEK and Tertiary Minerals #TYM 

vox podcast

Alan Green CEO of Brand Communications talks about being in Snowdonia this weekend, taking the sensible option of being on a motorbike, rather than hiking like me. Plus Alan also covers news from the following companies:

Team17 #TM17 

Tekcapital #TEK 

Tertiary Minerals #TYM


Blencowe Resources #BRES – Definitive Feasibility Study Commences on Orom-Cross Graphite Project

Blencowe Resources Plc (“Blencowe Resources” or the “Company”) (LSE: BRES) is pleased to announce that it has commenced the Definitive Feasibility Study for its flagship Orom-Cross graphite project located in Uganda, East Africa.


·    Definitive Feasibility Study (DFS) commences with target completion date 2H-2023.

·    Engagement with specialist graphite engineering firm to manage the DFS.

·    Blencowe currently reviewing various options for strategic alliances in key areas within the Orom-Cross project, including;



EPC (Engineering, procurement and construction of plant)

This follows outstanding Pre-Feasibility Study results (NPV8 US$482M: IRR8 49%) as presented to the market in July 2022, which have prompted the Company to move quickly on to this next stage of project development.  The DFS is the last step in terms of major studies prior to the board making a decision to mine.

Blencowe is currently in the final stages of a process to select an experienced independent engineering firm to manage and ultimately sign off on the DFS. The Company anticipates announcing the engineering partner in the near term.

The Company is also assembling a strong management advisory team to assist with all key aspects of the study, including plant design, engineering, infrastructure, mining, operations, sales and marketing (offtake), environmental and social aspects, and all project funding.  This team will comprise of resource executives who have considerable experience delivering projects through to production in Africa, as well as specific graphite experience.  They will assist the existing Blencowe management team at all levels to deliver a successful DFS.

Metallurgical test work already completed in both Canada and Australia indicates that Orom-Cross can produce several high-quality end products as a 96-97% LOI concentrate. Additional metallurgical test work is anticipated in 2023, as part of the DFS, to test the expandability, spheroidisation and spherical graphite purification (SPG) properties, as the ability to cost-effectively further upgrade Orom-Cross concentrates is expected to add significant additional value to the project.

The Company will continue to keep the market informed of progress as key milestones within the DFS process are completed.

Cameron Pearce, Executive Chairman commented;

“We continue to make substantial progress at Orom-Cross, having moved from project acquisition through JORC Resource drilling and Pre-Feasibility Studies and now into the Definitive Feasibility Study stage, all within just 2.5 years.  The quality and value of Orom-Cross graphite continues to inspire us to move as quickly as possible towards a decision to mine but at the same time we are ensuring all key areas are thoroughly analysed including third party reviews by industry experts.  Quality and consistency of end product remain critical to building strong buyer relationships and we will continue to test the properties of our graphite as necessary to ensure our product is considered at the highest levels compared to other graphite products available worldwide.  This is an ongoing exercise but more end product value is being added at each stage.”

He added “Graphite demand is growing fast as forecast and as the market becomes increasingly more aware that there are very few new graphite mines scheduled to commence production in the near term this demand-pull will potentially drive further price rises ahead, particularly for the products found at Orom-Cross.  Blencowe owns 100% of one of the largest, high-quality graphite projects in the world and is therefore uniquely placed and significantly leveraged to take advantage of this emerging market moving forward.”

For further information please contact:


  Blencowe Resources Plc

Sam Quinn


Tel: +44 (0)1624 681 250


Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441



Tavira Financial

Jonathan Evans

Tel: +44 (0)20 3192 1733



First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833



Twitter https://twitter.com/BlencoweRes

LinkedIn https://www.linkedin.com/company/72382491/admin/


Orom-Cross Graphite Project

Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.

A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit and Blencowe is now moving into the Definitive Feasibility Study phase as it drives towards first production.

Orom-Cross presents as a large, shallow open-pitable deposit, with a maiden JORC Indicated & Inferred Mineral Resource deposit of 24.5Mt @ 6.0% Total Graphite Content. Development of the resource is expected to benefit from a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs.

Quoted Micro 26 September 2022


Interim results from renewable energy supplier Good Energy (GOOD) show a jump in revenues, but a fall in gross profit because of tough margin comparisons. There was a pre-tax loss, but a tax credit meant that there was a profit after tax. The supply business is hedged for the second half of the year and government measures will minimise the impact of higher prices on consumers. The interim dividend was maintained at 0.75p a share. There was £22.2m in the bank at the end of August 2022 following the sale of generation assets. Investee company Zap-Map is partnering with Nissan, which will provide a three-year Zap-Map premium subscription with each electric vehicle.

Brewer Adnams (ADB) reported a reduced loss in the six months to June 2022 as trading recovered. There was a 47% increase in revenues to £30.1m. Some rural and coastal pubs are still less busy in the evenings. Demand for the Jubilee was not as high as anticipated. There is less demand for cask beer. Retail sites are becoming a hub for online deliveries. Trading will be tough in the second half.

Newbury Racecourse (NYR) increased interim revenues from £5.37m to £7.81m as the race days and attendances recovered. A loss of £336,000 was turned into a pre-tax profit of £217,000 in the latest six-month period. The lodge returned to profit, while the profits of the nursery and property were maintained. The dividend paid in the period accounts for the decline in net assets from £48.6m to £45.7m. Management is cautious about race day revenues in the second half.

CBD products supplier Love Hemp Group (LIFE) has paid its £70,000 fine, but it has not finalised the appointment of a new corporate adviser. Robert Smyth has been appointed as finance director.

Eight Capital Partners (ECP) generated revenues of £58,000 in the first half of 2022. The interim loss means that the company has net liabilities. In the third quarter, the company earned £1m of fees from Zamaz (ZAMZ), which joined the standard list earlier in this month.

Secured Property Developments (SPD) did not have any revenues in 2021 and it is seeking properties to acquire. Net assets fell from £427,000 to £386,000, including £430,000 in cash.

Interim figures from Igraine (KING) show £766,000 in the bank at the end of June 2022. Management is in talks with potential investments but has not found a suitable company.

Metals recycler Majestic Corporation (MCJ) reported its maiden interim results as an Aquis company. Revenues fell 17% to $12.9m, but gross margins increased, and pre-tax profit improved from $766,000 to $980,000. There was $2.7m in the bank at the end of June 2022.

Gunsynd (GUN) has made a further investment in ASX-listed Charger Metals NL. Gunsynd has invested A$175,000 at 50 cents a share, as part of a larger fundraising of A$5.5m. Gunsynd will own 5.12% of Charger Metals.

Gold explorer Tectonic Gold (TTAU) says that drilling at Specimen Hill in Queensland has intersected mineralisation earlier than expected. The drilling programme should recommence in October.

Quetzal Capital (QTZ) says that investee company Tap Global Ltd has exceeded 100,000 registered users on its crypto-fiat exchange service platform. Quetzal Capital has invested £1.5m in Tap Global convertibles and has an option to acquire the company.

LED lighting and tea trading company Gowin New Energy (GWIN) did not generate any revenues in the first half of 2022, and it still has net liabilities. The chief executive is funding working capital requirements

Samarkand Group (SMK) has raised £1.98m via an open offer at 55p a share. The cash will finance further growth.


Judges Scientific (JDG) reported an 8% increase in first half revenues and pre-tax profit improved from £8.5m to £9.6m. The international spread of activities has helped the company to grow. UK sales declined, but they had held up much better in the corresponding period. The interim dividend was raised from 19p a share to 22p a share. The order book stretches out for 21 weeks. WH Ireland has upgraded its full year pre-tax profit forecast from £22.4m to £26m.

Small business finance provider Time Finance (TIME) has frustrated investors with a lack of profit growth in recent years and 2021-22 was not different. However, the new management team has been focusing on its core products and the benefits of this should start to show through this year. Ther are available bank facilities to increase the loan book. Cenkos forecasts an increase in pre-tax profit from £3m to £3.5m. The shares are trading at a discount to net assets of around 50%.

European trading exchange operator Aquis Exchange (AQX) expects to have a strong second half. Aquis Exchange, which is also quoted on AIM, reported interim revenues 21% ahead at £8.3m, although profit was lower due to investment in the technology business. The Aquis Stock Exchange is profitable. The technology division has won contracts that will boost the second half – as well as 2023 – and full year pre-tax profit is expected to rise from £3.2m to £4.2m. The second half will also benefit from the relaunch of the former UBS dark pool trading operation. This should help to rebuild the company’s market share of equity trading.

Brain health assessment technology Cambridge Cognition (COG) increased interim revenues by 31% to £5.9m and the contracted order book is worth £18.6m. The main growth in revenues came from software, but the additional gross profit was used up by increased investment so there was a smaller pre-tax profit of £16,000. There is £8.6m in the bank so there is enough cash to finance planned investment in the technology.

Delays in demand from the automotive market meant that Strip Tinning (STG) revenues declined in the first half. This meant that the company fell into loss. The longer-term outlook for connectors for batteries for electric vehicles is significant. Price rises have been implemented to cover cost increases. There are potential electric vehicle contracts with an annual value of £47.9m, although not all will be won. This should more than make up for the contract recently terminated.

Credit hire and legal services firm Anexo (ANX) continues to trade strongly with interim revenues 42% ahead at £68.6m with no contribution yet from the VW emissions case. There is a small but increasing contribution from housing disrepair claims. Pre-tax profit improved by 53% to £13.6m. This year, pre-tax profit is expected to improve from £24.1m to £26.6m – a small downgrade.

First half figures from cosmetics supplier Warpaint London (W7L) were well flagged and it had already said that revenues in the eight months to August improved from £27.1m to £37.5m. Demand for the main brands is increasing and as well as new retail clients, existing retailers are rolling out the products in more stores. Full year revenues should be more than one-fifth higher at £61m and pre-tax profit could be more than £9m.

Digital coupons and loyalty technology provider Eagle Eye (EYE) reported an improved full year pre-tax profit of £2.5m. Recurring revenues and new contracts provide a positive start to the new financial year. Eagle Eye is growing internationally with enormous prospects in North America, as well as other markets. Cash generation was higher than the capitalised development costs and cash should increase this year.

Parcel and freight delivery company DX (DX.) has completed its corporate governance investigation and says it will improve its processes. It has also published the 2020-21 accounts, but the shares remain suspended.


Retailer Made.com (MADE) has launched a strategic review 15 months after floating on the Main Market. Consumer spending is declining and there have been supply problems. Freight costs increased from £8.2m in 2020 to £45.3m in 2021 and they remain at high levels. The company has been reducing marketing spend, stocks and capital investment. Even so, more cash is required but a share issue is not viable.

First Tin (1SN) has commenced drilling at the Taronga tin project in Australia. Two of the three holes drilled so far have intersected tin ore mineral.

Sivota (SIV) has published the prospectus for the acquisition of digital experience software developer Apester Ltd. The acquisition of the Israel-based company will be completed and Sivota shares readmitted on 26 September.

Trading in the shares of shell company More Acquisitions (TMOR) has been suspended ahead of the acquisition of Megasteel, which is a distributor of steel for concrete. The payment will be between 2.2 billion and 2.8 billion shares at 2.25p each, which is more than double the market price. Megasteel has been trading for more than three decades. Last year’s pre-tax profit was £3m.

Icon Labs (ICON) creditors have agreed a CVA, and shareholders passed the relevant resolutions at a general meeting.

Andrew Hore

Alan Green covers Caracal Gold #GCAT & ECR Minerals #ECR on this week’s Stockbox Research Talks

Alan Green covers Caracal Gold #POW & ECR Minerals #ECR on this week’s Stockbox Research Talks

Sovereign Metals #SVML – Date of Annual General Meeting

Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) advises in accordance with ASX Listing Rule 3.13.1, that the Company’s Annual General Meeting (AGM) will be held on Friday, 18 November 2022.

An item of business at the AGM will be the re-election of Directors. In accordance with clause 6.2(f) of the Company’s Constitution, the closing date for receipt of nominations from persons wishing to be considered for election as a Director is Friday, 30 September 2022.

Any nominations must be received at the Company’s registered office no later than 5.00pm (Perth time) on Friday, 30 September 2022.

Further information about the AGM, including the Notice of AGM, will be provided to shareholders in October 2022.


Dylan Browne

Company Secretary
+61(8) 9322 6322



Nominated Adviser on AIM


RFC Ambrian


Bhavesh Patel / Andrew Thomson

+44 20 3440 6800



Joint Brokers



+44 20 3207 7800

Matthew Armitt


Jennifer Lee




Optiva Securities

+44 20 3137 1902

Daniel Ingram


Mariela Jaho


Christian Dennis

Tekcapital #TEK – Investee Company Portfolio MicroSalt® lower sodium salt-shakers will launch 1 October 2022

Tekcapital #TEK – Investee Company Portfolio MicroSalt® lower sodium salt-shakers will launch 1 October 2022

Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products from investing in university technology that can improve people’s lives, is pleased to announce that MicroSalt® is slated to launch its salt-shakers, the first, full-flavour, lower sodium table salt, to major retail chains on 1st October 2022.

The MicroSalt® shakers will be available in both 2-ounce and 6-ounce sizes. These new shakers offer an improved way for consumers to reduce their sodium intake without sacrificing taste. To view shakers click here.

“We are proud to be able to bring such an essential product to consumers nationwide. Sodium is one of the leading contributors to hypertension and these shakers can help minimize the negative impact that excess sodium consumption has on human health,” says Rick Guiney, CEO of MicroSalt®.

MicroSalt® shakers will be debuted at the Expo East Food convention in Philadelphia the week of 28 September 2022, with sales beginning to major retail chains and food distribution channels starting October 2022.  MicroSalt® shakers will also be available for purchase on Amazon in the later part of October 2022.

MicroSalt® has already received commitments from UNFI, North America’s premier food wholesaler, for placement in several of its distribution centers.

MicroSalt® is also exploring product line extensions with sea salt and Himalayan salt as well as territorial expansion into the U.K., Western Europe and Canada beginning in 2023.

About MicroSalt

MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt called MicroSalt®. We are passionate about improving peoples’ lives with better-for-you seasonings and snacks by taking the lead in the industry by providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one that delivers real salt flavor because it is salt. Our new patented technology produces salt crystals that are approximately one hundred times smaller than typical table salt, delivering a powerful saltiness as the micro-grains dissolve in the mouth, with approximately 50% less sodium consumption. Additionally, the ultra-small particle size enhances product adhesion, which reduces waste and provides improved flavor consistency. MicroSalt® and SaltMe® are registered trademarks of MicroSalt Inc.


To learn more about MicroSalt please visit https://www.microsaltinc.com 

To learn more about SaltMe! snacks please visit https://saltme.com/.

Tekcapital owns 97.2% of the share capital of MicroSalt Ltd. and 73% of MicroSalt Inc. its U.S. subsidiary.   

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.



For further information, please contact:

Tekcapital Plc 

Via Flagstaff IR

Clifford M. Gross, Ph.D. 

SP Angel  Corporate Finance LLP                                                         (Nominated Adviser and Broker)

+44 (0) 20 3470 0470 

Richard Morrison / Charlie Bouverat (Corporate Finance)

Rob Rees (Corporate Broking)



This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving MicroSalt that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of MicroSalt’s and/or Tekcapital’s management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of MicroSalt or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither MicroSalt nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

Power Metal #POW – Acquisition Complete – Berringa Gold Mine

Power Metal Resources PLC (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint venture (“JV”) subsidiary New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victorian Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%).

Red Rock Australasia Pty Ltd (“RRAL”), the 100% owned Australian operating subsidiary of NBGC, entered an agreement (“Agreement”) on 6 July 2022 to acquire the exploration licence EL5535 covering the historic Berringa Mine (“Berringa” or the “Project”) from Balmaine Gold Pty Ltd (“Vendor”) which is a wholly owned subsidiary of Golden Point Group Pty Ltd (“GPG”), itself the subsidiary of Shen Yao Holdings Ltd, a company listed on the Singapore Exchange (the companies collectively being the “Vendor Group”).

The original announcement in respect of the Agreement may be viewed through the link below:


A map highlighting the location of the Project may be seen on the Company’s website through the following link:



· EL5535 has now been successfully transferred to RRAL, which now holds a 100% interest in the exploration licence.

· RRAL has paid the initial consideration of AUD$20,000 to the Vendor, with further milestone consideration payments detailed in the Further Information section below.

· RRAL are finalising a detailed exploration plan for the period up to and following the five year renewal being applied for to the licence which expires on 16 November this year, which will include planned drilling at EL5535. The exploration plan will be based on abundant historical exploration data available, allowing for highly refined drilling programme design.1,2

· Planned drilling will test for extensions of known gold mineralisation at the Berringa Gold Mine, which has historical production of 293,250 ounces of gold (Au) from 1898-1952 at an average grade of 8.3g/t Au.1

· The focus of planned drilling is to demonstrate the remaining gold endowment which as outlined in 2004 and 2014 technical reports, includes possible exploration target ranges down to 1000m of 0.91 to 3.89million*,** and 0.70 to 2.91million*,** ounces of Au respectively.1,2 Further details in respect of these exploration targets are provided below.

· RRAL is in ongoing discussions with the Vendor Group, regarding the possibility of processing ore at their nearby Ballarat Gold Mine (located approximately 25km away), should RRAL discover and develop an economic deposit. This arrangement would dramatically reduce both mine build-out time horizons and heavy capital requirements for building a new standalone processing facility.

Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:

“Investors often tell me of their excitement with regard to New Ballarat Gold Corporation and the opportunity it represents.  We share that excitement as NBGC holds a significant land position in the Victoria Goldfields of Australia, which across its footprint has extensive evidence of gold prospectivity.

Centered in Ballarat we have an established operational team who have been running the local operations diligently and building the potential across the licence areas we hold.  These licence areas contain advanced opportunities, with a number of high-grade former producing mines and also the wider blue-sky exploration potential that offers the potential for significant valuation uplift on discovery.

Power Metal is keen to see NBGC flourish, and today’s news is an important step forward.”


Exploration Licence 5535 was previously held by Balmaine Gold Pty Ltd, which is a wholly owned subsidiary of Golden Point Group Pty Ltd (“GPG”), itself the subsidiary of Shen Yao Holdings Ltd, a company listed on the Singapore Exchange (the companies collectively being the “Vendor Group”).

GPG are the owners of the nearby Ballarat Gold Mine, which has annual production guidance of 40,000 to 50,000 ounces of gold per year.4

The Vendor Group’s licence has its origins in the acquisition of the tenement area in 1998 with the view of the tenement, supplying additional gold to the nearby Ballarat Mine. After passing through Lihir Gold, the tenement came into the hands of the Vendor Group. The mining licence was surrendered in 2014, with an exploration licence covering the same area then being granted to the Vendor. For various reasons, the work on the tenement has not been as extensive as planned.

A 2004 Berringa Exploration Strategy Technical report was produced by Hamish Forgan & Steven Olsen on behalf of a previous owner of the Licence, Ballarat Goldfields NL (“Ballarat Goldfields”). Mr Olsen was an employee of Ballarat Goldfields and a compent person as defined by the JORC code. The 2004 report highlighted a proposed exploration target ranging from 913,488 to 3,889,718 ounces of gold down to a depth of 1000m at Berringa.2

Subsequently, on the surrender of the previous mining licence, a further technical report was prepared which summarised the findings from work undertaken from 1992 to October 2014. The 2015 report was produced by Jason Fothergill on behalf of the operators at the time, Caslemaine Goldfields Pty Ltd.  Within the 2015 report, an updated proposed exploration target was calculated and which ranged from 697,112 to 2,907,790 ounces of gold down to a depth of 1000m.1 The results from this report are summarised in the below table.*,**

Depth Extent

Theoretical tonnage

Assumed Grade

Target Size

Risk Weighted Exploration Target

0 – 300m

475 – 2,974k t

5.8 – 14.2g/t Au

554k oz. Au

217k oz. Au

300 – 600m

494 – 5,793k t

5.8 – 14.2g/t Au

1.080 Moz. Au

225k oz. Au

600 – 1,000m

558 – 6,827k t

5.8 – 14.2g/t Au

1.273 Moz. Au

255k oz. Au


1.5 to 15.6 Mt

5.8 -14.2g/t Au

2.907 Moz. Au

0.697 Moz. Au

*The exploration targets tabled above are not to be considered as an estimate of a Mineral Resource or Ore Reserve as those terms are defined in the JORC (2012) Code. The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource It is uncertain if further exploration will result in the subsequent estimation of any Mineral Resource. A drilling programme planned to test the valididy of the exploration target outlined above is currently being planned, and details will be included in the licence renewal application which will be submitted prior to the expiration date of 16 November 2022. Further updates regarding the proposed drilling programme will be supplied to the market in due course.

**The top end of the exploration target ranges produced represents the total ounce potential that would exist if each target area (0-300m, 300-600m, 600-1000m) had the same gold endowment as the historically mined orebodies at Berringa. Several risk factors were applied to the above calculation, which take into account the unknown location of various faults, folds and diltational jogs down to 1000m. The low end of the exploration target range reflects the full application of all calculated risk factors to the top end estimate.

Transaction Terms

For the purchase of 100% of the Vendor’s interest in the Licence to RRAL, covering the historical Berringa Gold Mine, the following consideration is payable:

· The issue to the Vendor staged cash payments totalling AUD$500,000 as outlined below:

 Initial payment of AUD$20,000 payable on successful transfer of the exploration licence to RRAL. This payment has now been made.

 On successful renewal of the Licence for an additional term of 5 years, which currently expires on 16 November 2022, an additional payment of AUD$130,000, which can be satisfied through the issue of either cash and/or publically traded shares.

 On public release of a initial JORC Compliant resource estimate of greater than 100,000 cumulative ounces of gold in the Inferred category, a further payment of AUD$350,000, which can be satisfied through the issue of either cash and/or publically traded shares.

· Upon the successful commencement of commercial production, a 1.5% Net Smelter Return (“NSR”) royalty will be issued to the Vendor over the Licence, with total payments capped at AUD$1,500,000 over the life of the NSR royalty.

· RRAL inherits the responsibility for a pre-existing 2.5% NSR Royalty, with total payments capped at AUD$50m, payable to Altus Strategies Plc. This royalty is part of a wider royalty covering actual or potential gold production from a number of licences including that from the Ballarat gold mine.  Of the AUD$50m, to date AUD$14.5m has been received by the royalty holder and therefore AUD$35.5m of the capped amount remains.5

New Ballarat Gold Corporation

NBGC through its wholly owned local operating subsidiary RRAL, holds a strong land position comprising 15 granted exploration licences for a total area of 1,841km2 within the gold fields of Victoria, Australia, principally around the mining centre of Ballarat.

5 licences covering 493km2 await grant. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.

With the first tenements granted only in 2021, RRAL has already conducted detailed exploration of its initial targets, including a diamond drill test of two prospects starting in December 2021.


1 Final Technical Report Berringa Gold Project MIN 4191 Oct 2014. J Fothergill Balmaine Gold Pty Ltd

2 Berringa Exploration Strategy Technical Report: Sept 2004, H Forgan 

3 Sharp, D. & Sheerin K: OreTech Mining Solutions – Tenement Review and Exploration Strategy – EL007330 Daylesford. Unpublished independent geologist report prepared for Red Rock Australasia Pty Ltd. (2020).


4 https://ballaratgoldmine.com.au/our-mine/

5 Royalty Overview Dashboard – Altus Strategies ( https://altus-strategies.com/projects/royalty-dashboard/caserones-2/ )


The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and a director of NBGC, and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.

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.

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