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Proactive weekly mining highlights: Arkle Resources, Ariana Resources, Asiamet Resources, Vast Resources …

1

Shares in Arkle Resources PLC (LON:ARK) more than doubled in value on Friday, rising 104% to 1.12p, after the company’s joint venture partner at the Stonepark zinc project secured funding from mining giant and near neighbour Glencore (LON:GLEN). This follows an investment by Glencore in Group Eleven in October 2019, of which a portion was covenanted to be spent on the project.  

Ariana Resources PLC (LON:AAU) this week boosted the resource estimate at its Kizilcukur project in Turkey, with the new resource standing at 21,100 ounces of gold and 620,000 ounces of silver, with contained metal on three main veins. Ariana also said it has completed its initial earn-in work for Venus Minerals, a firm focused on copper-gold projects on the island of Cyprus.

Kavango Resources PLC (LON:KAV) chief executive Michael Foster said he expects his team to make significant progress validating the thesis that its Botswana target is host to a “world-class” copper, nickel and platinum group deposit.

Kodal Minerals PLC (LON:KOD) said it has received initial test results from a bulk sample of pegmatite-hosted lithium mineralisation taken from the Bougouni lithium project in southern Mali.

BlueRock Diamonds PLC (LON:BRD) told investors it has put the “important building blocks” in place to grow the miner following the restart of production at the Kareevlei operation in South Africa earlier this week.

Asiamet Resources Ltd (LON:ARS) landed a key approval for the BKM copper project in Indonesia, with the Governor of Central Kalimantan recommending the project to proceed into construction and development.

Oriole Resources PLC (LON:ORR), the exploration company-focused on West Africa, said it plans to commence its maiden drilling programme later this year on its Bibemi gold project in Cameroon, subject to the easing of coronavirus (COVID-19) related travel restrictions.

Galantas Gold Corporation (LON:GAL)(CVE:GAL) shares rose on Tuesday after it revealed it had reached an agreement with the Police Service of Northern Ireland (PSNI) regarding blasting at its 100% owned gold mine near Omagh, Northern Ireland and plans to restart milling at the mine within ten days.

Vast Resources PLC (LON:VAST) described itself this week as “extremely pleased” with initial indications from metallurgical test work being conducted on ore samples taken from the Baita Plai mine in Romania.

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) said it continues to advance construction at its Red Lake gold mine in Ontario with detailed engineering for the processing plant now 95% complete, as it posted first-quarter results to end-March.

Anglo Asian Mining PLC (LON:AAZ) reported record revenues in 2019 and maintained its production forecasts for 2020 despite the coronavirus pandemic.

Galileo Resources PLC (LON:GLR) announced it is to acquire 21 prospecting licences inside the Kalahari Copper and Limpopo Mobile Belts in Botswana from Crocus-Serv (Pty) Ltd. covering 14,875 square kilometres.

IronRidge Resources Ltd (LON:IRR) raised £4.75mln through a conditional share placing, with the funds earmarked for an accelerated drill programme at the Zaranou gold project in Côte d’Ivoire.

Ncondezi Energy Ltd (LON:NCCL) raised £650,000 though a conditional share placing to support working capital and cover corporate costs until the end of 2020.

And Alien Metals Ltd (LON:UFO) raised £275,000 of new capital so that it can expedite exploration work across projects in Mexico and Australia.

Pan African Resources plc (LON:PAF) shares were higher on Monday as the group said it has remained cashflow positive despite the coronavirus (COVID-19) pandemic and lockdown measures in South Africa.

Condor Gold PLC (LON:CNR)(TSE:COG) ended the quarter to March 31, 2020 with £1.73mln in the bank.

Horizonte Minerals PLC (LON:HZM)(TSE:HZM) closed out the quarter ending March 31, 2020 with £17mln in the bank, with the money in part to be used to make the Aragauia nickel project in Brazil construction ready.

Power Metal Resources plc (LON:POW) received a short extension on an option to increase its stake in the Haneti polymetallic project in Tanzania.

Ormonde Mining plc (LON:ORM) revealed its management continues to review new project opportunities while the coronavirus pandemic has restricted the firm’s Spanish mine activities to the desktop.

Pure Gold Mining Inc (CVE:PGM) (LON:PUR) said a combination of the firmer gold price and a falling Canadian dollar is materially positive for the financials of its Madsen mine in Ontario, which is on track to start producing in the fourth quarter this year and will be Canada’s next large scale producer.

Metal Tiger PLC (LON:MTR) noted that further to its announcement of April 28, investee company Cobre Limited (ASX:CBE) has now revealed that it has completed the acquisition of the remaining 20% of shares in Toucan Gold Pty Ltd, which is now 100% owned by Cobre.

Pembridge Resources PLC (LON:PERE) revealed that Gati Al-Jebouri, its chief executive has spent £120,000 on buying new shares in the company as part of its recent fundraising efforts.

Director share buying continued at Anglo Pacific Group PLC (LON:APF)(TSE:APY) with a purchase by non-executive director Robert Stan following other director deals in recent weeks.

Danakali Ltd (ASX:DNK) (LON:DNK) non-executive chairman Seamus Cornelius demonstrated his confidence in the company’s SOP strategy with a series of on-market share purchases this month.

Broker Hannam & Partners set a price target for Greatland Gold PLC of 12.9p, implying 47% upside from the current share price.

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