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Alan Green discusses Revolution Bars #RBG, First Class Metals #FCM and GreenX Metals #GRX on the Vox Market Podcast
Alan Green discusses Revolution Bars #RBG, First Class Metals #FCM and GreenX Metals #GRX on the Vox Market Podcast
Listen here
Quoted Micro 15 August 2022
AQUIS STOCK EXCHANGE
Good Energy (GOOD) has invested a further £3.7m in EV charging app developer Zap-Map as part of a £9m fundraising. This values Zap-Map at £26.3m. Good Energy has also converted a £1m loan note into shares and it owns 49.9% of Zap-Map. Global fuel card and payment provider Fleetcor invested £5.3m and it can help Zap-Map expand internationally.
Media shell Lift Global Ventures (LFT) is buying financial PR and IR consultancy Miriad Ltd from the shell’s director Zak Mir. In the year to June 2022, Miriad Ltd generated revenues of £341,000 and an operating profit of £265,000. A general meeting will be held on 5 September. Lift Global Ventures will pay £200,000 in cash and 4.17 million shares at 4p each. The current share price is 1.125p. Zak Mir has transferred a holding of 8.33 million shares in Lift Global Ventures from Miriad Ltd to himself for nil consideration.
In the three months to June 2022, National Milk Records (NMRP) increased revenues from £5.72m to £6.09m. All parts of the business grew their revenues with genomics testing more than doubling revenues to £111,000. This is the final quarter of the financial year. Milk prices are increasing.
Altona Rare Earths (ANR) has estimated an exploration target of up to 56.6 million tonnes at up to 1.65% total rare earth oxide at the Monte Muambe rare earths deposit. The JORC mineral resource estimate should be published in the first quarter of 2023.
In the year to February 2022, Inqo Investments Ltd (INQO) reported a loss of R14.2 million after a R2.4 million impairment charge. There is a new reforestation project over 5,000 hectares of degraded land on the Kazuko private game reserve. Since the year-end, R2 million of director loans have been made available and a total of R1.44 million will be generated by the sale of the stake in Bee Sweet Honey Investment.
Asia Wealth Group Holdings Ltd (AWLP) reported a reduced 2021-22 profit of $11,266, down from $193,507, due to unrealised currency losses from Japanese Yen holdings and the write down of an investment. Net assets were $1.59m at the end of February 2022.
Invinity Energy (IES) shares commenced trading on the US OTCQX market and new US climate legislation should boost energy storage demand. The energy storage technology developer says the bill contains $369bn of clean energy investment, including tax incentives and grants.
Oscillate (MUSH) has £1.2m in cash as well as investments in three companies.
Close Asset Management has taken a 6.5% stake in Macaulay Capital (MCAP), which joined the Access segment on 29 July when £1.9m was raised at 20p a share. This week the share price rose to 25p. The strategy of the company is to originate potential investments and generate fees from these businesses by advising them and helping to raise money, as well as investing alongside other investors.
Chapel Down Group (CDGP) has replaced finnCap with Singer as its corporate adviser and broker.
Hydrogen Utopia International (HUI) has appointed Duncan Snelling as an engineering consultant and granted him options over up to 600,000 shares at 9.275p each. Each month, 50,000 options will vest, and they are exercisable between the first and fifth anniversaries of the appointment.
Vulcan Industries (VULC) has appointed Darren Taylor as a non-executive director. He was one of the shareholders in Aftech, which was acquired in March, and he has a 12.6% stake in Vulcan Industries.
Gathoni Muchai Investments, where Marula Mining (MARU) chief executive Jason Brewer is a substantial shareholder, acquired 1.5 million shares and 1.1875 million warrants exercisable at 4p each for a total of £16,000. Chairman Richard Lloyd bought one million shares at 1.07p each.
David Bull has stepped down as chief executive of Eight Capital Partners (ECP).
Goodbody Health Inc (GDBY) has shareholder approval to change its jurisdiction from Canada to Guernsey and delist from the CSE.
Rogue Baron (SHNJ) is changing its year end to 30 September. Discussions continue with the auditor about the year end stocktake at the Bin 1301 bar and the stocktake of tequila inventory.
AIM
Staffing provider Empresaria (EMR) benefited from a strong performance from its outsourcing division, which more than offset declines in profit in the regional divisions in the first half of 2022. Group net fee income was 15% higher at £32.6m. operating profit was 94% ahead at £3.5m. The Americas division had tough comparatives because of Covid-related healthcare business. Net debt is £10.8m.
Manchester-based Northcoders (CODE) has won a £4m contract from the UK government to provide scholarships for software training for individuals. This will be used to fund software development and data engineering skills training by Northcoders and it stretches into 2023. More than 85% of forecast 2022 revenues of £6.5m, up from £3m, are covered by contracted work, while 30% of the 2023 forecast of £10.5m is covered.
Self-storage sites operator Lok’nStore (LOK) published its full year trading statement showing self-storage revenues 17.3% higher. Stripping out new stores and the four stores sold in the period, the increase was 24.9%. There were increased occupancy levels and prices were raised by 13% over the year. Three new sites were opened during the year and Basildon, Bedford, Peterborough and Staines are all set to open in 2023.
Shares in Africa-focused oil and gas company Afentra (AET) returned from suspension following the publication of the admission document covering the proposed acquisition of interests in the producing Block 3/05 and the exploration Block 23 in Angola from Sonangol. The initial cost is $80.5m, with up to $50m of contingent consideration for the Block 23 interest. The acquisition cost is equivalent to $3.60/barrel – based on proved and probable reserves. In the first half of 2022, the net production from Block 3/05 was 4,700 barrels per day and it could generate $36m of cash a year at an oil price of $75/barrel. Trading in the shares had been suspended since 8 October.
MJ Hudson (MJH) raised £9.22m in a placing and PrimaryBid offer at 30p a share. The cash raised will be invested in the ESG division, help to pay deferred consideration and provide additional regulatory capital for the growing operations, particularly in Ireland.
Electrical retailer Marks Electrical (MRK) increased revenues in the first four months of the financial year by 14% to £27.7m. Marks Electrical is growing market share for major domestic appliances and consumer electronics. Televisions, vacuum cleaners, washers and air conditioning were strong categories. Rivals have been discounting prices and marketing costs are increasing, but management believes it can achieve profitable growth.
Geospatial software provider IQGeo (IQG) is acquiring automated planning and design software provider Comsof, which is profitable and cash generative. IQGeo currently includes similar software in its services, but it is supplied by a third-party. Swapping this for Comsof software will enhance margins.
Crestchic (LOAD) forecasts have been upgraded for the third time this year. The largest ever loadbank hire contract has recently been secured, which is helping trading momentum to continue to accelerate. The new factory has been completed. Demand from datacentres is strong and there is a recovery in demand from the oil and gas sector. Utilisation at record levels. The 2022 pre-tax profit forecast has been raised from £5.2m to £7.2m
Digital media company Digitalbox (DBOX) increased interim revenues by 40% to £1.9m and there was an increase in net cash to £2.4m. This is before the completion of the acquisition of the assets of TVGuide.co.uk, which will make a contribution in the second half. However, management is concerned about advertising levels in the second half.
MAIN MARKET
Used car finance and property bridging loans provider S&U (SUS) says group receivables increased from £340m to £370m and first half profit is greater than last year. Motor finance provider Advantage Finance receivables are £280m and Aspen property bridging loans have reached £90m with an average size of around £875,000 for loans this year.
Radiators company Stelrad Group (SRAD) grew interim revenues by 17% to £150m, even though volumes declined. Underlying pre-tax profit was 83% ahead at £13.9m. Net debt is £47.5m. Recently acquired DL Radiators will be earnings enhancing this year.
Hamak Gold Ltd (HAMA) executive director Karl Smithson bought 119,094 shares at 8.4p each, while non-exec Martin Lampshire purchased 122,000 at 8.18p each.
Andrew Hore
#GRX GreenX Metals – Samples from ARC Confirm up to 99.8% Native Copper
LABORATORY ANALYSIS OF HISTORICAL SAMPLES FROM ARC CONFIRMS UP TO 99.8% PURE NATIVE COPPER
· Laboratory XRF analysis of native copper samples from the ARC Project in Greenland show high purity consistently over 99% copper
· Analysis also confirmed the presence of silver in one sample, and no significant deleterious elements in any of the three analysed historical samples
· Three native copper samples were collected in an area spanning 30km from the Discovery Zone, Neergaard Dal, and Neergaard South prospects within ARC
· Current field work program now underway, with results to be released as they develop over the coming months
GreenX Metals Limited (GreenX or Company) and its joint-venture (JV) partner Greenfields Exploration Ltd (Greenfields) are pleased to announce the results of preliminary analysis on three historical samples of native copper nodules from the ARC Project (ARC or the Project) in Greenland. The samples were obtained from a recently opened government geological storage facility in Copenhagen. Three native copper samples found at Discovery Zone, Neergaard Dal, and Neergaard South within ARC were subject to advanced micro-XRF scanning, a more precise and comprehensive technology when compared to more common portable XRFs. The best analysis result was for a sample found immediately south of the Discovery Zone, which indicated median copper purity of 99.8%, with 255 g/t silver, 0.004% antimony and 0.000% arsenic. The samples from Neergard Dal and Neergard South indicated copper purity of 99.7% and 99.4% respectively, with low to no deleterious elements detected in any of the samples. The high quality of the analysed samples is comparable to blister copper, a product typically produced by smelting prior to being sent to a refinery.
Dr Jon Bell, Greenfields’ Technical Director commented: “We were confident that the native copper would be rich with low levels of deleterious elements, but we didn’t expect the results to be so spectacular. The non-destructive nature of this methodology means that we can start collecting metallurgical as well as grade information from early in the exploration cycle.”
Alan Green discusses #TEK Tekcapital, #LFT Lift Global Ventures, #TYM Tertiary Minerals & #EAAS eEnergy on the Vox Market Podcast
Alan Green discusses #TEK Tekcapital, #LFT Lift Global Ventures, #TYM Tertiary Minerals & #EAAS eEnergy on the Vox Market Podcast
Listen to the podcast here
#POW Power Metal Resources – Disposal of Reitenbach Uranium Property – Canada
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the conditional disposal of its 100% owned Reitenbach Uranium Property (“Reitenbach” or the “Property”) located east of the prolific Athabasca Basin in Northern Saskatchewan, Canada.
HIGHLIGHTS:
– A Property Purchase Agreement (the “Agreement”) has been signed with Teathers Financial Plc (“Teathers Financial” or “Teathers”). Teathers Financial is to conditionally acquire 100% ownership of the Property, subject to a 2% net smelter return (“NSR”) royalty, in exchange for cash and shares.
– The consideration payable is £360,000 (to be settled by the issue of Teathers Financial new ordinary shares of 0.1p (“Ordinary Shares”) and a cash payment of £10,000 (see detailed terms below)).
– Reitenbach is one of ten uranium properties held by 102134984 Saskatchewan Ltd (“Power Sask”), a wholly owned subsidiary of Power Metal Resources Canada (“POW Canada”) which itself is a wholly owned subsidiary of Power Metal.
– Teathers Financial is currently in the advance stages of preparing for a change of business to become a uranium focused exploration company which plans to list on the London equity capital markets – targeted for Q3 2022.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Power Metal has secured another crystallisation event with the disposal of Reitenbach into a vehicle planning to list in the London markets in the near term.
With the refocussing of Teathers into a uranium exploration vehicle with Reitenbach as their flagship property, we believe the proposition will attract pre-IPO and IPO financing interest, and trade successfully as a listed vehicle.
Outside of Reitenbach, we continue to own 100% of our remaining nine Athabasca properties, some of which we expect to explore ourselves and, given the level of interest in quality uranium projects, some may be the subject of further disposals. In this regard, datarooms are being established for all projects to enable expeditious third party review.
Further information to follow regarding this disposal and other exploration and corporate activities in respect of our Athabasca property portfolio.”
TRANSACTION TERMS
For the sale of 100% of the Company’s interest in the Reitenbach Property, one of ten uranium focused properties held by Power Metal surrounding the Athabasca Basin, Saskatchewan, Canada, the consideration of £360,000 is to be settled by:
· The issue to Power Sask of 98,700,000 Teathers Financial Ordinary Shares at a price of 0.35461p per share for a total value of £350,000.
· A cash payment to Power Sask totalling £10,000, which covers several costs incurred by Power Metal on behalf of Power Sask and Power Canada in preparation of this transaction. This also covers costs of the National Instrument 43-101 report that was completed over the Property – which will allow Reitenbach to be the main listing asset for Teathers Financial during its upcoming planned listing.
Power Sask will retain a 2% Net Smelter Return (“NSR”)[1] royalty across the Property, 1% of which can be bought back by Teathers Financial at anytime prior to production for £750,000.
The transaction is conditional on:
– Teathers Financial securing a £125,000 initial pre-IPO financing to cover transactional costs in relation to the planned listing.
– The approval of Teathers Financial shareholders to the transaction; to a Rule 9 Whitewash arrangement, enabling Power Metal to acquire its interest without a requirement to make an offer for the entire company and approval of a capital reorganisation of Teathers.
– Admission of Teathers shares to trading on the London equity capital markets.
After the issue of further shares following completion of Teathers Financial pre-IPO and IPO financings, Power Metal anticipates its holding will amount to 40-55% of Teathers Financial issued share capital on listing. Power Metal will provide further updates on this in due course.
NEXT STEPS
· Exploration programmes are currently being planned across the Reitenbach Property, which subject to completion of the Agreement will be carried out by Teathers Financial following their planned listing in the London capital markets.
· Power Metal, with its in house technical group with expertise in uranium exploration, have agreed to provide Teathers with ongoing technical consulting services, to be paid for by Teathers, relating to planned and future exploration programmes on the Reitenbach Property.
· Reflecting the growing interest shown from third parties, comprehensive datarooms and factsheets are being established for all of the Company’s Saskatchewan based uranium assets.
THE REITENBACH PROPERTY
A detailed breakdown of all publically available technical information over the Reitenbach Uranium Property was released to the market on 8 February 2022 and can be found at the link below:
The Power Metal book value of the Reitenbach Property is £55,292 and no losses have been recorded in respect of the Property in the year ended 30 September 2021, with all costs capitalised.
URANIUM PROPERTY HOLDING STRUCTURE
Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”). which acts as the holding company for certain Canadian project operations.
Power Canada has a wholly owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of all the uranium properties.
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 |
#TYM Tertiary Minerals – SALE OF ROYALTY INTERESTS
Tertiary Minerals plc is pleased to announce that it has accepted a binding offer from Aurion Resources Ltd (“Aurion”) for the purchase of Tertiary’s royalty interests in the Kaaresselkä and Kiekerömaa Gold Projects in Finland.
The consideration payable on closing of a formal sale and purchase agreement is:
- CAD$200,000, to be paid in cash, and
- The issue to Tertiary of 83,333 common shares in Aurion Resources Ltd (the “Consideration Shares”).
The Consideration Shares will be subject to a statutory four month and one day hold period from closing. The agreement is also subject to acceptance by the TSX Venture Exchange.
The closing price of Aurion’s shares on the TSX.V exchange on Friday 5 August 2022 was CAD$0.68.
Commenting today, Executive Chairman Patrick Cheetham said:
“The proceeds of the sale will be applied to the Company’s exploration projects in Nevada, where we are awaiting assay results from trenching at the Brunton Pass Copper Project, and in Zambia where a successful drilling programme was recently completed at the Jacks Copper Project. The Company is building an attractive portfolio of exploration projects in Zambia and we are pleased to be generating these additional exploration funds from internal resources. We are also pleased to become a shareholder in Aurion once again at a time when its interests in the Risti and Helmi gold discoveries in Finland are delivering exciting exploration results close to Rupert Resources’ 4Moz Ikkari gold discovery.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
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| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
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| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Quoted Micro 8 August 2022
AQUIS STOCK EXCHANGE
Guernsey-based Inteliqo Ltd (IQO) plans to become a distributor of a range of technology products. The first is an earbud that can translate 42 languages in real-time. There is limited liquidity with little more than 2% of the shares not held by the five main shareholders. A lock-in agreement means that more than 90% of the shares cannot be sold for 12 months. This is reflected in the bid/offer spread of 1p/4p, which effectively means that the share price was unchanged on the first day of dealings. There were no trades. Pro forma net assets are £557,000, which is equivalent to 0.5p a share.
Quantum Exponential Group (QBIT) has made a £450,000 investment as part of a £12m fundraising by QLM Technology Ltd, a photonics hardware and technology developer. It has developed a gas imaging camera based on quantum technology. The technology will be integrated into lead investor Schlumberger’s end-to-end emissions solutions business. It can be used to quantify greenhouse gas.
TruSpine Technologies (TSP) says that the instrument sterilisation testing for the FDA 510k submission has been delayed due to problems getting a supply of medical grade steel.
Love Hemp Group (LIFE) says full year revenues fell 16% to £3.6m. This was hit by delays to the UK novel foods product register. Second half operating costs have been reduced. Two major listings of CBD products have been agreed.
VVV Resources (VVV) had £87,000 in cash and net assets of £148,000 at the end of 2021. A share purchase agreement should lead to VVV owning 100% of the Mitterburg copper project in Austria and the Shangri La polymetallic project in Western Australia – it already owns 51% of this project.
Wishbone Gold (WSBN), which is also quoted on AIM, reported encouraging visual drilling results at the Red Setter project, Patersons Range, Western Australia. This has prompted management to secure a second drilling rig.
SulNOx Group (SNOX) has won its first order for fuel conditioner in Costa Rica for evaluation and an additional order in Germany.
MiLOC Group Ltd (ML.P) revenues declined from HK$20.5m to HK$4.94m and a profit became a loss.
Chris Akers has increased his stake in Quetzal Capital (QTZ) from 21% to 22%. John Mahtani has cut his stake from 3.83% to below 3%.
AIM
Bumper fuel profit meant that NWF (NWF) produced record results in the year to May 2022. Group revenues were 30% ahead at £878.6m, while underlying pre-tax profit jumped from £11.9m to £20.9m. That was excluding a £8.3m impairment charge for feeds division assets. There was a continued steady increase in the total dividend to 7.5p a share. All three divisions improved their profit during the year and NWF has net cash of £9m. There were no acquisitions last year, but the cash in the balance sheet will help to finance further fuels deals. The plan is to spend £10m a year, paying around six times operating profit. That will enhance earnings.
Filtronic (FTC) narrowly beat June’s upgraded full year results for the year to May 2022. Revenues improved from £15.6m to £17.1m, while pre-tax profit jumped from £200,000 to £1.5m. The mix of product sales boosted margins. Higher margin defence and critical communications sales grew, while lower margin Xhaul telecoms revenues fell, although they were stronger in the second half. There is likely to be a greater proportion of Xhaul sales in this year’s forecast revenues of £19m. That means that group margins will decline. Pre-tax profit is expected to be £800,000 and net cash could rise to £4.4m.
Cosmetics supplier Revolution Beauty (REVB) has delayed its 2021-22 results and cut its expectations for 2022-23. Poor retail demand in the US and the loss of £9m of Russian and Ukraine revenues have hit the early part of the new financial year. Online demand is switching to store sales and cost increases have hit profitability. Zeus has cut its 2022-23 EBITDA forecast by 38% to £19m, while higher net debt means that earnings are reduced by 64% to 1.5p a share.
Lithium-ion battery cell technology developer AMTE Power (AMTE) has secured a partnership with Cosworth for its Ultra High Power (UHP) rechargeable pouch battery cells. This follows the announcement that AMTE Power has chosen a site in Dundee for a new 0.5GWh battery production facility. Cosworth is a global technology business that used to be famous for making Formula One engines. It can design, develop and manufacture engines. Cosworth recently acquired electrification business Delta and this deal will add to the expertise.
TV programme producer Zinc Media (ZIN) is acquiring The Edge Picture Company and raising £5m at 100p a share. The Edge is based in London and Qatar and is a brand and corporate film maker. Clients include Barclays, Amazon and FIFA. In 2021, revenues were £8.2m and EBITDA was £800,000. There is initial consideration of £2.1m in cash and shares with up to £3.875m payable if a total of £5m of operating profit is made over the three years to June 2025.
Omega Diagnostics (ODX) has completed the sale of the CD4 business for up to £6.1m. The initial £1.1m has been paid. A further £4m will be paid when a clinical study is completed in Kenya. There was a monthly cash outflow of £300,000 a month from CD4. The ongoing focus will be the health and nutrition business.
Yacht services provider GYG (GYG) is asking shareholders to agree to drop its AIM quotation at a meeting on 31 August. Disappointing trading in recent years and lack of investor interest are two reasons for the proposed cancelation. Costs can be reduced by €700,000 a year. The half year trading update says that revenues are in line with expectations and the order book is strong. However, there is a lack of capital to grow the business.
Symphony Environmental (SYM) raised £1m at 18p a share from Sea Pearl Ventures and there are four million warrants associated with the placing that are exercisable at 25p each. Sea Pearl will own a 17.4% stake in the oxo-biodegradable plastics technology developer. First half revenues dropped from £4.9m to £3m due to logistics problems and orders delayed.
Piling contractor Van Elle (VANL) reported much improved figures for the year to April 2022 with revenues were 48% ahead at £124.9m, while the group returned to profit. Rig utilisations levels have improved. This year, pre-tax profit is expected to improve from £3.6m to £5m this year.
Franchise lettings group Belvoir Group (BLV) revenues increased 11% in the first half of 2022 with lettings growth offsetting lower property sales after stamp duty incentives ended. The fastest growth came from financial services, where revenues are 19% ahead.
MAIN MARKET
Ground engineering and piling business Keller (KLR) operating profit increased by 19% to nearly £50m as revenues jumped 31% to £1.38bn. Revenue expectations have been raised, but higher costs will reduce margins and there is an additional £1m interest charge, which means that the pre-tax profit forecast is cut by £1m to £101m.
Motor dealer Pendragon (PDG) has ended discussion with a potential bidder, which was potentially going to offer 29p a share. One major institutional shareholder was not supportive of the deal.
First Tin (1SN) has commenced the definitive feasibility study at the Taronga tin deposit in Australia.
Canadian Overseas Petroleum (COPL) has confirmed that the Wyoming deep discovery has total original oil in place of 993.5 million barrels. Three horizontal wells are planned for the 2022-23 drilling campaign.
News publisher National World (NWOR) increased first half revenues from £42.1m to £43.5m and the underlying pre-tax profit improved from £3.5m to £5.6m. This masks a 41% increase in digital revenues. There are £3m of annualised savings planned by the end of 2022. There is even a plan to announce a dividend with the full year results.
Andrew Hore
#FCM First Class Metals – Exploration Program Update
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding is pleased to provide an update on activities during the first half of 2022 across its portfolio.
HIGHLIGHTS
– Ground exploration/reconnaissance work commenced across six of the seven properties.
– + 4000 line Km of helicopter borne low level VTEM magnetic survey flown over North Hemlo.
– Ontario Junior Exploration Program (OJEP) Grant award of $200,000CAD.
– Drilling commenced by earn in-JV partner Palladium One Inc at West Pickle Lake Nickel PGM target.
– Progression of key structural survey on the North Hemlo, Esa & Magical properties by Telluris Consulting.
-Full historical data review completed across all properties.
-Samples at the Laboratory assays pending for multiple rock-chip, soils/MMI sampling across six properties.
Properties
FCM holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold.
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake soil / VTEM anomaly. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical or geophysical that have demonstrated mineral potential extend on to FCM’s properties. The West Pickle Lake prospects is believed to be an extension of the RJ Zone on to FCM’s claims.
Furthermore, the properties have not been extensively explored either historically or more contemporaneously . This is predominantly attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
FCM has initiated a concerted and will sustain a continued exploration programme on its seven properties which includes not only ground reconnaissance: traditional, time proven geological sampling but also airborne geophysical surveys. The ground-based exploration is further focussed by a structural interpretation undertaken by Tony Starling of Telluris Consulting which will be reported separately.
Dr Tony Starling is a world leading expert in the interpretation of structural targets identified by Remote Sensing with extensive experience in Archean settings similar to the ones we find in the Hemlo-Schreiber Greenstone Belt
FCM believes this study will identify potential structural trends in areas of overburden enabling exploration efforts to be more focussed and efficient.
North Hemlo-Flagship Property
The Flagship North Hemlo property was consolidated with the acquisition of the Hemlo North block from Power Metals Plc. and now contains 427 contiguous single cell mining claims covering approximately 90km², including the JV with Palladium One Inc over 33 claims covering the West Pickle Lake showing.
Two inferred shears have been identified crossing the property. There are several historical ‘showings’ considered to merit further exploration. Targets are not only base metals – nickel, but also several potential gold anomalies. Significantly the anomalous gold values are associated with molybdenum, highlighted at Dead Otter Lake where historic samples from a trench returned 3.10g/t Au and 0.59% molybdenum.
There are ongoing exploration activities on neighbouring blocks focussing on both gold and base metals, with those targets trending onto North Hemlo, including the West Pickle Lake (WPL) anomaly considered an extension of the RJ showing on Palladium One Inc.’s property, identified by a VTEM survey. WPL is under an earn in-JV with Palladium One who is currently drilling on the prospect.
FCM undertook a +4,000 line-km helicopter borne low level VTEM magnetic survey over the whole of the North Hemlo property, the data is currently being processed for interpretation.
FCM applied and have been successfully awarded an Ontario Junior Exploration Program (OJEP) Grant of $200,000CAD from the Minister of Northern Development, Mines, Natural Resources and Forestry Ontario in part contribution to the costs involved in this VTEM survey and exploration on the North Hemlo claim block.
FCM has had exploration teams on the ground at North Hemlo since May and over 350 rock and soil samples have been collected for analysis. Results pending.
Esa
The Esa property covers 20km² and is situated only 11km north of the Hemlo gold mine. A strong geophysical response dissecting the property has been in part ground-truthed and supports the interpreted presence of a shear, (also identified on adjacent properties to the west, trending on to Esa). The raw data from a previous VTEM survey has been acquired and will be reprocessed and interpreted This inferred shear across the property has formed the focus of field work to date with over 150 rock and soil samples collected for gold and base metal analysis, results pending.
Sugar Cube
Sugar Cube is the second largest property in the portfolio, covering 43km². the claim block is located immediately north west and contiguous to the extensive land package covering the Sugar Zone gold mine operated by Silver Lake Resources. Very little field work is reported to have been conducted over Sugar Cube area and the extensive ‘cover’ – gravels and muskeg, means that initial planned exploration method will involve an airborne geophysics survey in order to confirm the presence of greenstone style geology.
McKellar
The McKellar property is situated in prime geological location. As well as being adjacent to the Generation Mining’s Marathon Palladium Project, the property covering 11km² contains historical showings / samples for gold as well as silver as well as a diatreme with anomalous REE reported.
There are also a significant number of showings within the vicinity of McKellar, including the Prairie River West showing which returned 1.13g/t Au and 45g/t Ag, as well as the Marhill Prospect to the west with values up to 18.5g/t Ag. Importantly these showings are hosted in the mafic to intermediate metavolcanics which are identified in the western extension of the property: nearolgy and vector.
Historical exploration on the property includes not only the diatreme but a drill hole on the Gold Bar Lake prospect reporting over 1% Cu, 6% Zn as well as 0.5g/t Au and 60g/t Ag. Elsewhere on the property samples of 6,419ppm Mo (molybdenum) and 4,400 Zn are reported. Whilst the small scale historic Little Pic silver mine produced ‘ore’ containing variously 618g/t Ag and over 7% Pb and 32% Zn.
McKellar probably contains the most historic showings of the seven properties, however it is not consider ‘explored’ as the majority of the exploration conducted has been in the vicinity of these showings.
FCM has initiated exploration on the western sector of the property and to date has collected 89 rock samples, assays pending.
Magical
The Magical block of 14 claims, whilst only covering 3km² it is located northwest of the Hemlo gold mine and immediately east of the Hemlo Explorers Pic project recently optioned by Barrick the operators of Hemlo. There is a significant lack of historical exploration across the property, this is attributed to the overburden. Available geophysics indicates a mafic to intermediate volcanic unit strikes NE across the property and is constrained on both contacts by later plutons. Both to the south west and north east along the interpreted strike (off property) of the volcanic unit there are reported samples of 1.5g/t Au and 70g/t Ag as well as 10% Zn and almost 9% Pb. Importantly the ‘valley’ float sample of a mafic volcanic found only 600m north off property assayed 16.2g/t Au.
During an initial reconnaissance visit the FCM contracted geological team collected 12 rocks 56 MMI soils, final assays results pending
Enable
The Enable 41 claims block is also dissected by a geological feature striking north east which can be traced off property to historical showings. This geological contact between the Terrace Bay batholith ad mafic volcanics interspersed with concordant iron formations cut by quartz-feldspar porphyry dykes emanating from the batholith. Less than 2 kilometres off property, along this contact are the historic samples of Hays Lake with 9.64g/t Au and 20g/t Ag, probably from the Acker G vein contained in the north east trending (towards Enable) 3m wide shear zone. Also, to the south west is the ‘Joa Walton’ occurrence with 192.7g/t Au and 401g/t Ag. This trend where it crosses the property contains the historic Perch Lake West showing with a reported 1.85gh/t rock chip sample. During a brief reconnaissance a number of quartz veins were identified on the property and a total of 64 rock samples collected, assays pending.
Coco-East
The Coco East 30 claim block is the most western FCM property and is located about 10km east of the Metallum Resources recommissioned zinc mine. Importantly peripheral to the Coco property there are many historical showings, particularly in the western sector which contains the eastern extension of the Big Duck Lake porphyry, this geological unit has been and continues to be the focus of extensive exploration. Less than 3km to the west of the property the Coco Estelle deposit has a reported 53,700 tonnes grading 10.7g/t Au. The Big Birch showing which is on the property returned 0.56ppm Au and 2.8ppm Ag. An initial ground reconnaissance over part of the property in the area of the Big Birch showing collected 46 rock samples, final assay results pending.
Future Work Program
Continued exploration is planned across the seven properties. The basis of the autumn programmes will be not only follow up on the expected geochemical targets generated from the samples currently being analysed, but also on-going reconnaissance of the North Hemlo, Esa and possible McKellar blocks. This will be augmented with the interpretation of both the VTEM covering North Hemlo and Esa as well as a new survey on the Sugar Cube block of claims planned later in the year.
The company is currently in discussion with the First Nation groups with traditional land claims over the FCM properties with a view to submitting exploration permit applications to the Provincial Mining Authority. These permits, once approved will allow for ‘invasive’ exploration, including trenching and drilling. North Hemlo will be the primary focus.
Marc J. Sale CEO First Class Commented:
‘The recent successful listing of First Class Metals PLC in what are generally considered woeful market conditions is testimony to not only the management team but the quality of the assets: the claim portfolio created. We are as a team enthusiastic about the future given the historical data assimilation and encouraging exploration results (visual) to date.
We have hit the ground running hard, the activity in the first half of 2022 leading up to and past the IPO will set us off in a good state to deliver on our objective of developing the potential of these multiple highly prospective projects.
I look forward to reviewing and reporting on the number of programs and initiatives we have commenced which are currently ongoing in the coming weeks and months’.
ENDS
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Marc Sale, Chief Executive Officer 07711 093532
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker ) 020 7374 2212
Jonathan Brown
Jason Robertson
#GRX GreenX Metals – Efficient ATVs Deployed for Greenland Exploration
HIGHLY EFFICIENT & LOW IMPACT ATV’s DEPLOYED FOR GREENLAND EXPLORATION
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Advanced all-terrain vehicles (ATVs) are currently being deployed for upcoming mineral exploration program at the ARC Project in Greenland |
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Three Sherp N1200 ATVs with customised trailers will allow for efficient lower-cost exploration and will remain in Greenland for future programs |
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The Sherps provide increased flexibility, lower fuel consumption, lower carbon-footprint and extend the duration of in-field deployment compared to a traditional helicopter exploration solution |
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The Company continues it’s focus on using cutting-edge exploration technology for maximum results and minimal environmental impact |
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to report that three advanced all-terrain vehicles (ATVs) will be deployed for its upcoming exploration program at the Arctic Rift Copper project (ARC or the Project) in Greenland. The Sherps will remain in Greenland and provide substantial cost savings and enhanced access to start exploration programs in future years.
Deployment of three customised Sherp N1200 ATVs with customised trailers demonstrates the Company’s cutting-edge approach to exploration at ARC. These vehicles represent a fundamental change to the way that mineral exploration is conducted in Greenland, focusing on maximum results with substantial costs savings, increased flexibility, minimal fuel consumption, low carbon emissions, and low environmental impact – while ensuring best-in-class safety for all field personnel.
The deployment of the Sherps demonstrates the Company’s commitment to high-technology, low-impact exploration in one of the world’s last great mineral frontiers, with a strategy focussing on responsible exploration and significant energy metal discovery.
Ben Stoikovich, Chief Executive Officer of GreenX commented: “ The Sherp ATVs have the potential to significantly de-risk exploration in Greenland’s unique environment. They align with our commitment to low-cost, high-technology exploration of Greenland and will assist us to unlock and fast-track the tremendous potential we see in ARC. As the Sherps will remain in Greenland, this will provide us with substantial cost reduction in future years, and also greatly increase our flexibility when planning and commencing future exploration programs. “
Dr Jon Bell, technical director of GreenX commented: “ We are excited to be the first users of the Sherp in Greenland. These machines create the opportunity for field seasons that are substantially longer than previously possible – we think they are a ‘game changer’. Importantly, safety is increased substantially, while the environmental footprint is a fraction of what was previously possible. “
HIGH-TECHNOLOGY, LOW-IMPACT EXPLORATION PROGRAM
A ground-up analysis of existing exploration practices across Greenland and surrounding regions demonstrated that although helicopters are often exclusively relied on for transport in Greenland, ATVs can be very effective and provide cost, safety, and environmental advantages over a solely airborne solution.
GreenX estimates that for its 2022 program, it is saving over 4,700 litres of fuel through exploration-by-ATV over a traditional helicopter exploration solution. Consequently, this year’s exploration program is estimated to require almost 85% less fuel compared to use of airborne exploration techniques.
To realise these advantages, GreenX and its joint venture partner, Greenfields Exploration Ltd (GEX) began a global search for adaptable, rugged vehicles which could replace helicopters in a wide range of applications. Following this search, the Company commissioned Sherp Global to produce specially customised ATVs and trailers.
The fleet of Sherp ATVs will be used for transport, accommodation, and equipment storage during the field campaign, creating a largely self-contained and modular camp setup which can be positioned and remobilised to focus on areas of interest within the ARC project. Reducing the need to return to a centralised basecamp each night improves safety, fuel consumption, ground impact, all while maximising the efficiency of the workday. Furthermore, the exploration team can be fully enclosed and protected against weather and wildlife hazards. This is not currently possible under any conventional fieldwork strategy used in Greenland.
SHERP N1200 ATVS
Sherp Global manufacture the Sherp N1200 which is a world-leading diesel vehicle with extreme capability across rough terrain, ice, snow, and water. It can clear obstacles up to 1 m high, traverse moving water obstacles, and operate in extreme conditions. Importantly, the N1200 uses ultra-low-pressure tyres which minimise the impact that this vehicle has on the ground. In many environments, the N1200 vehicle leaves no tracks.
From the base model, Greenfields and the Company made several customisations to increase the capability of the N1200, creating the ‘GreeNlander’ specification. Along with additional insulation and safety features, the GreeNlander features sleeping places for up to four personnel, additional fuel storage and transfer equipment, and one vehicle is equipped with a snowplough. The ATVs can be lifted by their roofs by a crane and have full capacity for self-recovery in the case of any incident.
In the Company’s view, the GreeNlander may be the most capable vehicle for polar exploration ever built.
ABOUT THE ARCTIC RIFT COPPER PROJECT
The Arctic Rift Copper Project is an exploration joint venture between GreenX and GEX. GreenX can earn 80% of ARC by spending A$10 M by October 2026. The ARC project is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province. This province is thought to be analogous to the Keweenaw Peninsula of Michigan, USA, which contained a pre-mining endowment of +7 Mt of copper contained in sulphides and 8.9 Mt of native copper. Like Keweenaw, ARC is known to contain at surface, high-grade copper sulphides, ‘fissure’ native copper, and native copper contained in what were formerly gas bubbles and layers between lava flows.
-ENDS-
#POW Power Metal Resources – Molopo Farms Complex Project – Exploration Update
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo” or the “Project”) targeting a large scale nickel-platinum group element (“PGE”) discovery in southwestern Botswana.
MOLOPO FARMS EXPLORATION HISTORY
– The Project is targeting nickel (Ni), copper (Cu) and platinum-group-element (PGE) mineralisation within the Molopo Farms Complex (“MFC”) of the Bushveld Large Igneous Province.
– Airborne geophysics previously completed confirmed an exploration model focusing on magmatic feeder zones within the MFC.
– Significantly, the previous drill programme which concluded in 2021 intersected nickel-sulphides downhole with individual grades up to 1.69% Ni including 0.55g/t platinum (Pt) over 0.6m from 446.7m downhole 1.
– Follow-up petrographical work undertaken identified primary nickel and copper sulphides (incl. pentlandite, bornite and chalcocite).
NEXT EXPLORATION PHASE COMMENCES
– Spectral Geophysics have mobilised to the Project to conduct two electromagnetic geophysics surveys to facilitate the precision targeting of planned diamond drill holes for a drill programme expected to commence in the autumn.
– Power Metal technical team have compiled all project data into a dataroom to underpin forward project development and which is available for third parties who have expressed an interest in potential engagement on the Project.
– Final negotiations proceeding with Botswana drill contractors for the upcoming planned diamond drill programme at the Project.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“We are making very important progress as we look to reinvigorate the Molopo Farms Project, arguably one of the Company’s major exploration success stories from 2020/2021.
The main next step is planned diamond drilling focused on the discovery of economic nickel sulphides and following up on the highly positive results from the drill programme completed in early 2021.
To ensure we are optimising drill hole targetting, Spectral Geophysics have been engaged to conduct a geophysics programme, and whilst that continues we are making arrangements for the engagement of drill contractors.
Molopo is a priority exploration Project for Power Metal and I look forward to providing further updates to the market on our operational progress and drill plans.”
FURTHER INFORMATION
Power Metal has amalgamated and compiled all data received from previous operators and organised it into a singular dataroom. Third-parties that have previously expressed interest in the Project have been re-engaged by Power and have been supplied with the updated database.
The Company is in final stages of negotiation with two Botswana-based drill contractors and is looking to finalise and sign a contract within the next few weeks in advance of a diamond drilling programme currently expected to commence in the autumn.
Weekly technical meetings are being conducted between Power Metal and representatives from the project partner Kalahari Key Mineral Exploration (Pty) Ltd (“Kalahari Key” or “KKME”), in order to finalise the planned drilling campaign and deliniate future exploration works.
Spectral Geophysics has mobilised to the Project and has commenced a geophysical work programme which will include moving loop electromagnetic (“MLEM”) surveys over targets 1-14 and 1-6 located within prospecting licence area PL311/2016. The rationale for these surveys is as follows:
o Target 1-6 : previous 2020/2021 drill programme results returned nickel values up to 1.69% Ni with 0.55g/t Pt and 0.14g/t Au over 0.6m from 446.7m downhole, within layered ultramafic rocks of the Molopo Farms Complex 1,2. The ongoing MLEM survey will aid in the further refinement of the original electromagnetic (“EM”) geophysics anomaly that was targeted by drilling in 2021. The results from this survey will allow for optimum drillhole siting prior to the 2022 drilling programme.
o Target 1-14 : is defined by a broad strong EM anomaly which was targeted by a single hole 2020/2021 drill programme 2. That drilling intersected carbonaceous mudstones at depth 3 which, although highly conductive, were determined to be flat lying and therefore did not explain the anomaly which was indicative of a shallower, steeply dipping body. The MLEM survey will provide higher resolution and further refinement of the original EM response, aiding the effective siting of future drill holes.
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key. On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
References:
1 Source: Company announcement: 24 September 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/x4919kw )
2 Source: Company announcement: 21 July 2021
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/rng8onx )
3 Source: Company announcement: 16 November 2020
( https://polaris.brighterir.com/public/power_metal_resources/news/rns/story/w11ge3w )
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 |
