Power Metal Resources #POW – Latest KCB Soil Sampling Extends Morula Target Geochemical Anomaly to Over 18km
Power Metal Resources PLC (LON:POW) a AIM listed metals exploration and development company is pleased to announce results from further geochemical soil sampling and geological mapping on the Morula Target in Prospecting Licence (“PL”) 036/2020 at the South Ghanzi Project (“South Ghanzi” or the “Project”) located in the Kalahari Copper Belt (“KCB”), Botswana.
South Ghanzi is held under a 50/50 Joint Venture (“JV”) with Kavango Resources plc (LSE:KAV) (“Kavango”). Kavango is the operator of the Project.
A total of 150km of soil sampling lines have now been completed over South Ghanzi’s Acacia and Morula targets. The Morula Target geochemical anomaly is now over 18km long (up from 12km previously announced on 21 June 2021) and varies between 800m and 2.4km in width. The geochemical anomaly remains open along strike in both directions towards the northeast and southwest.
In addition to this, a third sub-parallel geochemical anomaly has been identified immediately to the south of the Morula Target. This target (designated name “Happy”) is approximately 5km long and approximately 700m wide.
A map displaying South Ghanzi copper geochemical results is available to view on the Company’s website through the following link:
https://www.powermetalresources.com/south-ghanzi-copper-map/
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The current 18km length of the Morula Target is dramatic, particularly as the target remains open in both directions. Alongside this the discovery of a further geochemical anomaly named “Happy”, is another surprising and positive development at South Ghanzi.
What is also encouraging is that we are seeing strong coincidence between the copper-zinc geochemical anomalism with previously defined airborne electromagnetic (“AEM”) conductors.
Work continues on the Project and a key focus will be ground geophysics which will help us define drill targets which we plan to drill test subject to approval of the Environmental Management Plan.
Kavango’s in-country operations team have done a fantastic job executing on the various exploration plans and South Ghanzi has quickly become a key focus for Power Metal Resources.
Whilst the drill programme is the critical step to determine the tenor of mineralisation below the surface at South Ghanzi, the strength of exploration data that has been acquired thus far demonstrates that the Project holds major discovery potential for sedimentary hosted copper-silver mineralisation.”
PROGRAMME HIGHLIGHTS:
· Extension of infill soil sampling
– Additional infill soil sampling lines extended from 5.5km to 11km.
– Longer lines led to the identification of the Happy Target.
– Total of 150km of soil sampling lines now complete over the Acacia, Morula and Happy targets.
– A total of 2,105 soil samples have now been taken over all targets.
– 1,199 samples returned Cu-in-soil readings >30ppm Copper (“Cu”).
– 1,050 samples returned Zinc (“Zn”) in-soil readings >29ppm Zn (zinc is deemed to be a “pathfinder” element for sedimentary hosted Copper-Silver deposits).
· Eleven additional sample lines over the Morula Target have confirmed:
– The geochemical anomaly is greater than 18km in length.
– Varies between 800m to 2.4km in width along its extent.
– Open along strike in both directions towards northeast and southwest.
– 63 highly anomalous copper readings of >45ppm Cu, with 5 results >62ppm Cu.
– Zn-in-soil results correlate closely with copper readings including 95 highly anomalous zinc readings of >71ppm Zn, including 9 results >91ppm Zn.
– The clearly defined geochemical base metal anomaly appears to follow a large northeast-southwest regional fault/shear zone.
· New copper/zinc in soils anomaly identified as the Happy Target:
– Approximately 5km long and 700m wide.
– Soil sampling returned readings with significant concentrations of copper including 33 samples between 35ppm to 57ppm Cu, and 28 samples assaying between 71ppm to 86ppm Zn.
· Next steps
– Geophysics: Induced Polarization (IP) and Audio-frequency Magnetotellurics (AMT) surveys planned to define drill targets.
– Further soil sampling on Acacia, Morula, Happy and other targets in the South Ghanzi Project.
BACKGROUND TO THE MORULA, ACACIA and HAPPY TARGETS
· The Acacia Target is defined by a 4km x 4km conductor on the northern boundary of PL 036/2020
– Located within a fold “nose”, which is plunging southwest .
– Lies just above the D’Kar – Ngwako Pan formation geological contact zone.
– Made up of at least 4 individual pods, which emit strong electro-magnetic (EM) geophysics readings.
– Soil geochemistry directly over the AEM anomaly demonstrates elevated levels of copper (>42ppm) and zinc (>75ppm).
– Along with the newly defined Morula Target, Acacia is one of the highest priority drill targets at South Ghanzi.
· The Morula Target is estimated to be between 800m and 2.4km wide with at least 18km of strike length on a south-westerly trend along the PL 036/2020 licence boundary.
– Discovered by extending soil sampling lines south of the Acacia Target and supported by a well-defined slightly offset AEM geophysics linear conductor.
– Geological mapping, AEM conductivity results as well as the latest soil sampling data suggest this target represents the mineralised sheared (and possibly thrust faulted) southern limb of the “Acacia” fold.
– Initially, seven 4km long soil sample lines (500m apart with 100m spaced samples) were completed, with four intersecting the southwest and three intersecting the northeast parts of Morula. The two groups of soil sample lines were initially 7km apart.
– Follow up soil sampling included four 4km long infill soil sample lines (1km apart with 100m sample intervals).
– All soil sample lines returned readings with significant copper and zinc anomalisms confirming the continuity of the geochemical anomaly over a strike length of 18km.
– AEM profiles suggest that the depth of mineralisation is relatively shallow at an estimated depth of roughly 200m.
· The Happy Target is estimated to be between 700m and 2.4km wide and 5km along strike which is sub-parallel to the Morula Target.
– Discovered by extending soil sampling lines south of the Morula Target.
– All soil sample lines returned readings with significant concentrations of copper and zinc anomalism.
THE POWER METAL/KAVANGO JOINT VENTURE
The South Ghanzi PLs are held in the name of Kavango and are subject to a JV Agreement in which each company holds a 50% interest via Kanye Resources plc, an England and Wales public company.
Exploration costs are equally shared. Kavango is the operator of the Project.
Application has been made to transfer the PLs into a recently established Botswana JV company, Kanye Resources (Pty) Ltd which is wholly owned by Kanye Resources plc.
There are plans to list Kanye Resources plc on a recognised stock exchange.
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious and base metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Iron ore is in a bull market — and it won’t run out of steam soon, says Goldman
Article from CNBC by Abigail Ng
“It would be wrong to say that the bull market for iron ore, you know, is on the cusp of ending,” said Nicholas Snowdon, head of base metals and bulks research at Goldman Sachs.
Prices are being supported by very strong demand and suppliers have been disciplined in not increasing production, he explained, adding that inventories are also very low.
While prices are not likely to remain above $200 per ton, there won’t be a collapse and they could hover between $100 to $150 per ton, analysts at the Singapore Iron Ore Forum said.
Link here to view the full article
ECR Minerals #ECR – Ongoing Drilling Success at Creswick Gold Project Provides a Deeper Understanding of Dimocks Main Shale Prospectivity
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, is pleased to announce a drilling update from the Creswick Gold project (the “Project”), in the Victoria Goldfields, Australia. The Project is 100%-owned by ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”).
HIGHLIGHTS
- Diamond drilling along the Dimock Main Shales (DMS) trend has continued to delineate gold mineralisation along the strike zone in a southerly direction from the first drill hole at CSD001. This is outlined in detail under ‘Technical Information’ and at Figure 1 and Figure 2 below.
- To date six holes have been completed, four holes have been fully assayed, with final gold assays now received for holes (CSD001, CSD002, CSD003 and CSD004).
- Drill holes have tested near the centre and near the southern end of the tenement to gain a full overview of the prospectivity of the trend across the whole tenement. The drilling in the centre of the tenement (CSD003 & CSD004) tested a portion of the system with no historic mining.
- All holes drilled to date have hit multiple and significant zones of quartz and all holes with assays returned have intercepted gold, with the best results from CSD003 drilled where there were no historic workings.
- Assay results received include; 1m @ 4.78 g/t Au from hole (CSD002) and 0.95m @ 9.93 g/t and 0.95m @ 23.58 g/t Au both respectively from (CSD003).
- Diamond drilling has just been completed for holes CJD001 and CSD005, confirming structures hosting quartz, parallel to and within the Dimocks Main Shales, are persistent along strike to the south of CSD001 and CSD002. Assays results will be provided following receipt and interpretation.
Craig Brown, Chief Executive Officer, commented:
“I am pleased to report continued positive progress for the Creswick drill programme. The aggressive drilling campaign undertaken by our contractors at Creswick continues apace, and the consequential raft of core data and intelligence processed by the core shed in Bendigo is now providing our geological team with a much deeper understanding of the prospectivity of the trend across our license areas.
I am also pleased to report that assay results from hole CSD001, the first drill hole of the campaign, show we have intersected gold, a factor that is particularly significant considering that CSD001 is the first diamond hole into the DMS in the entire tenement.
We are delighted with Holes CSD003 and CSD004, which have provided our best gold intersections yet on this 2021 diamond drilling programme of 9.93g/t and 23.58g/t gold. The work undertaken in the current campaign has enabled us to locate and confirm the position of the DMS, and increase our understanding of the types of folding and faulting within the system to assist with ongoing drill targeting.
To date 6 drill holes have been completed successfully and safely at the Project, with 4 holes now assayed and all containing gold.
Overall, the assay results to date have delivered the outcome we were all hoping for, and I would like to put on record my thanks to Adam Jones, Dr. Rod Boucher and the drilling and core shed teams for their hard work that has delivered a considerable amount of data and information in a very short space of time. I look forward to reporting to the market with regard to further assay results, and their geological significance following analysis.”
TECHNICAL INFORMATION
Note: Quartz develops in the thicker shales, particularly where intercepted by east-dipping faults. As previously hypothesised by the company, the geology is complex and some work is needed to fully understand the faulting and folding.
Preliminary interpretations of the latest three holes are provided below.
All quartz zones show variable sericite-carbonate-chlorite alteration but are low in sulphides.
CSD002
Following on from the success of CSD001, hole CSD002 was drilled from the same site, but at a steeper dip to CSD001. CSD002 was collared 10m to the west of CSD001 and drilled to test projected parasitic folding and an interpreted low angle fault hosting gold mineralisation as seen at 131.9m in CSD001. CSD002 drilled through the projected fault with associated significant quartz mineralisation at a depth of 108.5m. Assay results show this section of quartz to contain no significant gold mineralisation despite visual similarities to the gold-bearing quartz in the first hole. Drilling passed through further quartz and pyrite at a depth of 173.2m. Gold is present within this structure, with assays returning 1m @ 4.78 g/t Au from 173.1m. CSD002 was drilled to a final length of 215.2m.
Geological correlation between CSD001 and CSD002 shows gold mineralisation to have some spatial interplay between sub-vertical quartz veining and the offset of the low angle fault. The faulting and folding in the holes is complex and work is ongoing to fully map these out and better define targets.
Figure 1 showing the preliminary geological interpretation between CSD001 and CSD002:
https://mercatorgold.com.au/images/fig1_CSD002_210713c.jpg
CSD003 and CSD004
CSD003 and CSD004 were drilled 900m on strike to the south from CSD001 and CSD002. This drill location has no known historical gold workings nearby, the closest workings being over 200m to the north.
CSD003 was collared in at a dip of -65 and drilled towards the east. The drillhole passed through multiple parasitic folds on a larger west dipping fold similar as noted in CSD001 and CSD002. Bedding parallel quartz with associated carbonate bleaching was passed through at a depth of 83.2m. A second, parallel zone of quartz was passed through at 89.05m depth. These two quartz intersections returned 0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m. Drilling continued to a depth of 191.9m. These intersections represent the true width of the gold quartz veins.
CSD004 was collared as a scissor hole to CSD003 to test for the westward continuation of the main structural zone and to drill beneath veins outcropping down the adjacent hillslope. Structures hosting quartz mineralisation were drilled through at 114m and at 124.7m depth. Veining was found to have widths of up to 1 metre and consisted of chlorite and carbonate bleaching. Only one assay returned anomalous gold; 1m @ 0.18 g/t Au from 125.7m. CSD004 ended at 207.1m
With the success of CSD003, there are plans for additional drillholes to follow the continuity of the high gold mineralisation.
Figure 2 showing geological interpretation section through CSD003 and CSD004:https://mercatorgold.com.au/images/fig2_CSD003_004_210714.jpg
Table 1 Intercepts from holes CSD002, CSD003 and CSD004
| HOLE ID | EASTING (GDA Zone 54) | NORTHING (GDA Zone 54) | Dip | AZIMUTH (True North) | TOTAL DEPTH (metres) | AVERAGE GRADES OF MINERALISATION* |
| CSD002 | 759261 | 5854636 | -65 | 101 | 215.2 | -1m @ 4.78 g/t Au from 173.1m
-0.6m @ 0.22 g/t Au from 65.9m -0.35m @ 0.39 g/t Au from 179.85m |
| CSD003 | 759244 | 5853704 | -65 | 096 | 191.9 | -0.95m @ 23.58 g/t Au from 89.05m
-0.95m @ 9.93 g/t from 84.2m
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| CSD004 | 759253 | 5853702 | -67 | 281 | 207.1 | 1m @ 0.18 g/t Au from 125.7m |
*no other intercepts returned significant levels of gold.
FURTHER INFORMATION
A total of 6 drillholes have been completed to date on the Creswick gold project. Out of these, assays have been returned from 4 of the holes and each of these contain gold, including the scissor hole (CSD004) that was drilled in the opposing direction away from the main structural zone to test peripheral structures. In particular two of these show high-grades (CSD001 CSD003). Current drilling activity is focussing on assessing the strike extent of quartz mineralisation associated with a series of shallow historical gold workings along the Dimocks Main Shale trend between sites CSD001-CSD002 and CSD003-004. There is a strike length of 900m between these two initial drill sites that has not been drilled before. The Directors believe Mercator Gold Australia (MGA) is the first company in history to undertake such mineral exploration in this region to such a high level, and plans are underway to cover the shallow, up-dip extensions of drilled quartz reefs by soil geochemistry.
Results are pending for recently drilled CJD001, which is our most southerly drilled hole along strike to date (2km south of CSD001-CSD002). Significant quartz veining has been intersected within this hole.
Visual evidence of the limited extent of hard-rock gold workings and the mapped extent of eroded alluvial gold workings leading up to the Dimocks Main Shale area provide a practical demonstration to show the potential strike length of this gold system (see announcement 25/9/18). Furthermore, (as announced on 23/03/21), MGA has applied for additional licenses EL006713 and EL006907 on the southern extension of this vein system to the south.
REVIEW OF ANNOUNCEMENT BY QUALIFIED PERSON
This announcement has been reviewed by Adam Jones, a director of ECR Minerals plc. Adam Jones is a professional geologist and is a Member of the Australian Institute of Geoscientists (AIG). 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 | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
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Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), Mercator Gold Australia Pty Limited has the right to receive up to A$2 million in payments subject to future resource estimation or production from projects sold to Fosterville South Exploration Limited.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, which has a 43-101 compliant resources. 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.
Alan Green discusses Coinsilium #COIN $CINGF & Open Orphan #ORPH on his weekly Stockbox Media Research talk
Alan Green discusses Coinsilium #COIN $CINGF & Open Orphan #ORPH on his weekly Stockbox Media Research talk
Poolbeg Pharma #POLB – Admission to AIM and First day of trading
Poolbeg Pharma (AIM: POLB), a clinical stage infectious disease pharmaceutical company with a capital light clinical model , is pleased to announce that admission of its entire issued share capital to trading on the AIM market of the London Stock Exchange will become effective and dealings will commence at 8.00 a.m. today under the ticker “POLB” and with the ISIN GB00BKPG7Z60 (“Admission”).
The full Admission Document is available to view on the Company’s website at www.poolbegpharma.com
IPO highlights
· Shares priced at 10p per share equating to a market capitalisation at Admission of £50m
· Oversubscribed fundraise which resulted in an increased raise from £20m to £25m despite some investor scale back
· Funds raised to be used primarily:
o to fund clinical trial costs associated with development of the Company’s POLB 001 asset as a treatment for severe Influenza and potentially other areas with label extensions
o work on advancing other portfolio assets to monetisation
o to acquire and develop other infectious disease assets
Company investment case
· Attractive lead asset – POLB 001 – A first-in-class, Phase II ready small molecule immunomodulator for severe influenza, addressing a significant unmet need for effective treatments (c. $800m addressable market)
· Wide asset portfolio – lead product has applications beyond Influenza plus PredictViral™ Biomarker platform for early prediction of severe disease (which has the potential to transform the way that infectious diseases are treated) and the Vaccine Discovery Platform harnessing data from the human challenge model
· Valuable Data Access – licensed access to one of the largest infectious disease progression data and bio banks i.e. Open Orphan’s data and biobank, with the potential to interrogate the data with an AI data analysis platform (advanced discussions underway) to accelerate the identification of drug targets / products
· Rapidly expanding market – focused on infectious diseases, particularly Influenza and other viral diseases. The market is expected to exceed $250bn by 2025
· Capital light and scalable business model – enables the Company to develop assets to be Phase II-ready quickly with modest investment where they can be monetised / licenced to big pharmaceutical companies
· Strong heritage – initial assets from Open Orphan plc (AIM: ORPH), a well-established, revenue generating business with more than 20 years of experience in infectious diseases and human challenge trials
· Experienced team – management team has a track record of delivery and creating value for shareholders
Jeremy Skillington, PhD, CEO of Poolbeg Pharma said:
“The IPO and funds raised have provided a strong platform to begin our rapid growth plan. With experienced management on board and the exciting assets acquired from Open Orphan, we look forward to delivering value to our shareholder base and generating innovation in the previously overlooked infectious disease space which is now one of the fastest growing markets and is expected to exceed $250bn by 2025.
“Our capital light model versus conventional biotech has been well received by investors and the life sciences industry at large. We intend to drive business development through product in-licensing and acquisitions, which will provide continued momentum and value creation for our shareholders. At the core of our business, we are patient-focused and customer-led and plan to use our extensive network to become a ‘one-stop shop’ for big pharma, developing and partnering the infectious disease assets that they need.”
Cathal Friel, Chairman of Poolbeg Pharma commented:
“The listing of Poolbeg Pharma is a great opportunity to maximise the potential of some of Open Orphan’s key pharma assets and we have had excellent support from current and new shareholders.
“We have been deliberate in creating a company with a capital light model that can create excellent returns and value for its shareholders with substantially less risk than the traditional biotech model, which is why I was so excited to invest £500,000 personally in the IPO alongside incoming investors. We have assembled a leading management team with the tools and funding in place to deliver and are excited to now accelerate all our activities. At the heart of Poolbeg is the desire to improve infectious disease treatments for patients and provide valuable assets big pharma needs to improve patient care. It’s a win-win.”
– Ends –
Enquiries
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Poolbeg Pharma Plc Jeremy Skillington, CEO Ian O’Connell, CFO
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+353 (0) 1 644 0007 |
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finnCap Ltd (Nominated Adviser & Joint Broker) Geoff Nash, James Thompson, Charlie Beeson
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+44 (0) 20 7220 0500 |
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Arden Partners PLC (Joint Broker) John Lewellyn-Lloyd, Richard Johnson, Oscair McGrath
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+44 (0) 207 614 5900 |
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J&E Davy (Joint Broker) Anthony Farrell, Niall Gilchrist
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+353 (0) 1 679 6363 |
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Instinctif Partners Melanie Toyne Sewell, Rozi Morris, Lewis Hill |
+44 (0) 20 7457 2020 poolbeg@instinctif.com |
About Poolbeg Pharma
Poolbeg Pharma is a clinical stage infectious disease pharmaceutical company, with a capital light clinical model which aims to develop multiple products faster and more cost effectively than the conventional biotech model. The Company, headquartered in London, is led by a team with a track record of creation and delivery of shareholder value and aspires to become a “one-stop shop” for Big Pharma seeking mid-stage products to licence or acquire.
The Company is targeting the growing infectious disease market. In the wake of the COVID-19 pandemic, infectious disease has become one of the fastest growing pharma markets and is expected to exceed $250bn by 2025.
With its initial assets from Open Orphan plc, an industry leading infectious disease and human challenge trials business, Poolbeg has access to knowledge, experience, and clinical data from over 20 years of human challenge trials. The Company is using these insights to acquire new assets as well as reposition clinical stage products, reducing spend and risk. It already has a Phase II ready repositioned small molecule immunomodulator for severe influenza and a portfolio of other exciting assets. The Company plans to broaden this portfolio further going forward and is in active discussions with AI data analysis platforms to help accelerate the power of its human challenge model data and biobank.
For more information, please go to www.poolbegpharma.com
Andrew Hore – Quoted Micro 19 July 2021
AQUIS STOCK EXCHANGE
Good Energy (LON: GOOD) has rejected the bid from rival renewable energy supplier Ecotricity. It believes that the indicative offer of 340p a share in cash is too low even though it is a premium to the previous market price. Management believes that it has a clear strategy for the company. The focus is energy as a service and mobility as a service, particularly through Zap Map. A new tariff, called Green Driver, has been launched offering a choice of off-peak electric vehicle charging periods. The potential bid values Good Energy at nearly £57m. However, Ecotricity already owns 25.06% of Good Energy.
Voyager Life (VOY) has secured a preferred supply deal for its CBD and hemp oil products with independent pharmacy group Inphaserve, which supplies more than 30 independent pharmacies in England and Scotland.
Rogue Baron (SHNJ) reports another record month for its Bin 1301 bar. Sales were $95,000 in June, which is one-third higher than any pre-Covid month.
SulNOx Group (SNOX) has raised £2.59m at 30p a share. The cash will be used to build up the sales capability and finance the hiring of additional management and staff. There will also be further investment in R&D. There are 58 ongoing trials for its emission reduction product.
Hydro Hotel Eastbourne (HYDP) generated interim revenues of £186,000, but it lost £383,000. The hotel has been trading for a limited time in the six months to April 2021. Refurbishment of bathrooms was undertaken during the period. The hotel will fully re-open on 19 July.
Tectonic Gold (TTAU) has reached an agreement with White Prospecting to set up a joint venture to mine gold at the Mount Cassidy project. Tectonic will get a 7.5% gross production royalty. This deal will enable Tectonic to concentrate on Specimen Hill.
BWA Group (BWAP) reports positive sampling results at the 90%-owned Dehane rutile sands project. It is still early days, but the elevated levels of rare earths is a good sign.
Evrima (EVA) had £164,000 in the bank at the end of 2020, while the NAV was £461,000.
Chapel Down Group (CDGP) raised £6.88m at 59.5p a share, which includes £5.45m raised via crowdfunding. NQ Minerals (NQMI) has raised £35,000 at 7p a share. All Star Minerals (ASMO) has raised £257,000 at 0.02p a share and converted £54,000 of liabilities into shares. Ananda Developments (ANA) has raised £350,000 from an issue of convertible loan notes, with a conversion price of 1p a share, and a further £200,000 is committed by investors.
AIM
Building materials sector consolidator SigmaRoc (LSRC) acquiring Finland-based limestone supplier Nordkalk acquired for £402m, including debt. SigmaRoc has raised £260m in a placing at 85p a share, while a retail offer raised £1.6m. A new bank facility will help to fund the deal and £43m of shares will be issued to Rettig Group.
Energy efficiency as a service provider eEnergy Group (EAAS) has trebled full year estimated revenues to £13.5m. Organic growth was 75% and there was a small pre-tax profit. The smart metering service has been rebranded as MyZeRO and the first combined LightAsAService and smart metering contract has been won. Short-term profit growth is being sacrificed for longer-term growth.
Solid State (SOLI) marginally beat previously upgraded expectations for its figures for the year to March 2021. Revenues dipped slightly to £66.3m, but underlying pre-tax profit was 15% ahead at £5.4m following a reduction in overheads. The total dividend was 16p a share. Computing and communications products did well, but there was a decline in power products revenues. Acquisitions made a small contribution.
Glantus (GLAN) has made its first acquisition since joining AIM, but the software company still remains at a discount to its placing price. The $9.3m acquisition of Technology Insight Corporation led to an earnings up grade for 2022 from 6.4 cents a share to 7.1 cents a share.
Iodine producer Iofina (IOF) says iodine prices are back to pre-pandemic levels at $35-$37/kg. First half production is in line with guidance at 249.4Mt.
Kromek (KMK) had a better second half of the year to April 2021. Manufacturing had been closed in the first half and revenues improved. Full year revenues still fell from £13.1m to £10.4m. There is already 75% visibility over this year’s forecast revenues of £15m. Biodetection equipment for Covid-19 and other airborne viruses will provide a new market for the company. The medical imaging market is recovering.
ULS Technology (ULS) continues to invest in its DigitalMove platform, and it has net cash of £24m to complete its development. More services will be offered on the platform. Conveyancing completions fell last year and revenues declined 18% to £16.9m.
Zoo Digital (ZOO) moved into profit in the year to March 2021. A pre-tax profit of $900,000 was made on revenues of $39.5m with further improvements in profit expected in the next two years. Demand is increasing from subtitling and dubbing services for TV and film back catalogues and Zoo is also adding additional services. Zoo is extending its geographic reach in line with demand from customers.
Chains and transmissions manufacturer Renold (RNO) reported a 13% dip in revenues last year, but underlying pre-tax profit improved by one-fifth to £5.9m – that was due to £2.4m of restructuring costs the year before. Net debt was reduced to £18.4m. The cost base has been cut and efficiency improved through capital investment in facilities. In July, a £11m military contract was won by the torque transmission business.
Personal protection and insurance products provider CPP Group (CPP) says that trading in India has recovered in the past few weeks, but there had been a sharp reduction activity in April and May. The back books continue to generate revenues, although they are declining. Overall trading is in line with expectations.
MAIN MARKET
Standard list shell Hawkwing (HNG) has agreed to acquire ecommerce aggregator Internet Fusion Group, which owns nine speciality retail businesses. It has developed the Reactor platform which brings together retail businesses and brands. Trading in the shares has been suspended.
LED lighting and wiring accessories supplier Luceco (LUCE) has continued to improve its performance in the first half. Interim revenues are expected to be £108m and underlying operating profit of £19m. The second half will be even stronger. Luceco expects full year revenues to be at least one-quarter higher at £220m and underlying operating profit 30% ahead at £39m.
Maternity wear retailer Seraphine Group (BUMP) raised £61m at 295p when it joined the premium list last Friday. The cash will be used to pay off loans and finance growth. The share price started conditional dealings earlier in the week at 305p and subsequently fell back, opening at 280.05p when dealings were unconditional. The share price ended the day at 279.4p
HeiQ (HEIQ) has signed a collaboration agreement with LYCRA and the first product should be launched by the autumn. This will combine freshness and antiviral benefits with LYCRA stretch fabrics.
Nuformix (NFX) expects to develop a phase 1-ready formulation of its NXP002 inhaled treatment for idiopathic pulmonary fibrosis in the next 18 months. This could be a time to seek a partner.
Andrew Hore
ECR Minerals #ECR – Resignation of Consultant Stephen Clayson
ECR Minerals plc (LON: ECR), the gold exploration and development company focused on Australia, announces that Stephen Clayson, long standing consultant and former ECR CEO and Director until August 2016, has resigned with immediate effect.
Stephen Clayson was instrumental in developing and progressing ECR’s interest in the Danglay gold project; with a 43-101 compliant gold resource located in a prolific gold and copper mining district in the north of the Philippines.
Craig Brown, Chief Executive Officer, commented:
“Stephen and I worked together for many years, and prior to me joining ECR he was instrumental in developing the Danglay Gold project, earning ECR’s 25% interest.”
“On behalf of the board, we thank him for the services he has provided to the company and we wish him well for the future”
FOR FURTHER INFORMATION, PLEASE CONTACT:
| ECR Minerals plc | Tel: +44 (0)20 7929 1010 | ||
| David Tang, Non-Executive Chairman | |||
| Craig Brown, Director & CEO | |||
| Email: | |||
| Website: www.ecrminerals.com | |||
| WH Ireland Ltd | Tel: +44 (0)161 832 2174 | ||
| Nominated Adviser | |||
| SI Capital Ltd | Tel: +44 (0)1483 413500 | ||
| Broker |
Nick Emerson
|
Novum Securities Limited Broker Jon Belliss |
Tel: +44 (0)20 7399 9425 |
Brand Communications
Public Relations Tel: +44 (0) 7976 431608
Alan Green
ABOUT ECR MINERALS PLC
ECR Minerals is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd (“MGA”) has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia, has eight licence applications outstanding including two licence applications lodged in eastern Victoria. (Tambo gold project). MGA is currently drilling at both the Bailieston and Creswick projects and has an experienced exploration team with significant local knowledge in the Victoria Goldfields and wider region.
ECR also owns 100% of an Australian subsidiary LUX Exploration Pty Ltd (“LUX”) which has three licence applications covering 900 km2 covering a relatively unexplored area in Queesnland, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX) and the subsequent spin-out of the Avoca and Timor projects to Leviathan Gold Ltd (TSX-V: LVX), MGA has the right to receive up to A$2 million in payments subject to future resource estimation or production at any of those projects.
ECR has earned a 25% interest in the Danglay gold project; an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
Ananda Developments #ANA – Issue of Equity
Ananda announces that 96,890 ordinary shares of 0.2p each in the Company (“Ordinary Shares”) have been issued following the exercise of warrants at 0.45p per share. The proceeds receivable by the Company will be used for general working capital purposes.
Application will be made for the new Ordinary Shares to be admitted to trading on the Access segment of the AQSE Growth Market and admission is expected to become effective on Thursday, 22 July 2021.
Following this issue, the Company has 794,501,216 Ordinary Shares in issue, each share carrying the right to one vote.
This figure of 794,501,216 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure and Transparency Rules.
-Ends-
The Directors of the Company accept responsibility for the contents of this announcement.
| ANANDA DEVELOPMENTS PLC Chief Executive Officer Melissa SturgessInvestor Relations Jeremy Sturgess-Smith |
+44 (0)7717 573 235 ir@anandadevelopments.com |
| PETERHOUSE CAPITAL LIMITED Corporate Finance Mark Anwyl Allie FeuerleinCorporate Broking Lucy Williams Duncan Vasey |
+44 (0)20 7469 0930 |
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Power Metal Resources #POW Signs an Agreement to Earn-in to a 100% Interest in Lithium Exploration Properties in Quebec, Canada
Power Metal Resources plc (LON:POW), the AIM listed metals exploration and development company, is pleased to announce that the Company’s 100% owned Canadian subsidiary Power Metal Resources Canada Inc. (“Power Metal Canada”), has signed an earn-in agreement (the “Earn-in Agreement”) through which it may acquire a 100% interest in two Canadian lithium pegmatite exploration properties (the “Properties”).
The Properties are highlighted on a map held on the Company’s website and which may be viewed on the following link:
https://www.powermetalresources.com/quebec-lithium-properties/
HIGHLIGHTS:
– Power Metal Canada may earn-in to a 100% interest in two lithium exploration properties, Authier North and Duval East, situated in the prolific Val D’Or mining camp in Quebec, Canada.
– Authier North Property is adjacent to Sayona Mining’s (ASX: SYA) flagship Authier Lithium Project which has reported JORC compliant Total Reserves of 12.1Mt at 1.0% Lithium Oxide (0.55% Li2O cut-off grade). Sayona has a current market capitalisation of c.AUD$393 million.
– Duval East Property is immediately adjacent and east of a northwest-southeast trending lithium pegmatite dyke which was drilled in 1955 with reported intersections equivalent to to 2m @ 1.38 Li2O1. The easternmost historical drill hole on this lithium bearing pegmatite dyke falls within the Duval East Property boundary and the dyke is postulated to extend into the claim.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“Today’s announcement brings a focussed and high-impact lithium opportunity into the Power Metal Canada business.
We believe that lithium is an important strategic commodity to have within our portfolio. However, as an exploration and development company what matters most is the quality of opportunity, which we think we have with these two Earn-in properties.
One property is situated adjacent to a major lithium Reserve that offers significant exploration potential and the second property is interpreted to host the open eastward extension of a historical lithium deposit delineated in the 1950s, which holds potential subject to further drilling.”
FURTHER PROPERTY INFORMATION
The Earn-in Agreement announced today concerns two properties, Authier North and Duval East. Both properties are situated in the prolific Val’d’Or mining camp approximately 45km northwest of the city of Val-d’Or and approximately 500km northwest of Montreal, Quebec.
Quebec is recognised as the sixth highest ranking mining jurisdiction in the world, in the Investment Attractiveness Index in the 2020 Fraser Institute – Annual Survey of Mining Companies.
Quebec provides incentives for exploration and development companies within the province which include significant tax credits on all eligible exploration expenses incurred within the province on a annual basis.
Authier North Property
The Authier North Property consists of fifteen (15) mineral claims covering an area of approximately 560-hectares and is considered to be prospective for lithium-pegmatites and base metal mineralisation.
The Authier North Property shares an extended claim border with Sayona Mining’s Authier lithium project which hosts a JORC (Joint Ore Reserves Committee) compliant Total Reserve of 12.1Mt at 1.0% Li2O (Lithium Oxide).
Sayona Mining’s shareprice (ASX: SYA) has increased eight-fold within the last year and currently has a AUD$393 million market capitalisation. Sayona Mining published a Definitive Feasibility Study (“DFS”) on 11 November 2019 covering their flagship Authier Lithium Project. This DFS highlighted a net present value (discount factor 8%) of CAD$216 million and a pre-tax internal rate of return at 33.9%.
Additionally, in January 2021, Sayona announced a strategic partnership and offtake agreement with Piedmont Lithium Limited (ASX:PLL, Nasdaq:PLL) which includes a 25% ownership stake in Sayona Quebec (a wholly owned subsidiary of Sayona Mining), as well as an offtake agreement for 60,000 tpa or 50% of future production (whichever is the greater) from the Authier lithium project.
Sayona’s Authier lithium project consists of a spodumene pegamatitic intrusion which dips to the north and it is postulated into the Authier North Property.
Very little historic exploration has been completed on the Authier North Property, with reports of five short boreholes (four of which returned elevated lithium and nickel assays) and only 4 rock samples which returned strongly anomalous chromium and nickel results (up to 0.42% Cr203(Chromium (III) Oxide), and 0.21% nickel).
The Company’s planned exploration will include geophysical surveys which aim to model the possible down dip extension of the lithium bearing pegmatite onto the Authier North Property.
Duval East Property
The Duval East Property consists of one (1) mineral claim covering an area of approximately 20-hectares and is located 3km east of the Authier North Property. Duvel East is immediately adjacent to and holds the postulated eastern extension to, a lithum bearing pegnamtite dyke that was drilled over an open 600ft strike length in 1955. With historical drill intersections of up to to 2m @ 1.38 Li2O lithium was confirmed at the deposit but a compliant mineral resource estimate has yet to be established and historical mapping shows there is potential for the dyke to extend eastwards further into the property.
The pegmatite dyke trends in a northwest-southeast direction and remains open on its eastern end which falls within the Duval East Property boundary. The Company’s planned exploration on the property may include diamond drilling testing for extensions of the lithium bearing pegmatite dyke within the Duval East Property.
TRANSACTION TERMS
The Vendor of the Properties is Eagle Ridge Mining Limited, Barrie, Ontario, Canada.
The Earn-in terms are as follows:
Year 1 Payments
On signing of the Agreement Power Metal will, on behalf of Power Metal Canada, make initial earn in payments to the Vendors including a cash payment of CAD$15,000 (circa £8,777) and a share based payment of CAD$50,000 (circa £29,257) through the issue of 1,063,891 new ordinary shares of 0.1p each in Power Metal at a price of 2.75p per share (“new Ordinary Shares”)(“Initial Earn-in Shares”).
During the first year Power Metal must expend CAD$25,000 (circa £14,628) on exploration costs on the Properties.
Year 2 Payments
Power Metal will make a cash payment of CAD$25,000 to the Vendors and a further share based payment of CAD$50,000 with the number of new Ordinary Shares based on the ten consecutive trading day volume weighted average Power Metal share price prior to the delivery of written confirmation to the Vendors that Power Metal Canada wishes to proceed to year 2 payments.
During the second year Power Metal must expend CAD$50,000 on exploration costs on the Properties.
Year 3 Payments
Power Metal will make a cash payment of CAD$25,000 to the Vendors and a further share based payment of CAD$75,000 with the number of new Ordinary Shares based on the ten consecutive trading day volume weighted average Power Metal share price prior to the delivery of written confirmation to the Vendors that Power Metal Canada wishes to proceed to year 3 payments.
During the third year Power Metal must expend CAD$100,000 on exploration costs on the Properties.
Overall
In summary the cash, Power Metal share payments and project work commitments under the Agreement are detailed in the table below:
|
Period |
Cash Payable (CAD$) |
Share Payments (CAD$) |
Work Commitment (CAD$) |
Projects Ownership (%) |
|
Year 1 |
15,000 |
50,000 |
25,000 |
0% |
|
Year 2 |
25,000 |
50,000 |
50,000 |
0% |
|
Year 3 |
25,000 |
75,000 |
100,000 |
100% |
|
TOTAL CAD$ |
$65,000 |
$175,000 |
$175,000 |
|
|
TOTAL £ (at current translation rate) |
£38,034 |
£102,399 |
£102,399 |
|
Should all payments be made above the total cost to Power Metal, on behalf of Power Metal Canada, would be £242,832 over a maximum 3 year period, and following that expenditure Power Metal Canada will hold a 100% interest in the Properties.
Power Metal Canada can elect to accelerate all expenditures should it wish, at any time, to allow earlier completion of the Earn-in.
There is an existing 1.00% net smelter royalty (“NSR”) over the Properties that will remain in place. In addition on completion of the Earn-in Power Metal will grant to the Vendors a further 1.25% NSR (the “Vendor NSR”) and 0.5% of the Vendor NSR may be bought back by Power Metal Canada at any time for a cash payment of CAD$500,000. In total therefore prior to any buyback, the total NSRs amount to 2.25% over the Properties.
References:
1 Canton de LA MOTTE Township, Rapport Geologique – 160, 1976
COMPETENT PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 1,063,891 Initial Earn-in Shares to be admitted to trading on AIM which is expected to occur on or around 23 July 2021 (“Admission”). The Initial Earn-in Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 1,178,896,891 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
|
|
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
|
|
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
|
|
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking large scale metal discoveries.
The Company has a global portfolio of project interests including precious, base and strategic metal exploration in North America, Africa and Australia. Project interests range from early stage greenfield exploration to later stage exploration prospects subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW featured in What Investment article, ‘Hot Commodity’ covering the commodity supercycle
Read Alan Green’s feature in What Investment Magazine titled ‘Hot Commodity’, covering the commodity supercycle and Power Metal Resources #POW.
In the article, Alan discusses the macroeconomic picture for investment in commodities, the impact of new retail investors transforming micro-cap mining companies to mid-cap, Power Metal Resources’ current projects in Australia and Botswana, and the company’s positive prospects. This raises the question, could #POW be the next Greatland Gold? Read on to hear what Alan has to say.
