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Cadence Minerals #KDNC – Amapa Project Update & Loan Financing
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce an update on the Amapá Iron Ore Project (“Amapá”) and the completion of a Mezzanine Loan Facility (“Loan Facility”), which will be applied to the Amapá project.
Highlights
Ø Savings of approximately US$28 million were identified on port refurbishment costs at Amapá.
Ø Cadence has agreed US$ 2 million Loan Facility (“First Tranche”) that has been arranged by Riverfort Global Capital Ltd to be entered into by RiverFort Global Opportunities PCC Ltd and YA II PN, Ltd (the “Investors”). The Loan Facility allows a further US$ 8 million to be drawn down over the next three years, subject to agreement by the Investors.
Ø The net proceeds from Loan Facility will be used to continue the development of the Amapá Project, including optimisation studies on the processing route and environmental licensing.
Ø Continued investment into Amapá Project will increase the Company’s stake to circa 33%.
Ø The term of the Loan Facility is two years, with a 6-month principal repayment holiday. The annual interest rate that Cadence will pay is 9.5%.
Ø The principal and interest of the Loan Facility are payable in cash. However, the Company can elect not to pay any outstanding principle or accrued interest of the Loan Facility in cash, granting the Investors the right to convert these outstanding amounts into ordinary shares.
Amapá Project Port Studies
On 1 March, we announced that a scoping level study had been completed to improve the capital cost associated with the port refurbishment of the Amapá’s wholly owned port. We have now reviewed how these changes can be integrated into the original Pre-Feasibility Study (“PFS”), published in January this year, and have identified that a potential net capital saving to the port refurbishment costs of US$28 million or circa 24% of the direct capital expenditure associated with the port refurbishment.
The savings were derived by moving the current rail loop, which is used for unloading iron ore at the port so that it is one hundred metres further inshore. The change in the location of the railway loop reduces the load on the ground near the shore and negates the installation of a substantial retaining wall. This change in the rail loop will also require a reorientation of the on-shore iron-ore storage and loading system. The net of these two capital items is anticipated to result in a net capital saving of US$28 million. These results will need to be confirmed once the project advances with further geotechnical investigations.
Details of the Mezzanine Loan Facility
The Mezzanine Loan Facility (“Loan Facility”) involves an unconditional and committed initial tranche by the Investors of US$ 2 million and a further conditional Loan Facility amount of US$ 8 million, subject to agreement by the Investors. The Loan Facility is valid for three years.
The First Tranche of US$ 2 million has a 24-month term (“Maturity Date”). It has a six-month principal repayment holiday, followed by 18 equal monthly cash repayments thereafter to the Maturity Date. The Loan Facility has an effective annual interest rate of 9.5% and has a 5% implementation on the value of the First Tranche.
If the Company elects not to settle a monthly payment in cash (each being a “Missed Payment”), they will automatically grant a right for the Missed Payment to be settled in shares as per the non-cash repayment terms contained in the Loan Facility Agreement (“Non-Cash Repayment”). Following a Non-Cash Repayment, the Investors will be automatically granted conversion rights over such principal and interest balances due concerning the Missed Payment. The Investors will then have the right for 12 months to convert such amounts either at a price equal to 12.7 pence (representing a 30% premium to the closing price on 25/05/2023) or at a 7% discount to the average of the five daily VWAPs chosen by the Investors in the 20 trading days preceding its conversion notice or at the price the Company issues further equity if lower than the existing conversion price.
Cadence has provided a security package to the Investors as part of the Loan Facility. This package includes a floating charge over the Company’s investments, placing its holding in European Metals Holdings into escrow and the issue of new ordinary shares to the Investors (“Initial Issued Shares”). The Initial Issued Shares represent 50% of the value of the First Tranche, or 8,251,224 new ordinary shares. These initial Issued Shares will be used as part of any Non-Cash Repayments if applicable. On the Maturity Date, the Company can utilise the Initial Issued Shares to pursue its investment strategy or for working capital purposes. If it has settled all amounts in cash and these Initial Issued Shares revert to the Company.
As part of the Loan Facility, the Company has agreed to grant 8,251,224 warrants to subscribe for ordinary shares in the Company at an exercise price of 13.2 pence (representing roughly a 35% per cent premium to the current share price of the Company’s Shares) with a 48-month term.
The application will be made for the 8,251,224 Initial -Issued Shares to be admitted to trading on the AIM market of London Stock Exchange plc and to the AQSE Growth Market operated by Aquis Exchange Plc (“Admission”), and this is expected to become effective on or about 5 June 2023. On Admission, the Pre-Issued Shares will rank pari passu with all existing ordinary Shares in the Company.
Following Admission, the Company will have 180,971,037 Shares in issue, with each Share carrying the right to one vote. There are no Shares currently held in treasury. The total number of voting rights in the Company is, therefore, 180,971,037. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.
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For further information contact:
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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Darshan Patel Enzo Aliaj |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green
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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.
Cautionary and 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 sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are 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 contained in this announcement are based upon 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 as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that Geochemical results from its soil auger survey at the Kenny Project in Western Australia have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies. Evergreen said that four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
Evergreen’s Kenny project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX: LTR) Buldania lithium deposit of 14.9Mt @0.97% Li20 (LTR, 2019).
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
- Geochemical results from Evergreen’s soil auger survey at Kenny have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies.
- Four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
- A partial suite of REE’s were assayed as part of a multi-element assay method used to identify lithium and its pathfinder elements. The partial suite included three (3) REE elements: Cerium (Ce), Lanthanum (La) and Yttrium (Y).
- Assays of interest within the partial suite included maximum values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3, & 62.4ppm Y2O3;
- CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other first pass soil anomalies.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “Geochemistry from our phase 1 soil auger sampling program has detected several anomalies in the rare earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further assays to determine the Total Rare Earth Oxide (TREO) of these samples, so that we can consider this information in our prioritisation of drill targets.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
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| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
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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.
Cautionary and 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 sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are 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 contained in this announcement are based upon 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 as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
ECR Minerals #ECR – Potential for Rare Earth Minerals at the Lolworth Range Project, Queensland
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, is pleased to announce that investigations into the previous 2022 field season stream geochemistry results of the Lolworth Project, Queensland are showing potential for the presence of rare earth elements within the project area.
ECR Minerals plc has 100% ownership of three exploration tenements (EPM27901, EPM27902 and EPM27903), which covers the Lolworth Range, located 120km west of the famous gold district of Charters Towers. The project is being explored under ECR’s Australian wholly owned subsidiary Lux Exploration Pty Ltd (“LUX”).
HIGHLIGHTS
- A selected number of pan concentrate stream sediment samples from the 2022 field season are highly anomalous for Rare Earth Elements (REE), including Cesium (Ce), Lanthalum (La) and Yttrium (Y).
- The top ten values include anomaly readings such as (Ce greater than 6000 ppm (0.6%), (La greater than 2760 ppm) and (Y greater than 530 ppm)
- The top anomalous values of Ce, La and Y spatially correlate to a north east trend across the project with some of the best values coinciding with previously mapped intrusive centres.
- The Lolworth Project is showing a diverse range of exploration targets for Gold, Niobium-Tantalum and REE.
- Field work following up these targets is well underway.
CEO Andrew Haythorpe commented: “ECR’s Lolworth project is continuing to exceed our early expectations, and along with Gold, Niobium and Tantalum, the presence of key Rare Earth Elements adds yet another dimension to the scope and diversity of mineralisation in this region.”
“The mounting anecdotal evidence and volume of positive results continues to support the Board’s view that Lolworth could be host to significant Gold, Niobium, Tantalum and REE discoveries. I look forward to reporting the sample results from the latest fieldwork back to the markets as soon as possible”
(Figure 1) Map of the Lolworth Project showing the distribution of Ce, Y and La from pan concentrate sampling to date (May 2023) can be found here:
Figure 1: https://www.ecrminerals.com/images/2023/Fig1_REE_Potential_230524.png
RARE EARTH ELEMENTS
REE’s (Rare Earth Elements) are a group of 17 elements from the periodic table. While they are abundant within the Earth’s crust, discoveries of sufficient concentration of REE’s s to constitute an economically viable deposit are rare, with few currently mined sources in the western world. The most abundant REEs include Cerium (Ce), Neodymium (Nd) and Lanthanum (La). REEs, and these are becoming increasingly sought after as a result of their increased use in ‘green’ related technologies such as batteries, magnets in electrical motors, catalytic convertors and aircraft alloys.
REE RESULTS IN STREAM SAMPLING TO DATE
All pan concentrate stream sampling to date at Lolworth has been analysed using a four-acid digest that is aggressive in digesting most elements. A total of 33 elements including Gold have been analysed since sampling began in mid-2022, and to date ECR has detected Gold, Niobium and Tantalum from within the streams draining the Lolworth Range. Exceptional concentrations of Niobium and Tantalum have been recorded in streams draining a 10km long ridgeline just north of Gorge Creek. Previous announcements regarding these results can be found in ECR’s RNS from February 1 2023 here, and RNS from April 3 2023 here
Although the Company has not specifically analysed all stream samples for REEs, Cesium (Ce), Lanthalum (La) and Yttrium (Y) have been included as part of the 33 elements analysed. Results to date show high values of Ce, La and Y, all of which have been tabulated in Table One below. In summary, ten samples are greater than 0.6% in (Ce), over ten samples are greater than 2760 ppm in (La) and over ten samples are greater than 530 ppm in (Y).
REE CORRELATION BETWEEN NB-TA AND MAPPED INTRUSIVE CENTRES
It is important to note that a number of the high Ce, La and Y results spatially correlate and group together well (see Figure One above). The highest concentrations of these REEs trend in a north-east pattern across the project area, and while the reason for this geochemical trend has yet to be determined, it is hoped that the on-site geological mapping and sampling currently underway in the area will be able to provide some answers. Niobium and Tantalum (Nb-Ta) anomalies highlighted in previous announcements also correlate to some of the best REE results within the same region.
Although the Geological Survey of Queensland previously identified two intrusive areas of interest within the tenements (see Figure One above), the Lolworth Project area has not yet been mapped in detail. While the boundaries of these intrusives and their mineralogy has yet to be established, the Board is greatly encouraged by the fact that the highest concentrations of Niobium and Tantalum (including some of the REEs) are associated with these mapped intrusives. In particular a large intrusive identified by historic aerial mapping located in the extreme south-east of tenement EPM 27903 has been prioritised for exploration by the Board, and a number of sampling campaigns have been planned within this area to identify its potential for Gold, Nb-Ta and REEs.
NEXT STEPS
Pan concentrate stream sampling has been well underway for the last two weeks. Numerous follow-up samples have been taken around and to the north of the 10km Nb-Ta anomalous ridgeline, and these along with a number of additional soil samples scheduled for collection from the best anomalous ridgelines will be submitted for laboratory analysis. ECR’s Technical Director Adam Jones will be on the ground for the next two weeks to map and sample the areas showing the best anomalies to date. The Board look forward to reporting these results back to shareholders in the coming months.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
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| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
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| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| 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 six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, 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 holds a 90% 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
Cadence Minerals #KDNC – European Metals Announcement: Testwork Realises Continued Outstanding Lithium Recoveries
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) that it has achieved favourable testwork results which confirm separation efficiency and capability of flotation of lithium-bearing zinnwaldite.
Highlights:
- Testwork confirms separation efficiency and capability of flotation of lithium- bearing zinnwaldite from the Cinovec Lithium / Tin Project.
- Flotation testwork repeatedly reached >95% lithium recovery to flotation concentrates at target Li-grades and mass yield
- DFS remains on track for completion in Q4 2023
The updated flotation testwork recently undertaken at Nagrom Laboratories (Perth) has repeatedly reached >95% lithium recovery from flotation concentrates at target Li-grades and mass yield. Ongoing testwork to confirm the robust nature of the process and optimise the DFS design has surpassed previous performance indicators.
Results from testing and optimisation of flotation for the concentration of zinnwaldite in fine ore has exceeded expectations and further demonstrated the potential for high overall lithium recoveries when combined with magnetic separation for the coarse particle size ranges.
European Metals Executive Chairman Keith Coughlan commented; “The exceptional lithium extraction results are outstanding and further underline the commercial viability of operations at Cinovec. These results show repeatability of >95% lithium recovery at neutral pH and confirm both capex and opex reductions, demonstrating the strong operational viability of the FECAB plant. We look forward to further results of the ongoing optimisation work as part of the DFS. The neutral pH of the flotation further enhances the already strong ESG credentials of the Cinovec Project particularly when compared to the acid flotation used on micas elsewhere around the globe. We expect the current testwork to be completed by the end of June and will publish the full results.”
Cadence CEO Kiran Morzaria added; “These outstanding lithium recoveries further enhances Cinovec’s already exceptional potential as a future battery grade lithium supply hub for Europe and the rest of the world. We are pleased to remain shareholders and supporters of EMH, and we look forward to further developments.”
Link here to view the full EMH announcement
Cinovec Lithium/Tin Project
Geomet s.r.o. controls the mineral exploration licenses awarded by the Czech State over the Cinovec Lithium/Tin Project. Geomet has been granted a preliminary mining permit by the Ministry of Environment and the Ministry of Industry. The company is owned 49% by EMH and 51% by CEZ a.s. through its wholly owned subsidiary, SDAS. Cinovec hosts a globally significant hard rock lithium deposit with a total Measured Mineral Resource of 53.3Mt at 0.48% Li2O and 0.08% Sn, Indicated Mineral Resource of 360.2Mt at 0.44% Li2O and 0.05% Sn and an Inferred Mineral Resource of 294.7Mt at 0.39% Li2O and 0.05% Sn containing a combined 7.39 million tonnes Lithium Carbonate Equivalent and 335.1kt of tin.
Cadence Minerals holds approximately 8.1% percent of the equity in European Metals Holdings.
| For further information contact:
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
|
WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
|
| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
|
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.
Cautionary and 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 sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are 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 contained in this announcement are based upon 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 as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
More Acquisitions #TMOR & Megasteel – Alan Green talks to Doc Holliday
More Acquisitions #TMOR & Megasteel – Alan Green talks to Doc Holliday
Blencowe Resources #BRES – RAB Capital increases holding from 10% to 11.34%
TR-1: Standard form for notification of major holdings – RAB Capital increases holding from 10% to 11.34% (22,300,000 shares)
1. Issuer Details
ISIN
GB00BFCMVS34
Issuer Name
BLENCOWE RESOURCES PLC
UK or Non-UK Issuer
UK
2. Reason for Notification
An acquisition or disposal of voting rights
3. Details of person subject to the notification obligation
Name
RAB Capital Holdings Limited
City of registered office (if applicable)
Brentwood
Country of registered office (if applicable)
United Kingdom
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Name |
City of registered office |
Country of registered office |
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RAB Special Situations (Master) Fund Limited |
George Town |
Cayman Islands |
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Eagles Trust Limited |
St Clements |
Jersey |
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William Philip Richards |
St Brelade |
Jersey |
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RAB Capital Jersey Limited |
St Helier |
Jersey |
4. Details of the shareholder
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Name |
City of registered office |
Country of registered office |
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Pershing Securities Limited |
London |
United Kingdom |
5. Date on which the threshold was crossed or reached
23-May-2023
6. Date on which Issuer notified
23-May-2023
7. Total positions of person(s) subject to the notification obligation
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% of voting rights attached to shares (total of 8.A) |
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2) |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer |
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Resulting situation on the date on which threshold was crossed or reached |
11.340000 |
0.000000 |
11.340000 |
22300000 |
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Position of previous notification (if applicable) |
10.000000 |
0.000000 |
10.000000 |
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached
8A. Voting rights attached to shares
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Class/Type of shares ISIN code(if possible) |
Number of direct voting rights (DTR5.1) |
Number of indirect voting rights (DTR5.2.1) |
% of direct voting rights (DTR5.1) |
% of indirect voting rights (DTR5.2.1) |
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GB00BFCMVS34 |
22300000 |
11.340000 |
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Sub Total 8.A |
22300000 |
11.340000% |
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8B1. Financial Instruments according to (DTR5.3.1R.(1) (a))
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Type of financial instrument |
Expiration date |
Exercise/conversion period |
Number of voting rights that may be acquired if the instrument is exercised/converted |
% of voting rights |
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Sub Total 8.B1 |
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8B2. Financial Instruments with similar economic effect according to (DTR5.3.1R.(1) (b))
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Type of financial instrument |
Expiration date |
Exercise/conversion period |
Physical or cash settlement |
Number of voting rights |
% of voting rights |
|
Sub Total 8.B2 |
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9. Information in relation to the person subject to the notification obligation
2. Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entities (please add additional rows as necessary)
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Ultimate controlling person |
Name of controlled undertaking |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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William Philip Richards |
RAB Capital Jersey Limited |
3.180000 |
3.180000% |
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William Philip Richards |
William Philip Richards |
4.700000 |
4.700000% |
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William Philip Richards |
RAB Special Situations (Master) Fund Limited |
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William Philip Richards |
Eagles Trust Limited |
10. In case of proxy voting
Name of the proxy holder
The number and % of voting rights held
The date until which the voting rights will be held
11. Additional Information
12. Date of Completion
23/05/2023
13. Place Of Completion
London
TruSpine #TSP transition – CEO Laurence Strauss talks to Alan Green
Aquis Exchange listed Truspine Technologies #TSP is both owner and developer of three uniquely disruptive technologies to revolutionise the spinal stabilisation market. These pioneering spinal devices, namely Cervi-LOK™ (for the cervical and upper thoracic spine), GRASP Laminoplasty (a treatment for decompression of the spinal cord) & Faci-LOK™ (for the lumbar and lower thoracic spine) are at various stages of development. Alan Green is joined today by newly appointed CEO Laurence Strauss to discuss his appointment and the upcoming GM on May 31st called by certain shareholders petitioning to remove the board and turn the company into a cash shell. Laurence explains the Board position, how he believes the ‘greedy requisitioners’ wish to steal the IP from the company. A lawyers letter is shown, ostensibly irrefutable proof that Truspine owns the IP. Laurence then looks at the financial position and the planned refinancing after the GM has taken place.
ECR Minerals #ECR – CEO Andrew Haythorpe discusses exploration progress at Queensland & Victoria
ECR CEO Andrew Haythorpe discusses the latest exploration progress at Victoria and the transition to Queensland. Andrew discusses the potential he sees at Lolworth, with 30 different gold occurrences plus niobium and tantalum already at such an early phase. He then looks at the Hurricane project, and how the gold in veins at surface are consistently 1-5m thick (one was 60m thick), which leads to a consistent 1-5 g/t at surface, and the most recent project acquisition, the Blue Mountain project where there is a lot of alluvial gold. Andrew then covers how low cost work programmes including geophysics and geochemistry, RC drilling keep the costs down and will identify the biggest and best anomalies. On funding, there are plans for further asset sales, and he confirms ECR are fully funded for all QLD and Victoria exploration this year. In summary, Andrew believes the chances of pinning down a major find in Queensland is much better. ECR has the right people and right geology, plus there could be some major players keen on partnering in Queensland.
ECR Minerals #ECR – Victoria Exploration and Queensland Project Updates
ECR Minerals plc (LON: ECR), the exploration and development company focused on gold in Australia, announces updated results from gold exploration activities within licences EL006184 (Creswick), EL5433 (Blue Moon) and EL7484 (Tambo North), Victoria, Australia.
ECR Minerals plc has 100% ownership of all three exploration licences. ECR Minerals also holds 100% ownership of 6 other active exploration tenements along with 2 other exploration tenements in application with the State of Victoria, Australia.
ECR CEO Andrew Haythorpe commented: “While the Board are pleased to have finally received assays for our drill programs in Victoria, the latest results have not been as encouraging as we would have hoped.”
“On taking up the position as CEO last year, I have worked with management to ensure that low-cost work programmes, including soil geochemistry and mapping, have and will continue to be used to rank prospects prior to drilling. This approach will be applied to future campaigns in both Queensland and Victoria.”
‘’In contrast to the Company’s historical projects in Victoria, we believe the prospects identified for drilling and further mapping and sampling in Queensland are of superior width and consistency.”
“The outcome from work undertaken in Victoria over the coming months will be weighed against the results we anticipate seeing in Queensland and I look forward to reporting back on progress in the coming days and weeks.’’
HIGHLIGHTS
- Results from the recent western extension drilling at Blue Moon, Bailieston from two drill holes. Best results include 9m @ 0.56 g/t Au from 83.2m in hole BBMDD012.
- Drilling results from four diamond holes at Brewery Lane Creswick have been received which include 1m @ 4.29 g/t Au from 94.8m in hole CSD016.
- On-ground work within Eastern Victoria on EL7484 (Tambo) has commenced. The Board is encouraged by initial investigations.
- Exploration strategy transitions to North Queensland, Australia as field season commences.
DRILL RESULTS, BLUE MOON (BAILIESTON)
The most recent results from diamond drilling at the Blue Moon Prospect, Bailieston included the excellent result of 0.5m @ 17.77 g/t Au from 84.9m in hole BBMDD010 (see RNS from February 24 2023 here). A further two holes have now been drilled (BBMDD012 and BBMDD013) targeting the potential down plunge of the high-grade result in BBMDD010 and following the historic drill hole from the 2019 RC drill program. Unfortunately, the grade trend did not expand at depth, but still generated an excellent results of 9m @ 0.56 g/t Au from 83.2m drilled depth in hole BBMDD012. All reportable drill results from BBMDD012 and BBMDD013 are tabulated in Table 1 below. As the grades and widths of the Blue Moon Prospect within the drilled area downgraded the potential of an immediate commercial discovery, the drill rig was moved to Brewery Lane, Creswick.
CRESWICK (BREWERY LANE) DRILLING PROGRAM
A total of 4 drill holes were completed into the Slades and Spring Hill Reefs (lodes). The best results from this drilling campaign include 1m @ 4.29 g/t Au from 94.8m in hole CSD016 plus a full list of reportable gold intercepts from the 4 holes in Table 2 below. There is a considerable amount of additional work required to establish mineral resources at Creswick, including drilling at Mills Reef, Kuboid Hill and other prospects where soil sampling and rock chipping have shown the presence of gold (see RNS from April 17 2023 here, and RNS from May 2 2023 here). However, with global markets currently reflecting a lack of appetite for long-term investment into junior gold exploration companies the Board has decided to halt exploration drilling at Brewery Lane, Creswick for the remainder of this year and focus instead on exploration at ECR’s Queensland projects.
GOLD EXPLORATION IN EASTERN VICTORIA (TAMBO)
ECR has two tenements (EL007484 and EL007486) in the Tambo River region residing in the eastern part of Victoria state. EL007484 is currently active and license EL007486 is in the final stages of application. The field team have recently gained access to historical gold workings within EL007484 on private land, and with the landowner’s support for gold exploration a programme of rock chipping and pXRF mapping within quartz veins from underground exposures is now on-going. The field team are reporting good visual findings with plenty of sulphides seen within quartz veins. Initial results are expected shortly.
NEXT STEPS – EXPLORATION TRANSITION TO NORTH QUEENSLAND
Exploration has commenced at the Lolworth Project in North Queensland. The results from last year’s field season revealed numerous Gold, Niobium and Tantalum anomalies within many of the drainage lines within the Lolworth Range (see RNS from March 26 2023 here, and RNS from April 3 2023 here). Although the project is in the early stages of exploration, initial findings are already showing a larger footprint of diverse mineralisation and the potential to identify a commercial resource of not only Gold, but also for critical minerals. Using our now established process of detailed mapping and sampling, the Board plans to identify a number of drill targets at Lolworth by the end of this year.
The field team will also commence work at the Hurricane Project, also in North Queensland (see Hurricane project detail in RNS from October 27 2022 here). Work undertaken by previous explorers identified a number of quartz-breccia outcrops of varying widths carrying a broad range of Gold and Antimony values, (antimony is a valuable critical mineral). A 50km2 LIDAR aerial mapping survey has just been completed by ECR across the areas containing the quartz-breccia outcrops, which to date have not been drilled. LIDAR can assess the ground through the vegetation and allows the field team to quickly target and test breccia outcrops. ECR Geologists will be on the ground at Hurricane from June 2023 and the Board will report on progress in due course. Subject to satisfactory progress, the first drilling at Hurricane is scheduled for the second half of 2023.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, Technical Director of Exploration at ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0) 20 7929 1010 | |||
| David Tang, Non-Executive Chairman
Andrew Haythorpe, CEO |
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| Email: | ||||
| Website: www.ecrminerals.com | ||||
| WH Ireland Ltd | Tel: +44 (0) 207 220 1666 | |||
| Nominated Adviser
Katy Mitchell / Andrew de Andrade |
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| SI Capital Ltd | Tel: +44 (0) 1483 413500 | |||
| Broker | ||||
| Nick Emerson | ||||
| Novum Securities Limited | Tel: +44 (0) 20 7399 9425 | |||
| Broker
Jon Belliss |
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| Brand Communications | Tel: +44 (0) 7976 431608 | |||
| Public & Investor Relations | ||||
| Alan Green
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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 six licence applications outstanding which includes one licence application lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at the Bailieston Blue Moon Project (EL5433) and undertaking geochemical exploration on the Creswick (EL6148) project 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 approved exploration permits covering 946 km2 over a relatively unexplored area in Queensland, 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 holds a 90% 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.
APPENDIX 1
Table 1. Drill intercepts containing reportable levels of gold (> 0.1 g/t Au) for the remaining drillholes at the Blue Moon Prospect, Bailieston, Victoria
| Drillhole | From (m) | To (m) | Interval (m) | Grade (g/t Au) |
| BBMDD012 | 83.2 | 84.2 | 1 | 0.18 |
| BBMDD012 | 84.2 | 85.2 | 1 | 0.12 |
| BBMDD012 | 85.2 | 86.2 | 1 | 0.16 |
| BBMDD012 | 86.2 | 86.8 | 0.6 | 0.32 |
| BBMDD012 | 86.8 | 87.4 | 0.6 | 0.66 |
| BBMDD012 | 87.4 | 88.4 | 1 | 0.49 |
| BBMDD012 | 88.4 | 89.4 | 1 | 0.97 |
| BBMDD012 | 89.4 | 90.05 | 0.65 | 0.31 |
| BBMDD012 | 90.05 | 90.85 | 0.8 | 0.18 |
| BBMDD012 | 90.85 | 91.2 | 0.35 | 0.12 |
| BBMDD012 | 91.2 | 91.65 | 0.45 | 0.14 |
| BBMDD012 | 91.95 | 92.25 | 0.3 | 1.26 |
| BBMDD012 | 93.25 | 94.35 | 1.1 | 0.28 |
| BBMDD012 | 94.35 | 95.2 | 0.85 | 0.11 |
| BBMDD012 | 100 | 100.4 | 0.4 | 0.11 |
| BBMDD012 | 100.4 | 100.8 | 0.4 | 0.12 |
| BBMDD012 | 102.2 | 102.95 | 0.75 | 0.15 |
| BBMDD013 | 70.8 | 71.5 | 0.7 | 0.13 |
| BBMDD013 | 71.5 | 72.5 | 1 | 0.3 |
| BBMDD013 | 73.5 | 74.1 | 0.6 | 0.15 |
| BBMDD013 | 74.7 | 75.4 | 0.7 | 0.15 |
| BBMDD013 | 76.1 | 77 | 0.9 | 0.13 |
| BBMDD013 | 77.2 | 78 | 0.8 | 0.16 |
| BBMDD013 | 78 | 79 | 1 | 0.15 |
| BBMDD013 | 79.95 | 80.2 | 0.25 | 0.15 |
| BBMDD013 | 81.7 | 82.7 | 1 | 0.23 |
| BBMDD013 | 82.7 | 83.7 | 1 | 0.12 |
| BBMDD013 | 83.7 | 84.4 | 0.7 | 1.6 |
| BBMDD013 | 85.4 | 86.4 | 1 | 0.27 |
Table 2. Drill intercepts containing reportable levels of gold (> 0.1 g/t Au) for the Brewery Lane diamond drilling, Creswick, Victoria
| Drillhole | From (m) | To (m) | Interval (m) | Grade (g/t Au) |
| CSD015 | 6.8 | 7.2 | 0.4 | 0.15 |
| CSD015 | 7.2 | 7.5 | 0.3 | 0.14 |
| CSD015 | 26.15 | 27.15 | 1 | 0.13 |
| CSD015 | 27.5 | 27.95 | 0.45 | 0.12 |
| CSD015 | 27.95 | 28.15 | 0.2 | 0.13 |
| CSD015 | 28.15 | 28.3 | 0.15 | 0.15 |
| CSD015 | 29.65 | 29.95 | 0.3 | 0.27 |
| CSD015 | 29.95 | 30.3 | 0.35 | 0.15 |
| CSD015 | 36.7 | 37.05 | 0.35 | 0.14 |
| CSD015 | 40.55 | 40.8 | 0.25 | 0.11 |
| CSD016 | 75.85 | 76.1 | 0.25 | 0.13 |
| CSD016 | 94.8 | 95.8 | 1 | 4.29 |
| CSD017 | 14.7 | 15 | 0.3 | 0.14 |
| CSD017 | 28 | 28.3 | 0.3 | 0.11 |
| CSD017 | 34.5 | 34.7 | 0.2 | 0.12 |
| CSD017 | 68.9 | 69.2 | 0.3 | 0.34 |
| CSD017 | 87.9 | 88.7 | 0.8 | 0.67 |
| CSD017 | 101.55 | 101.85 | 0.3 | 0.8 |
| CSD017 | 105.4 | 106.15 | 0.75 | 0.24 |
| CSD018 | 3.1 | 3.3 | 0.2 | 0.25 |
| CSD018 | 11.4 | 12 | 0.6 | 0.39 |
| CSD018 | 12.5 | 13 | 0.5 | 0.26 |
| CSD018 | 13 | 13.5 | 0.5 | 0.33 |
| CSD018 | 20.9 | 21.6 | 0.7 | 0.22 |
| CSD018 | 23.6 | 24.2 | 0.6 | 0.63 |
| CSD018 | 38.4 | 39.4 | 1 | 0.12 |
| CSD018 | 46.8 | 47 | 0.2 | 0.13 |
| CSD018 | 73.8 | 74.2 | 0.4 | 0.15 |
| CSD018 | 89 | 89.4 | 0.4 | 0.12 |
| CSD018 | 97.1 | 97.4 | 0.3 | 0.16 |
| CSD018 | 100.6 | 101.8 | 1.2 | 0.13 |
| CSD018 | 101.8 | 102.1 | 0.3 | 0.13 |
| CSD018 | 118 | 118.75 | 0.75 | 0.18 |
| CSD018 | 118.75 | 119.1 | 0.35 | 1.3 |
| CSD018 | 119.1 | 120 | 0.9 | 0.11 |
| CSD018 | 120 | 120.5 | 0.5 | 0.19 |
| CSD018 | 121.6 | 122 | 0.4 | 0.11 |
| CSD018 | 122 | 123 | 1 | 0.18 |
| CSD018 | 127 | 128 | 1 | 0.14 |
Golden Metal Resources #GMET – Garfield Project: Significant Copper Systems Identified
Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, is pleased to announce the results of a high-resolution soil geochemical sampling survey completed over its 100% owned Garfield Project (“Garfield” or the “Project”) located within the prolific Walker Lane Mineral Belt in Nevada, USA.
Highlights:
– Discovery of two significant copper (Cu) zones which are now named the “Power Line Zone” (or “Power Line”) and “High-Grade Zone” (or “High-Grade”; collectively the “Zones”) which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.
– Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.
Oliver Friesen, CEO of Golden Metal, commented:
“While our admission to trading on AIM was completed less than two weeks ago, our exploration forward mandate at Golden Metal should be apparent with the release of these very positive results from Garfield, which have far exceeded our original expectations. It is important to note that the main focus remains on Pilot Mountain (tungsten) followed by Golconda Summit (gold), however, the results presented today should clearly highlight the depth, as well as quality, of our overall combined project portfolio.
“The original property acquired included only a small footprint covering the original Garfield showing. Fast forward to today, the Garfield Project has been expanded significantly from its original acquisition size and we have now identified two considerable copper zones. The newly named ‘Power Line’ and ‘High-Grade’ zones are strongly coincident with the anomalies identified by the Hyperspectral Analysis completed previously, confirming the effectiveness of this exploration tool. We have obtained Hyperspectral Analysis results for the broader district and can now look at additional exploration targets based on the confirmation of the results outlined here.
“We are looking forward to updating the market in due course with further updates from Garfield, as well as at Pilot Mountain, where we await final results from the induced polarisation survey completed there previously.”
Detailed Overview:
– The geochemical soil survey results have identified two distinct zones of significant copper anomalies:
o Power Line Zone – a northeast-southwest trending Cu-in-soil anomaly which extends for over 1,500m in length (remains open towards the southwest), located in the west of the Project area. The Power Line Zone connects up the original Garfield showing with a previously isolated zone located towards the southwest, where limited historical rock sampling results returned up to 2.6% Cu and 0.536g/t Au; and
o High-Grade Zone – a circa 1.5km by 0.8km Cu-in-soil anomaly (remains open towards north, south and east), located in the south east of the Project area and approximately 1 km southeast of the Power Line Zone. Limited historical rock sampling completed near what is now the western end of the High-Grade Zone returned up to 5.53% Cu, which highlights the potential of this large, newly defined copper mineralised system.
– Both newly discovered copper zones are of considerable size and both remain open in multiple directions within the Project’s current footprint. They are broadly coincident with mapped limestone, suggesting that the significant copper mineralised system now identified is possibly of skarn-type affinity..
– A single soil sample returned 0.83g/t Au which is located outboard of the newly discovered zones mentioned above. This result represents a very-high gold tenor for soil sampling within the district and further analysis of this area is required.
– Both newly discovered copper zones show strong coincidence with anomalies identified by the Hyperspectral Analysis completed in 2021. This supports the effectiveness of the previously completed analysis and Golden Metal will now review other strong anomalies identified within the district that may be open for staking.
Table 1 – Map highlighting the location of the Power Line and High-Grade Zones
Further Information
A total of 447 individual soil samples were collected at either 50m or 100m station spacing and along 100m spaced lines. The sample grid was set up to provide coverage over the original Garfield copper (Cu), silver (Ag) and gold (Au) showing (see attached map) located within the Garfield Project, as well as over two anomalies which were identified by a previously obtained and analysed Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER satellite) and European Space Agency Sentinel-2 satellite datasets (“Hyperspectral Analysis” or the “Analysis”).
The previously obtained Hyperspectral Analysis results can be found at the link below:
Analysis
All soil samples were prepped and analysed at ALS’ laboratory in Reno, Nevada. Assays were determined using the analytical package ME-MS41 comprising aqua regia digestion with super trace inductively coupled plasma mass spectrometry (ICP-MS) analysis providing extremely low detection limits for analysis of soils. A total of 41 elements were reported as part of this analysis.
Property Ownership
Golden Metal holds a 100% interest in the Garfield Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC.
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 Golden Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
