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#POW Power Metal Resources – Uranium Portfolio Update – Athabasca Basin

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its uranium portfolio which includes seven 100% owned interests (the “Portfolio” or “Properties”) covering 411.96km2 surrounding the Athabasca Basin in northern Saskatchewan, Canada.

Further information in respect of the Properties, including a location map may be viewed in the website link below:

https://www.powermetalresources.com/project/athabasca-basin/

 

Portfolio Updates:

–    Power Metal has completed an in-depth historic data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties.

–    Power Metal recently retained a UK-based geological consultant with extensive Athabasca Basin experience to help push forward the Company’s various initiatives and projects within the exciting uranium space. The consultant previously completed a M.Sc. thesis from the University of Ottawa where they researched the geochemistry, alteration, and structural geology of one of the many world-class unconformity-related uranium deposits located within the Athabasca Basin.

–   Several extensive historical datasets were successfully procured, the data from which, combined with the results obtained from the recently completed Phase I work programme, will allow the Company to begin planning various 2022 exploration initiatives across the Portfolio.

–    Further maps and highlights from across the Portfolio will be released by the Company in the coming months. Select findings from the historic data compilation programme for the Tait Hill Property are however highlighted below, demonstrating the information gathered for one property.

–     Reflecting the interest shown from third parties in the Properties, a dataroom is being prepared to provide a focal point for those parties wishing to undertake due diligence review.

 

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

“Our move into uranium exploration has been planned for some time and commenced with the September 2021 staking surrounding the Athabasca Basin. The staking undertaken was highly selective, focusing on areas where historical recorded work had demonstrated uranium mineralisation or where other geological features suggested that ground would be prospective.

Although selective, the seven properties are clearly attracting some interest and we are looking at potential commercialisation options alongside planning for proactive 2022 exploration programmes.

To maximise any commercial outcome, and to optimise exploration we have gathered as much data as possible in respect of the Properties, and the information gleaned is, in our view, highly valuable.”

 

Tait Hill Property (“Tait Hill” or the “Property”) Data Compilation Highlights

–   All data from an high-resolution airborne magnetic, electromagnetic, and radiometric survey flown by Terraquest Ltd., on behalf of Canalaska Uranium Ltd., was obtained by Power Metal. The 2008 high-resolution survey included 4,290 total line-km flown at 150m line-spacing which covers the entire modern day Tait Hill Property.1

–      Detailed analysis was undertaken by Canalaska Uranium Ltd., for various radiometric products produced by the airborne survey including uranium (U), thorium (Th) and potassium (K). Specifically, isolated points in the dataset which have high U/Th ratios relative to background, are considered good candidates for uranium-rich surface showings and should be prioritised during future work programmes.1 A total of 11 unique points were identified by the survey within the Tait Hill Property.

–   The airborne survey (1st vertical derivative product) highlights multiple northwest-southeast trending magnetic high features which transect the Property. Mapping over the area determined that they correspond to uranium-rich granite and pegmatitic dykes with anomalous scintillometer readings ranging from 350 to 2,500 counts per second (“CPS”). Further investigation is warranted along these structures which are mapped for a combined 16km through the Property.2

–    Several zones of uranium-rich mineralisation were identified in the historic results from Tait Hill including rock samples up to 15,150ppm (1.52%), 7,653ppm, and 6,610ppm U, as well as uranium in soil samples up to 14,358ppm (1.44%), 7,049ppm, and 6,692ppm.2,3

–     The rock sample that returned 15,150ppm U was taken immediately west of Tait Lake, and was located along a northeast-southwest oriented uranium-rich boulder train which follows the general direction of ice movement in the region (southwest). It was recommended that additional work be completed on this boulder train as further work may lead to the possible source area for these uranium-rich boulders.2

–      A new high-priority zone was identified during the 2008 field campaign which was named the ‘NE Shearika Zone’. Here, several uranium-rich rock samples (including 7,654ppm, 6,611ppm, 3,633ppm, and 1,609ppm U) were collected along a sharp contact zone between a granitic intrusion (magnetic high) and the surrounding meta-sedimentary rocks (magnetic low). This contact zone is traced for over 3km within the Tait Hill Property.3

A map highlighting some of the results from the historic data compilation completed on the Tait Hill Property can be found at the following link:

Tait Hill Historic Data Compilation Map|Power Metal Resources plc (LON: POW)

 

Reference Notes:

1:             Operations Report for Canalaska Uranium Ltd., High Resolution Magnetic, XDS VLF-EM & Radiometric Airborne Survey Grease River Project Northern Saskatchewan: April 15, 2008

2:             Canalaska Uranium, Report on the 2007 Exploration Programme Grease River Project: July, 2008

3:             Canalaska Uranium, Report on the 2008 Exploration Programme Grease River Project: March, 2009

 

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:

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

 

#POLB Poolbeg Pharma – Poolbeg to develop oral vaccine delivery platform

16 December, 2021- Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’) a clinical stage infectious disease pharmaceutical company with a capital light clinical model, has signed a binding term sheet, encompassing all commercial terms, with AnaBio Technologies (AnaBio), with a full licence and collaboration agreement to follow.

The partnership allows Poolbeg exclusive access to AnaBio’s microencapsulation and nanoencapsulation technologies, IP and expertise for oral vaccine applications. Poolbeg will utilise this technology in conjunction with its own expertise in infectious diseases, vaccine development and its associated technologies to develop an oral vaccine delivery platform. Poolbeg will also investigate using its proprietary Vaccine Discovery Platform in conjunction with this jointly developed oral vaccine delivery platform.

Oral vaccines for diseases such as polio have been used successfully for decades by delivering antigens to specific areas of the gut with the objective of stimulating ‘mucosal immunity’, which prevents pathogens infecting the body. Oral vaccines offer an efficient method of administration, reducing significant challenges for distribution and administration addressing the gaps in supplying the global community as well as addressing needle-phobia.

Microencapsulation is key to delivering drugs to the gut and results in prolonged absorption profiles. Microencapsulation also helps to ensure the right dose of a product is absorbed by the body. Preliminary data has shown that AnaBio’s platform may be combined with dual nanotechnology to create a two-step delivery process with enhanced uptake to specific cells. This technology platform can be used to encapsulate a wide range of drugs including molecules such as proteins, peptides, DNA and RNA. As a result of the pandemic, mRNA vaccines have been one of the standout success stories in the fight against COVID-19.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said: “As we have seen in the COVID-19 pandemic, the success of global vaccination drives is dependent on the effective uptake of vaccines. Oral vaccines are highly attractive due to their improved stability profiles, ease of administration, generation of mucosal immunity and being preferable to needle-phobic patients.

“The pharma sector is increasingly recognising that oral vaccines can act as standalone regimens or as boosters to injected vaccines which can struggle to generate mucosal immunity. By working with the experts at AnaBio and accessing its advanced micro and nano encapsulation technology, this places Poolbeg in a prime position to develop products for the oral vaccine market with vaccines for enteric (gut) and respiratory pathogens.”

Aidan Fitzsimons, PhD, CEO of, AnaBio Technologies, said: “The global pandemic has led to a major acceleration in vaccine development based on a deeper understanding of how to create and maintain immunity to disease; including the importance of mucosal immunity in addition to blood immunity.  We believe that our patented microencapsulation technology designed to deliver intact active pharmaceutical ingredients (APIs) to specific sites within the body, combined with Poolbeg’s innate knowledge of viruses, could enable us together to create effective oral vaccines and make a significant impact on the vaccine market.”

– Ends –

Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

+353 (0) 1 644 0007

finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson 

 

+44 (0) 20 7220 0500

Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell

 

+44 (0) 207 614 5900

J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363

Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

#ECHO Echo Energy – Operational Update

echo

Echo Energy, the Latin American focused energy company, is pleased to provide an operational update regarding its Santa Cruz Sur assets, onshore Argentina for Q4 2021 to 30 November 2021.

 

Daily operations across the asset base in Santa Cruz Sur and the delivery of produced gas to industrial customers under contract have continued uninterrupted during the first two months of Q4 2021. Production over the period from 1 January 2021 to 30 November 2021 reached an aggregate of 523,735 boe net to Echo, including 74,605 bbls of oil and condensate and 2,695 mmscf of gas.

 

As a result of the completion of capacity increasing infrastructure works, gas production in November 2021 averaged 7.1 MMscf/d net to Echo, an increase over the 6.7 MMscf/d net production rate during the previous month.

 

Net liquids production in the first two months of Q4 2021 averaged 255 bopd, and is an increase of 31% over Q1 2021   levels prior to the commencement of production optimisation and the bringing of shut in wells back on line. The benefit of both infrastructure maintenance and the previously announced commercial focus on high-quality blends at Santa Cruz Sur has also led to an increased frequency of oil sales during Q4 2021 to date, with total liquids sales net to Echo in  quarter four to date of 16,855 bbls (Q3 2021 total of: 15,050 bbls).  This increase in liquids production has helped to offset the expected natural decline in gas production over the year.

 

The Company looks forward to updating shareholders on production levels on a quarterly basis going forward.

For further information, please contact:

 

Echo Energy

Martin Hull, Chief Executive Officer

 

via Vigo Communications

Vigo Consulting (IR & PR Advisor)

Patrick d’Ancona

Chris McMahon

 

+44 (0) 20 7390 0230

Cenkos Securities (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

+44 (0) 20 7397 8900

Shore Capital (Corporate Broker)

+44 (0) 20 7408 4090

#POW Power Metal Resources – Katoro Gold Update – Haneti Nickel Project

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio,  draws  investors’ attention to the announcement issued today by Katoro Gold plc (LON: KAT)(“Katoro Gold”)(“Katoro”).

The Katoro announcement may be viewed through the following link:

https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wklg9dx

 

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

“Power Metal is eager to see drilling commence at the Haneti Project targeting a large scale nickel and platinum group element (PGE) discovery.  The Company is therefore pleased to see our partner Katoro Gold raise money for this purpose.

We look forward to further announcements with regard to the planned drill programme and are working with Katoro in this regard.”

POWER METAL – HOLDING IN KATORO

Power Metal Resources currently holds 10,000,000 Katoro shares and 10,000,000 warrants in Katoro Gold exercisable at 1.25p    (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).    

POW also has a direct 35% interest in the Haneti Project in Tanzania.

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

#KAV Kavango Resources Plc – KSZ TA2DD002 Downhole EM Conductor Identified

kav

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to report the Company has successfully completed an initial downhole electromagnetic (“DHEM”) survey on Hole TA2DD002 to a depth of 780m. The DHEM survey has identified the upper edge of a conductive anomaly in the Proterozoic gabbro (the “Conductive Anomaly”).

The Company and external consultants have completed preliminary analysis of data gathered from the DHEM survey and also reinterpreted existing data from previous airborne surveys conducted by Kavango.  The original modelling from this airborne data guided the decision to continue drilling Hole TA2DD002 into the Proterozoic.

Hole TA2DD002 was the second hole of the current drill campaign in the Company’s Kalahari Suture Zone (“KSZ”) Project.

Highlights

  •  DHEM survey of TA2DD002
  1.  TA2DD002 completed to a depth of 1,001m, within 1 degree of original target
  2.   350m of continuous altered Proterozoic-age core recovered from 651m to 1,001m, the single largest amount ever retrieved from the KSZ
  3.  Initial DHEM completed in early October to a depth of 780m (using the available winch)
  4.  Spectral Geophysics (“Spectral”) has secured a 1,500m winch to complete a follow up DHEM survey to the bottom of TA2DD002
  •  Preliminary analysis of DHEM survey suggests:
  1.  Late-time data from 760m to 780m indicates the Conductive Anomaly  exists within 300m of the DHEM survey’s completion
  2.   The Conductive Anomaly appears to reside within the Proterozoic gabbro
  3. Kavango will provide images of the DHEM interpretation on its website
  4.  Reinterpretation of Kavango’s aeromagnetic model (the “Aeromagnetic Model”)
  5.   The Aeromagnetic Model was completed in 2020, using data from the Company’s regional airborne surveys flown in 2018 and 2019
  6.  The Aeromagnetic Model accurately predicted the intersection of TA2DD002 with the Proterozoic gabbro at 650m
  7.   Reinterpretation of the the Aeromagnetic Model confirms that:

 

I.  Proterozoic rocks are the source of the main magnetic anomaly identified from aeromagnetic surveys

II.  The extent of Proterozoic can be mapped using aeromagnetic surveying

 

Next steps:

–  Spectral to conduct DHEM survey to the end of TA2DD002

–  DHEM survey to be conducted on KSZDD001, once Target Depth has been reached (drilling operations are ongoing here)

–  Thorough analysis of all DHEM data, to include consultation with independent experts

–  Updating of the Company’s magenetic susceptibility model, to take into account latest drilling results, with a particular focus on confirming potentially shallower Proterozoic depths

–  A full update will be provided, on completion of the updated geophysical modelling of the northern (Hukuntsi) section KSZ

–  Kavango to host a shareholder webinar to present full results with supporting images and maps (details to be confirmed)

 

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“Hard work, intelligent application of geophysics, skilled drilling and a bit of luck have brought us to this point.

While the Proterozoic is now our primary exploration focus in Target Area A, it is important to note that the Karoo remains our main focus in Target Area B (where we are currently drilling Hole KSZDD001).

There is still much for us to do, but we have definitive exploration leads, backed by physical core data from the ongoing drill campaign . This data should help constrain future modeling and will hopefully significantly improve results   to guide our evolving exploration strategy in the KSZ.

Now that Spectral Geophysics has secured a winch that is long enough to carry the probe to the bottom of TA2DD002, we eagerly await the outcome of the 1,000m downhole electromagnetic survey. We will report more on this, once we have completed thorough analysis of any data we gather. “

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.comand on Twitter at #KAV.

For further information please contact:

Kavango Resources plc 

Ben Turney

bturney@kavangoresources.com  

First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#POW Power Metal Resources – FDR Australia – Wallal Project Final Licence Grant

pow

 

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an update from the Wallal Project (the “Project”) located in the prolific Paterson region of Western Australia where the Company is targeting major gold-copper discoveries.

HIGHLIGHTS:

–  Power Metal now confirms that the final licence application at the Wallal project E45/5853 (Wallal West 1) has now been granted.  The granted licences are:

E45/5853 – Wallal West 1
E45/5816 – Wallal Main
E45/5880 – Wallal West 2

–  The Wallal West 1 licence fully encompasses the Western magnetic anomaly, which measures 5km by 5km, and is cross-cut by a northwest-southeast trending inversely magnetised dyke.

–  The granting of Wallal West 1 means that the entire Wallal Project land package has successfully been granted, which covers the Western, Eastern and Border anomalies.

–  The Company now turns its focus to advancing exploration on the fully granted Project, progressing it to a drill-ready stage – which includes the Phase I passive seismic and 2D seismic reprocessing work programme currently underway with results expected shortly.

–  In addition, with the successful award of AU$165,000 in co-funding monies from the Western Australia government for a drilling programme targetting the Eastern and Border anomalies, the initial administrative preparations have begun for the planned 2022 Q1 drilling campaign.

 

–  Power Metal is progressing with the acquisition of the holding vehicle of the Wallal Project as outlined in the “Background” section below. A further announcement will be made in this regard shortly.

 

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

“With the grant of the final licence announced today, this exciting project takes another great leap forward. This news means Power Metal shareholders now have exposure to the complete Wallal Project as a granted package.

In our view the Wallal Project is a major strategic gold-copper exploration opportunity with the potential to host the large scale discoveries Power Metal is seeking within its portfolio.

Our Exploration Update on 13.09.21 outlined the important geological and geophysical similarities of the Wallal Project to Greatland Gold’s Havieron project, within the Paterson region.

Therefore we are to now turning our full attention towards advancing exploration and specifically towards the initial preparations for a deep-drilling campaign which is planned for early 2022.  This will represent the first drill programme ever completed targeting these substantial geophysical anomalies.”

 

BACKGROUND

The Paterson projects are held by First Development Resources Pty Ltd (FDR Australia) and include Wallal Project (Wallal Main-E45/5816, Wallal West 1-E45/5853 and Wallal West 2 – E45/5880, all granted), Braeside West Project (one licence application) and the Ripon Hills Project (one granted licence).

On 28 April 2021 Power Metal announced a conditional acquisition of FDR Australia and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/conditional-australia-copper-gold-acquisition/14955517

 

On 30 September 2021 Power Metal announced the granting of the Wallal Main and Wallal West 2 licences and this may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-grant-of-wallal-licences/15156169

The latest exploration update released by the Company on 13 September 2021 may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/fdr-australia-paterson-region-exploration-update/15132674

 

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

#KAV Kavango Resources Plc- KCB: EMP Awarded & Operational Update

 

Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Company has been awarded an Environmental Management Plan that covers all of its Prospecting Licences (“PLs”) in the Kalahari Copper Belt (the “KCB”). These interests include PLs held within the Kanye Resources Joint Venture (“JV”) and the LVR JV.

Highlights

Ø Environmental Management Plan awarded

–  EMP covers all the Company’s Prospecting Licences (“PLs”) in the KCB

–  EMP valid for 2 years

Ø Final phase of field exploration underway, towards initial target selection

–  Re-logging of data from historic drill holes

–  Ground magnetic survey underway on the southern limb of the Acacia target, in the South Ghanzi Project (part of Kanye Resources)

–  Work underway to optimise future soil-sampling programmes, to account for changing ground conditions across the Company’s PLs

–  Initial drill strategy being finalised

Ben Turney, Chief Executive Officer of Kavango Resources, commented:

“We would like to thank the Department of Environmental Affairs for the award of our Environmental Management Plan in the Kalahari Copper Belt. This is an important next step for the Company.

As operator of 12 prospecting licences, which cover over 6,300km2 of prospective ground for possible major copper/silver deposits, Kavango is now permitted to conduct drilling operations here for the next two years.

Our primary focus is currently on the promising Acacia target in the South Ghanzi Project. Work is ongoing on Acacia to optimise target definition, to maximise our chances of success.

This is a critical period for Kavango and we eagerly anticipate the next phase of exploration. “

 

Kavango’s interests in the KCB Kavango’s PLs in the KCB include:

The Kanye Resources JV

Ø 50 % working interests in 10 prospecting licenses held in a Joint Venture with Power Metal Resources (LSE:POW), which cover 4,257km 2 . Kavango is operator.

The LVR JV

Ø Earning in a 90% interest in prospecting licenses PL082/2018 & PL 083/2018, held in a Joint Venture with LVR GeoExplorers (Pty) Ltd (“LVR”), which cover 1,091km 2 . Kavango currently owns 25% of the LCR JV. Kavango is operator.

 

KCB Operational Update

Kavango has commenced a ground magnetic survey of the southern limb of the Acacia target (the “Ground Survey”), in the South Ghanzi Project (part of Kanye Resources). This survey will help tighten the Company’s interpretation of the electromagnetic (“EM”) data it acquired from the airborne surveys flown in the spring.

The Ground Survey will be conducted over a 14km by 4.5km block and will cover 676.5 line kilometers, including 634.5km of traverse lines and 42km of tie lines. Line spacing will be 100m and readings will be taken continuously.

In parallel to this, Kavango has also commenced a detailed sampling exercise to confirm the geochemical anomalies the Company has identified across its PLs in the KCB.

Acacia (in PL036/2020, as part of the Kanye Resources JV) is now the Company’s highest priority target for possible drilling in the KCB. Kavango anticipates the ground magnetic survey and further soil sampling will enable the Company to confirm initial drill collar locations.

The Company expects to commence “fence” lines of shallow drill holes. This will likely involve a combination of reverse circulation and diamond drilling. This drilling will act as a geological orientation exercise and should act as a precursor to a much more comprehensive, subsequent drill campaign. The “fence” drilling will also enable the Company to assess structural trends and any associated geochemical and/or EM anomalies.

In parallel to this, Kavango has also started work on re-logging regional historic drill hole data. At this stage, the Company is keen to deepen its understanding of the local stratigraphy, lithology and geology in its main areas of interest.

 

Further updates will be provided in due course.

Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.

For further information please contact:

Kavango Resources plc   

Ben Turney

bturney@kavangoresources.com  

  First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker) 

+44 1483 413500

Nick Emerson

#ECR ECR Minerals – Update on Drilling Progress at (HR4) ‘Cherry Tree’

ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on gold exploration in Australia, is pleased to update shareholders on drilling progress at historic reserve number 4, otherwise known as ‘Cherry Tree’, which is part of the Company’s Bailieston Project.

ECR Minerals plc has 100% ownership of the Bailieston Project (EL5433), which is operated under its Australian wholly owned subsidiary Mercator Gold Australia Pty Ltd (“MGA”).

Craig Brown, Chief Executive Officer of ECR Minerals plc, commented: “ I am delighted to announce a significant step forward for the Bailieston project, with the near completion of drilling at HR4 (Cherry Tree). With 1545 metres of diamond drilling completed as shown in Fig 1, MGA now have a more detailed understanding of the prospect, proving up the historic percussion drilling results that showed broad low-grade mineralisation zones with occasional high-grade intercepts.”

“Once the final HR4 drill hole has been completed, MGA will return to complete drilling at the HR3 ‘Byron’ area. In addition MGA are awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four drill holes are adjacent to the high-grade intercepts already reported from CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m) (see announcement dated July 19 th 2021). I look forward to reporting further drilling results from HR3 and Creswick in the coming weeks.”

SUMMARY:

  • A total of 1545 metres of diamond drilling has been completed to date at the Cherry Tree prospect. The company is currently drilling the final drillhole (BCTDD010) before moving back to complete drilling of the HR3 ‘Byron’ area.
  • Visual examination of drill core BCTDD009 shows the most intense quartz-sulphidic vein drilled to date at Cherry Tree.
  • Orientated diamond core has delineated sulphidic fault zones containing broad low-grade gold mineralisation emanating from a central anticlinal hinge zone.

DRILLING TO DATE

A total of 1545 metres of diamond drilling has been undertaken to date at Cherry Tree. Drilling has been completed using the Company’s owned and operated drill rig named ‘Midas’. This is the first time that diamond drilling has been done within this deposit. Previous shallow percussion drilling was done in the late 1980’s by earlier explorers where results showed broad low-grade zones of mineralisation accompanied by occasional high-grade (> 7 g/t Au) intercepts are present. The aim of the recent drilling by ‘MGA’ was to test the structural trends associated with the historic percussion drilling. For this aim, MGA has been successful.

Refer to figure 1 link below for locations described in the following paragraphs.

https://www.ecrminerals.com/images/fig1_plan_bct_update_211021.png

GEOLOGICAL OVERVIEW

The Cherry Tree prospect was the subject of intense, shallow hard-rock mining from the 19th Century where miners selectively took out the narrow quartz filled fault veins. Historic records show these veins can often grade over 50 g/t Au. Mapping of historic workings at surface show a system of faults to strike in a WNW direction from a centralised anticlinal fold. This anticline links the HR3 (Byron) prospect, 2km to the NNW where first-pass drilling was undertaken by MGA in the first half of the current year. The Cherry Tree mines are located at a bend within this anticline (refer to fig1). It is likely that brittle deformation in fine grain sandstones within this bend led to development of the WNW fault zones and subsequent gold mineralisation. Gold is closely associated with arsenopyrite, thus arsenic is a good local pathfinder element for gold mineralisation.

DRILL HOLE SUMMARY

Drilling of the first diamond holes in Cherry Tree (BCTDD001, BCTDD002 and BCTDD003) have been reported previously (see announcements dated August 10th 2021). In summary, BCTDD001 was successfully drilled to identify the central anticline position. BCTDD002 and BCTDD003 were drilled to test the down-dip of a WNW fault system located in the central portion of the goldfield. Best results were from BCTDD003 (0.5m @ 11.02 g/t Au from 98.85m). Drilling has continued across WNW fault zones at different points along the anticline, with the current hole (BCTDD010) being near complete. Drilling shows broad zones of low-grade mineralisation.

Summary of all drill intercepts containing reportable levels of gold greater than 1 g/t Au for holes BCTDD004 – BCTDD008.

BCTDD004

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

63

64

0.12

1

125

126

0.17

1

Fault Zone

130

131

0.12

1

Arsenopyrite

144.5

145.5

0.18

1

Perpendicular QV

177

178

0.18

1

QV

198

199.1

0.13

1.1

Fault Zone

BCTDD005

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

30.6

32

0.14

1.4

0.6m of core loss

41.35

42.3

0.13

0.95

100ppm As pXRF*

55.4

57.1

0.11

1.7

0.8m core loss

80

81.1

0.13

1.1

103.2

104.2

0.12

1

QV

127

128

0.21

1

QV with disseminated pyrite

*pXRF (portable x-ray fluorescence-in house analysis)

BCTDD006

*Currently awaiting the results from the last 24 samples of this hole*

There are two broad zones of mineralisation within this hole.

  1. 42.1m – 48.6m (6.1m @ 0.63 g/t Au) or 3.89 grams over 6.1m (gram x length)
  2. 49.6m – 52m (2.4m @ 1.49 g/t Au) or 3.57 grams over 2.4m (gram x length)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

32.3

33.1

0.13

0.8

QV (Fault)

42.1

43

0.27

0.9

Fault Zone 1

43

43.9

0.12

0.9

Fault Zone 1

44.3

45.4

0.13

1.1

Fault Zone 1

45.4

46.5

1.74

1.1

Fault Zone 1

46.5

47.5

1.24

1

Fault Zone 1

47.5

48.6

0.22

1.1

Fault Zone 1

49.6

50.5

3.39

0.9

Fault Zone 2

50.5

51.1

0.48

0.6

Fault Zone 2

51.1

52

0.26

0.9

Fault Zone 2

59

60

0.13

1

60

61

0.4

1

89

89.8

0.15

0.8

QV (Fault)

131

132

0.29

1

159

160

0.12

1

The following holes were drilled around the highest grade and broad mineralised intercepts found in BCTDD003. The mineralisation is associated with a fault zone that has been mined near surface at 1m wide).

BCTDD007

*Currently awaiting 17 assay results for this hole*

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

50.6

51.1

0.11

0.5

51.1

52.1

0.15

1

58.2

59

0.14

0.8

64

65.6

0.24

1.2

BCTDD008

*Only the first 17m of this hole has been assayed to date*

Another Fault zone present at the top of this hole: 5.4m @ 0.69 g/t Au or (3.71 gram metres)

From (m)

To (m)

Grade (g/t Au)

Interval (m)

Comment

0.3

1.1

1.14

0.8

Near surface faulting

4.8

6

0.13

1.2

8.2

9.1

0.14

0.9

Fault Zone 1

9.1

10

0.14

0.9

Fault Zone 1

13.6

15.3

0.17

1.7

Fault Zone 1

15.3

16.3

2.92

1

Fault Zone 1

16.3

17.2

0.28

0.9

Fault Zone 1

BCTDD009

Drilling of BCTDD002, BCTDD003, BCTDD007 and BCTDD008 showed that the WNW fault is more open (dilated) as we drill further west away from the anticline. A solid sulphidic quartz vein over 2m wide was drilled through at 146.5m depth. Geological logging and sampling of BCTDD009 is currently in progress, see figure 2 link below for detailed image of BCTDD009 core samples.

https://www.ecrminerals.com/images/fig2_bctdd009_quartz.jpg

FORWARD LOOKING STATEMENTS

Whilst drill results to date at Cherry Tree have been disappointing of late, it must be emphasised that structural interpretation of the Cherry Tree deposit has only been achieved through completing diamond drilling across multiple fault zones. Drilling of the last hole (BCTDD009) is showing a remarkable improvement in vein quality and size as we drill west of the anticline. For the time being, pending results, the drill rig will be moved to more promising sites at the north end of the HR3 (Byron) reserve where soil sampling is revealing strong arsenic-antimony anomalies on surface.

MGA are also awaiting the final drill results from our recently completed diamond drilling at Creswick (EL6184). The final four holes were drilled adjacent to the high-grade intercepts in CSD003 (0.95m @ 9.93 g/t Au from 84.2m and 0.95m @ 23.58 g/t Au from 89.05m). MGA staff have begun to sample the soils surrounding the projected outcrop of this quartz vein. If the results are positive, it will assist in delineating the plunge of mineralisation, which it is hoped will provide MGA with a better selection of future drill targets.

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 (MAIG). He is a qualified person as that term is defined by the AIM Note for Mining, Oil and Gas Companies.

MARKET ABUSE REGULATIONS (EU) No. 596/2014

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.

FOR FURTHER INFORMATION, PLEASE CONTACT:

ECR Minerals plc

Tel: +44 (0) 20 7929 1010

David Tang, Non-Executive Chairman

Craig Brown, Director & CEO

Email:

info@ecrminerals.com

Website: www.ecrminerals.com

WH Ireland Ltd

Tel: +44 (0) 207 2201666

Katy Mitchell/Andrew de Andrade

Nominated Adviser

SI Capital Ltd

Tel: +44 (0) 1483 413500

Broker

Nick Emerson

Novum Securities Limited

Tel: +44 (0) 20 7399 9425

Broker

Jon Belliss

Blytheweigh

Tel: +44 (0) 207 138 3204

Public Relations

Tim Blythe

#TYM Tertiary Minerals – Holding in Company

TYM

Tertiary Minerals plc (LON: TYM) (“Tertiary” or the “Company”) became aware that, based on a shareholder analysis undertaken as at 1 October 2021, Mr M Farooq had a holding of 73,173,424 shares, representing 6.18% of the Company’s total issued share capital, as at 1 October 2021. Mr M Farooq has not responded to date to requests from the Company to confirm his holding.

For more information please contact:

Tertiary Minerals plc:

Patrick Cullen, Managing Director

+44 (0) 1625 838 679 

SP Angel Corporate Finance LLP

Nominated Adviser and Broker

Richard Morrison

+44 (0) 203 470 0470

Caroline Rowe

Peterhouse Capital Limited

Joint Broker

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

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Argo Blockchain, Bellway and UK Inflation with Alan Green

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