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#SVML Sovereign Metals – Issue of Equity

Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) advises that it has issued  7,444,000 fully paid ordinary shares (Shares) upon the exercise of unlisted options as detailed below.

· Cashless exercise of 6,125,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 4,410,000 Shares;

· Exercise of 250,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 250,000 Shares for proceeds of A$35,000;

· Cashless exercise of 1,850,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022 for the issue of 1,184,000 Shares;

· Cashless exercise of 2,500,000 unlisted options exercisable at A$0.18 each on or before 31 July 2022 for the issue of 1,600,000 Shares.

 

An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 30 June 2022.

 

Total Voting Rights

 

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 470,725,023 Ordinary Shares in issue with voting rights attached. The figure of 470,725,023 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Following the issue of Shares, Sovereign has the following securities on issue:

· 470,725,023 ordinary fully paid ordinary shares;

· 150,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022;

· 11,105,125 unlisted options exercisable at A$0.80 each on or before 13 May 2023;

· 5,120,000 performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023; and

· 7,320,000 performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025.

Shares on exercise of unlisted options have issued to Directors of the Company are detailed below. 

 

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

Varun Talwar

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

 

Mariela Jaho

 

Christian Dennis

#TM1 Technology Minerals – Recyclus Receives Battery Testbed System

Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that its 49% owned battery recycling business, Recyclus Group Ltd (“Recyclus”), has received three lithium battery (“LIB”) testbed systems designed to measure a range of different battery chemistries of different sizes at its Wolverhampton site.

 

The LIB testbeds give Recyclus the operational capability to test the effective capacity of battery packs from a range of EV and industrial usages as well as for degradation or damage at the cell level. By charging and discharging batteries to measure capacity and capture stored energy it can also perform a number of other critical performance test criteria. The ability to discharge stored energy unlocks future opportunities to feed energy back into the national grid and for use on-site.

 

This testing capability enables Recyclus to grade batteries and access the reuse market for batteries alongside recycling. The tested battery packs will be sorted into one of three categories: the first are suitable for reuse as they are, the second are defective and need to be recycled, and the third are a split with some cells being retrievable and others not. It creates an opportunity for Recyclus to send suitable batteries back into alternative repurposed applications, depending on their condition and test results.

 

With UK Government estimates suggesting that there could be almost 28 million EVs on the UK’s roads by 2035,1 a substantial number of battery cells are likely to reach end-of-life that are suitable for reuse for different applications, representing a significant market opportunity beyond recycling.

 

Robin Brundle, Chairman of Technology Minerals, said: “This testing capability is another key development for Recyclus designed to create an additional potential new revenue stream by unlocking more of the value-chain in the battery circular economy .

“We are constantly exploring new avenues to expand under our circular economy strategy, and this represents a significant milestone for us in developing our capability for recycling and reuse of batteries, and our ability to harness otherwise wasted energy. Implementing these systems into our process will help to maximise the lifespan of batteries and minimise energy waste.”

Jonathan Regan, Senior Battery Engineer of Recyclus, said: “Developing this function will allow us to work with manufacturers to increase the amount of carbon offset from the batteries’ production by extending their working life through repurposing into alternative applications , supporting the transition to net-zero, and supporting future and current legislative targets.”

Enquiries

Technology Minerals Plc

Robin Brundle, Executive Chairman

Alexander Stanbury, Chief Executive Officer

+44 20 7618 9100

Arden Partners Plc

Ruari McGirr, George Morgan

+44 207 614 5900

Luther Pendragon

Harry Chathli, Alexis Gore, John Bick

+44 20 7618 9100

#SVML Sovereign Metals – Kasiya Expanded Scoping Study Results

Sovereign Metals Limited (the Company or Sovereign) is pleased to announce the results of the Expanded Scoping Study (Scoping Study or Study) for the Company’s Kasiya Rutile Project (Kasiya or the Project) in Malawi.

In April 2022, Sovereign announced a new JORC Mineral Resource Estimate (MRE) for Kasiya which confirmed the Project as the world’s largest rutile (titanium dioxide) deposit and one of the world’s largest flake graphite deposits.

The Expanded Scoping Study based on the April 2022 MRE confirms that Kasiya will be one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current alternatives while significantly contributing to the social and economic development of Malawi.

 

KEY EXPANDED SCOPING STUDY HIGHLIGHTS

·    Significant increase in NPV and EBITDA from the 2021 Initial Scoping Study with lower operating costs for a relatively small increase in Capex to first production

US$1,537M

36%

US$12,038M

After Tax NPV8

After Tax IRR

LOM Revenue

(↑79%)

(No change)

(92%)

 

US$323M

US$320/t

US$372M

Ave. Annual EBITDA

Operating Cost
per tonne of product

Capex to 1st Production

(↑101%)

(↓10%)

(↑12%)

·    Potential to become a major producer in both the natural rutile and graphite markets with steady state  production of 265,000 rutile and 170,000 tonnes of graphite with a 25-year mine life

·    Low capital costs to first production due to exceptional existing available infrastructure offering significant cost reductions and providing optionality and scalability

·    Low operating cost and high margins due to deposit size, zero strip ratio of soft, friable high-grade mineralisation from surface, amenability to hydro-mining, conventional processing, deposit location and low transport costs

·    Extremely favourable market fundamentals as rutile (titanium) and natural graphite deemed critical raw materials for the US and EU based on economic importance and supply risk

·    Natural rutile market in structural deficit with current global supply estimated to decline 45% in the next three years with graphite demand set to soar as electric vehicle production is forecast to increase 12-fold by 2040

·    Natural ESG benefits for Kasiya:

 Substantially reduced CO2 emissions for both rutile and graphite compared to current alternatives, including substantial Scope 3 emissions reductions for pigment production from rutile compared to alternative feedstocks

 Significant social and economic benefits for Malawi including job creation, fiscal returns, training and continued community social initiatives

·    Study based on conservative commodity price estimates. Long-term rutile price (real) of US$1,254/t versus current spot price of +US$2,200/t1 and long-term natural graphite basket price (real) of US$1,085/t versus current equivalent spot price of US$1,223/t2

 

Managing Director, Dr Julian Stephens commented

“The Expanded Scoping Study demonstrates Kasiya is a Tier 1 minerals project being the largest natural rutile resource and one of the largest graphite resources in the world. Both minerals are classified on the Critical Minerals lists of the US and EU and rutile is in extreme market supply deficit. In light of these factors, Kasiya is seen as a highly strategic project with the potential to be a major supplier in both rutile and graphite markets.

The project benefits from existing high-quality infrastructure and has inherent ESG advantages. Natural rutile has a far lower carbon footprint compared to other titanium feedstocks used in the pigment industry, and natural graphite is a key component in lithium-ion batteries – crucial to de-carbonising the global economy. Further, the vast majority of power for the planned Kasiya mining operation will be supplied by renewable hydro and solar – giving the mine itself a very low carbon footprint.

The future development of the Kasiya Rutile Project will bring substantial benefits to Malawi in terms of GDP, royalties, taxes, employment and training, local business opportunities and community development.”

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

Varun Talwar

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

 

Mariela Jaho

 

Christian Dennis

 

To view the announcement in full including all illustrations and figures, please refer to the announcement at http://sovereignmetals.com.au/announcements/.

#SVML Sovereign Metals – Leading Market Position for Kasiya’s Graphite

·    

Graphite planned to be produced as a co-product from the Kasiya rutile operation is estimated to sit at the lowest end of the global flake graphite cost curve

·    

As one of the world’s largest flake graphite deposits, Kasiya has potential for a dominant market position due to production scale of a coarse flake, high purity and highly crystalline product which should be suitable for lithium-ion batteries and wider traditional industrial uses 

·    

Kasiya’s graphite flake size distribution compares favourably to industry peers suggesting potential to achieve a high graphite basket price

·    

Independent Life Cycle Assessment Study demonstrates Kasiya’s high quality natural graphite concentrate should have a significantly lower carbon footprint than Chinese-produced natural graphite

 

 China currently produces over 75% of the world’s natural graphite, almost 80% of the world’s synthetic graphite and 100% of the world’s natural graphite anodes used in lithium-ion batteries

 

 Each tonne of graphite produced from Kasiya is expected to have a Global Warming Potential of only 0.2 tonnes CO2e which represents 5x less greenhouse gas emissions compared to natural graphite produced in the Heilongjiang Province, China

·    

Recent independent studies published in the Journal of Industrial Ecology estimates global warming potential of synthetic graphite to be 20.6 t CO2e i.e., 103x that estimated for Kasiya’s natural graphite

·    

Updated Scoping Study for Kasiya on track and due for completion shortly

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report recent analysis of Kasiya Rutile Project’s (Kasiya) graphite co-product, one of the critical raw materials contained with the Kasiya deposit.

Natural graphite concentrate would be produced as a co-product from Kasiya, the world’s largest rutile deposit. Benchmarking of characteristics of Kasiya’s natural graphite demonstrate that it can be produced in line with the 2021 Scoping Study with:

·      one of the lowest potential production costs globally

·      extremely low carbon footprint versus hard-rock operations or synthetic graphite production

·      favourable flake size distribution suitable for a wide range of end uses including feedstock for the lithium-ion battery sector – technology crucial to tackling global climate change.

Sovereign’s Managing Director, Dr Julian Stephens commented: “Not only is Kasiya the world’s largest rutile deposit and one of the largest flake-graphite resources, but our latest graphite industry benchmarking also demonstrates the potential for Kasiya to be a globally dominant supplier and low-cost flake graphite producer at scale. Importantly, the very low graphite production costs at Kasiya should allow Sovereign to compete aggressively on price point across global graphite markets.

 

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

Varun Talwar

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

 

Mariela Jaho

 

Christian Dennis

Alan Green discuss #BARC Barclays, #AEXG Amaroq Minerals & #SVML Sovereign Metals on the Vox Podcast

 

 

Alan Green discuss #BARC Barclays, #AEXG AEX Gold & #SVML Sovereign Metals on the Vox Podcast

#BRES Blencowe Resources – Blencowe Continues to Deliver Exceptional Results from Metallurgical Test Work for Orom-Cross Graphite Project

Highlights

 

  • Final Stage 5 metallurgical test results underline a high quality end-product as concentrate from Orom-Cross Graphite Project in Uganda.
  • Composite mix from both deposits delivers a 96-97% LOI concentrate, with battery sales entry level at 94% LOI.
  • Specific attributes highlight Orom-Cross concentrate as particularly desirable to end-users.
  • Technical Data Sheets (TDS) for all products have been sent to prospective end-users to gauge their interest.

 

Blencowe Resources (“Blencowe” or the “Company”) (LSE: BRES) is pleased to announce that recently completed studies on the metallurgical characterisation of Orom-Cross flake graphite concentrate provided very impressive results that will generate significant interest in the ASTM flake graphite grades planned for production from 2023 onwards. The Orom-Cross Graphite Project located in Uganda, Africa, has a unique ore body composition with specific element content that is unequal to other graphite projects. Key results from the lab work are:

 

  • Uniform Mesh Size Distribution with ~50% as higher value +100 Mesh to +50 Mesh Fractions
  • Sulphur Content < 0.1% across all Mesh Size Fractions
  • Tap Density > 0.73 g/cm3 – Suitable Precursor for Advanced Micronisation / SPG Processing
  • Halogen Content – Suitable to meet Advanced Foil Specifications & EBC Nuclear Grade Graphite Product requirements
  • pH Values Indicate Neutral – Alkaline; Suitable for Expandable Graphite to meet Fire Retardant Specifications
  • Low Levels of Fe, Ca, Na, and Mg Content; Ideal for Cathode or SPG Conductive additives for Battery & Electrochemistry Applications
  • Lower Cost to Purify to 99.95% LOI as a Result of lower specific elements; Fe, Si, Na, Ca, Mg.

 

Over the coming months, additional post processing work for new potential applications for Orom-Cross Graphite Products will be completed. This work will support the progressive sales and marketing strategy focusing on both traditional and advanced graphite applications including both Primary and Secondary Battery Markets where is it expected the demand ahead for qualified graphite products will continue to expand and grow.

 

Cameron Pearce, Executive Chairman commented:

 

“The specific attributes highlighted above continue to underline the potential for Orom-Cross to deliver some of the highest quality graphite concentrate into world markets ahead as we transition to first production from 2023.  End users are very discerning as to the quality of product they are seeking, hence these results are particularly encouraging in that our product can meet their high expectations, and thus provide our Project with a strong base of customers to sell into as we start selling graphite from next year.

 

Orom-Cross is shaping up to become a world class graphite project in all respects; with considerable size and scale to expand as necessary to meet anticipated strong future demand, high quality concentrate as evidenced above to sell our products into various markets, low operations costs due to low strip ratio and other key advantages, and a good mix of flake sizes that guarantees a high overall weighted average selling price.  We look forward to sharing these parameters with the market via our Pre-Feasibility Study which is due for completion shortly.”

 

 

For further information please contact:

 

  Blencowe Resources Plc

Sam Quinn

www.blencoweresourcesplc.com

Tel: +44 (0)1624 681 250

info@blencoweresourcesplc.com

 

Investor Relations

Sasha Sethi

Tel: +44 (0) 7891 677 441

sasha@flowcomms.com

 

Tavira Securities

Jonathan Evans

Tel: +44 (0)20 7100 5100

jonathan.evans@tavirasecurities.com

 

First Equity Limited

Jason Robertson

Tel: +44(0)20 7330 1833

jasonrobertson@firstequitylimited.com

 

#SVML Sovereign Metals – Sovereign Initiates Major PFS Drill Program

SOVEREIGN INITIATES MAJOR PFS DRILL PROGRAM AT KASIYA

· 12,000m drilling program commenced at Kasiya to upgrade higher-grade Mineral Resource areas to underpin conversion to Reserves as part of the planned PFS

· Deeper drilling to target extensions to Indicated zones at depth to base of saprolite (~25m)

· Expansion of the overall mineralised footprint through extensional and regional hand-auger drilling will continue with multiple drill teams

· Updated Scoping Study incorporating the current resource is due for completion in the coming weeks

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the commencement of its Pre-feasibility Study (PFS) drilling program across the Kasiya Rutile Project (Kasiya). This is the first significant work program for the PFS to commence as the Company completes the updated Scoping Study due in the coming weeks.

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

 

RFC Ambrian

 

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

Varun Talwar

 

 

 

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

 

Mariela Jaho

 

Christian Dennis

#POW Power Metal Resources – First Development Resources – Pre-IPO Financing

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces its subsidiary First Development Resources Limited (“First Development” or “FDR”) has undertaken a 1,125,000 Pre-IPO financing (“Financing”).

 

FDR is planning to list on the  London  capital markets in Q3 2022 (the “IPO”) and is focussed on district-scale exploration opportunities in  Australia .

HIGHLIGHTS

· First Development has raised £1,125,000 through a Pre-IPO financing undertaken with SI Capital Limited, corporate broker, through the issue of 16,866,566 new First Development ordinary shares of 1 pence each (“FDR Ordinary Share”) at a price of 6.67p per Ordinary Share, which will represent 27.14% of the issued share capital of First Development on completion of the Financing.

· 50% of Financing monies will be payable to First Development by 10.06.22 and 50% by 10.07.22 whereupon Financing completion will occur (“Completion”) and all shares will be issued to Financing participants shortly after Completion.

· Power Metal has subscribed for £75,000 of the Financing, subscribing for 1,124,437 FDR Ordinary Shares (“POW Subscription”).

· Following Financing Completion, Power Metal will hold a total of 38,605,696 FDR Ordinary Shares representing 62.12% of issued share capital First Development.

· On the basis of issued share capital of FDR on Completion of the Pre-IPO Financing the current valuation of First Development will be £4.125 million, and Power Metal’s 62.12% holding will be valued at circa £2.562 million.

· The monies raised will enable First Development to fully self-finance its operations including IPO listing advisory costs, corporate expenses and various project expenditures.

· Paul Johnson, Chief Executive Officer of Power Metal has subscribed for £50,000 (749,625 FDR Ordinary Shares) in the Financing.

· No warrants are included automatically with the Financing however should warrants be offered as part of the planned IPO financing, participants in this Pre-IPO Financing will receive warrants on the same terms.

 

Tristan Pottas Chief Executive Officer of First Development Resources Ltd commented:

“The Pre-IPO Financing provides FDR with the necessary working capital to confidently push ahead with business operations including its planned listing on the London capital markets.

The FDR business has been built around Australian exploration and notably, what we believe are high impact opportunities in Western Australia’s Paterson Province and the Northern Territory.

We have been analysing the extensive historical exploration data in and around our projects since early 2021, securing the benefits and knowledge from work undertaken by previous licence holders.

Using this core data and the latest in technological innovation in resource exploration we have been building targets for next stage work, including gold-copper drill targets at our flagship Wallal Project in the Paterson, and uranium-rare earth element and potential lithium targets at our Selta Project in the Northern Territory.”

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

“The successful Pre-IPO Financing reported in today’s announcement is the first decisive step on FDR’s journey to becoming an independent listed vehicle. We believe the projects which make up FDR’s portfolio present a compelling investment proposition which we look forward to watching develop under the management of the FDR board.

The Pre-IPO Financing means First Development becomes financially self-sufficient and Power Metal will no longer be required to fund FDR operations in the period leading up to the planned IPO and instead will become a strategic FDR shareholder.

Of particular note is that Power Metal has now seen three of its project packages find their own independent corporate pathway, management and financing including:

–  Disposal of the Company’s Schreiber – Hemlo interests in Ontario, Canada, into First Class Metals plc (“FCM”) in September 2021.  Power Metal currently has a 36.3% interest in the issued share capital FCM, which secured Pre-IPO financing in September 2021 and is seeking a planned listing this quarter.

–  Golden Metal Resources plc (“GMT”) focused on exploration and development interests in Nevada, USA, currently 83.13% Power Metal owned. GMT secured Pre-IPO financing in December 2021 and is seeking a planned listing this quarter.

–  As announced today, First Development Resources, currently 82.78% Power Metal owned (62.12% following Completion) focused on Australian exploration interests and seeking a listing in Q3 2022.”

We continue to work on the potential spin-out listing of other business interests.  This includes our Victorian Goldfields joint venture with Red Rock Resources plc (LON:RRR) and held through New Ballarat Gold Corporation plc (“NBGC”) where we hold a 49.9% interest.” 

 

FDR EXPLORATION INTERESTS

FDR Australia holds the following exploration licence interests:

Wallal Project  (Wallal Main-E45/5816 –  390km 2  – granted), (Wallal West 1-E45/5853 96km 2  – granted) and (Wallal West 2 – E45/5880 – 86km 2  – granted).

A comprehensive geophysical review has identified three magnetic bullseye anomalies located under Phanerozoic sedimentary cover which are interpreted to have possible geological similarities major Au-Cu deposits within the Paterson Province including Winu (Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint venture).

Braeside West Project  (E45/5854 –  137km 2  – one granted licence)

In-depth desktop analysis of historic exploration data is currently underway on the Braeside West Project. A recent base-metal discovery by neighbouring company Rumble Resources Ltd (ASX:RTR) has enhanced the overall prospectively within the Braeside West Project area as it is hosted within a similar geological environment to that of Rumble Resources discovery.

Ripon Hills Project  (E45/5088 –  42km 2  – one granted licence).

The Ripon Hills Project is prospective for base-metal and gold mineralisation associated with deep-seated north-south oriented fault structures which run through the Ripon Hills Project area. In-depth desktop analysis of historic exploration data is currently underway over the project.

Selta Project (EL 32737, EL 32738, EL 32755 – 1,575km2 – three granted licences)

The Selta Project is located in an area considered to be highly-prospective for uranium and rare earth element mineralisation. FDR recently completed an in-depth review of all geological, geophysical and geochemical data which also identified the potential for lithium, gold and base-metal mineralisation as well as the possibility of tin-tantalum-tungsten rich pegmatites.

IPO AND LISTING PROCESS

FDR is seeking a listing on the London capital markets and is working with advisors in this regard and is targeting a listing on the London capital markets in Q3 2022.

 

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 – IOCG Presentation

Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the Company will host an online shareholder event to present the Iron Oxide Copper-Gold (“IOCG”) exploration model for the Great Red Spot.

The Great Red Spot (the “GRS”) is in the northern section of the Kalahari Suture Zone Project. It has been recognised as a large-scale exploration target for major metal and mineral deposits since the mid-1970s. However, technology has only advanced sufficiently in recent years to allow effective exploration.

Kavango has been conducting exploration over this 5km x 8km magnetic body since 2018. Following six months of additional field exploration and detailed desktop analysis, the Company announced the IOCG target on 07 May 2022. A full description of the IOCG target can be read in the announcement (link below):

https://www.investegate.co.uk/kavango-resources–kav-/rns/ksz—second-mineralisation-target-type-at-the-grs/202205090700067421K/

IOCG systems can host highly valuable copper, gold and uranium ores.  The large size and relatively simple metallurgy can produce extremely profitable mines.

IOCG deposits are an alteration “overprint” of the host geology when they form. Therefore, Kavango believes the IOCG model represents a second mineralisation style possibly present within the GRS, in addition to the existing potential for nickel/copper (Ni/Cu) sulphide deposits.

Kavango believes this is a significant development for the prospectivity of the GRS.

Jeremy Brett and Hillary Gumbo, Kavango’s chief geophysicists, will present the results of their work to investors in an online event on Wednesday 01 June at 1900GMT. Shareholders and investors are invited to join this event using the details below.

This event will be recorded and subsequently published on the Company’s website.

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

“The IOCG target at the Great Red Spot is a significant one for Kavango Resources. We have four separate data points that appear to correspond with one another, pointing in the same direction. These include results from gravity, magnetic and Audio-MagnetoTelluric (AMT) surveys, together with magnetite encountered in Hole KSZDD001.

Given the potential size of the IOCG target and the amount of work our team has put into developing this model, we’ve decided to host an event to let our geophysicists, Jeremy Brett and Hillary Gumbo, present their work unimpeded by time constraints. Investors are welcome to join the presentation and ask questions directly.

We will also take the opportunity to present images of vertical slices taken from our AMT surveys.  We’ve talked a lot over recent months about our increasingly sophisticated use of AMT and shareholders will now be able to see how important this technology could be in our attempts to open up the Kalahari Suture Zone.”

Topic: Kavango Resources Plc IOCG Presentation

Time: Jun 1, 2022 07:00 PM London

Join via

https://us02web.zoom.us/j/81288592982?pwd=OUVCTnA3M3JCemZQUTlob3QrS05zUT09

Meeting ID: 812 8859 2982

Passcode: 071048

One tap mobile

+442080806592,,81288592982#,,,,*071048# United Kingdom

+443300885830,,81288592982#,,,,*071048# United Kingdom

Dial by your location

  +44 208 080 6592 United Kingdom

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  +44 131 460 1196 United Kingdom

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Meeting ID: 812 8859 2982

Passcode: 071048

Find your local number: https://us02web.zoom.us/u/kcEpfG5aFd

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

+46 7697 406 06

  First Equity (Joint Broker)

+44 207 374 2212

Jason Robertson 

SI Capital Limited (Joint Broker)

+44 1483 413500

Nick Emerson

#MNRG MetalNRG – Annual Report and Notice of AGM

MetalNRG plc (LON:MNRG), the natural resources and energy investment company, announces that, further to the announcement of final results for the year ended 31 December 2021, published on 29 April 2022, (“Final Results”), the Company’s Annual Report and Financial Statements has been published and is available on the Company’s websitewww.metalnrg.com. The Financial Statements for the year ended 31 December 2021 contained in the Annual Report contain no material changes to the Final Results.

MetalNRG’s Annual General Meeting (“AGM”) will be held at 1 Ely Place, London EC12N 6RY at 9.00 am on Monday, 20 June 2022. 

The Notice of AGM, together with the Proxy Form, has been posted to Shareholders and is also available on the Company’s website: www.metalnrg.com.  Full details of the operation and arrangements for the AGM are set out in the Notice of AGM.

Given the continued presence of Covid-19 and the rate at which the virus and new mutations can spread, shareholders should be aware that arrangements for the AGM may change at short notice.  Any relevant updates regarding the AGM will be made as early as possible before the date of the AGM via the Company’s website:  www.metalnrg.com or via a regulatory announcement.

All voting at the resolutions at the AGM will be conducted on a poll which means that shareholders should submit their Proxy Forms by email to info@metalnrg.com or by post to the Company Secretary, City Group PLC, as soon as possible.

We ask that all questions which shareholders wish to raise at the AGM be submitted to info@metalnrg.com in advance.

We additionally ask anyone wishing to attend the meeting to inform the Company Secretary by email at mail@city-group.com of their attendance so that appropriate arrangements can be made.

Pursuant to Disclosure Guidance and Transparency Rules, a copy of the Annual Report and Financial Statements for the year ended 31 December 2021 has already been submitted to the National Storage Mechanism and a copy of the AGM circular and Notice of AGM will be submitted and available shortly for inspection at:

http:/data.fca.org/#nsm/nationalstoragemechanism

The Final Results announcement is also available on the Company’s website www.metalnrg.com and by writing to the Company Secretary, City Group PLC, at 1 Ely Place, London  EC1N 6RY.

 

 

 

For further information, please contact:

 MetalNRG PLC:

Rolf Gerritsen

+44 (0) 207 796 9060

Christopher Latilla-Campbell

+44 (0) 207 796 9060

Peterhouse Capital Limited – Joint Broker:

Lucy Williams

+ 44 (0) 207 469 0930

Duncan Vasey

+ 44 (0) 207 469 0930

S I Capital Limited – Joint Broker:

Nick Emerson

+44 (0) 1483 413500

 

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