Tertiary Minerals (LON:TYM) said that whilst it remains on track with its fluorspar strategy and the development of its fluorspar assets, it recognises the benefit of finding projects capable of generating revenue and profits in a shorter timescale than is achievable with the current portfolio of projects.
"With this in mind the company is currently evaluating a number of complementary projects for acquisition with near term sustained revenue and profit potential," it said in a statement.
It noted several factors that had resulted in delays to the development of its most advanced project, Storuman in Sweden.
These factors were poor stock market conditions for junior exploration/development companies, continued poor global market conditions for fluorspar, and a recent new case law established in Sweden changing the way Mine Permits are granted.
MD Richard Clemmey said:
"We are pleased to have started the evaluation process on a number of acquisition opportunities with the potential to transform the Company into being one with sustainable revenues in the near term and which will complement our fluorspar assets currently in development."
* * *
Red Rock Resources (LON:RRR) has issued an update in relation to its investment in the Shoats Creek Field in Beauregard Parish, Louisiana.
- Lutcher Moore ("LM") 20 Gas Line Connected - Hydrocarbon Production Not Yet Stable
- Operator Mayan Energy Estimates LM20 Production at 70 barrels of oil per day ("BOPD") - 14 BOPD net to Red Rock
- LM13 Well Tested for Inclusion in Field Development Program - New Payzones Under Consideration.
* * *
Karelian Diamond Resources (LON:KDR) says further results and a report from the Geological Survey of Finland on the kimberlite boulder discovery made 2.5km SW of the Lahtojoki diamond deposit, announced on 9 November, shows that this boulder is derived from an undiscovered kimberlite.
Thin section and field emission scanning electron microscopy (FESEM) work provides textural and elemental information of the boulder sample. The thin section of the boulder proves the sample to be an altered hypabyssal kimberlite.
Karelian says the location of the boulder could have potentially been the result of an older SSW ice flow direction transporting a block of material from the Lahtojoki kimberlite to the boulder discovery location. However, given that Lahtojoki is a diatreme filled with tuffisitic or tuffisitic breccia kimberlite, it is clear this boulder material is not derived from the Lahtojoki pipe.
The most likely explanation for the source of this boulder is that it is derived from an undiscovered kimberlite up ice from the initial discovery site.
Previous work on the mantle-derived indicator mineral compositions from the boulder material indicates a similar Archean diamond-bearing mantle has been sampled by this kimberlite.
Chairman Professor Richard Conroy said: " This information offers the prospect of there being a new additional undiscovered kimberlite in the vicinity of the Lahtojoki mining permit which has a mineral composition indicating that it has sampled the diamond-bearing mantle. This is very exciting indeed and, as hoped, significantly increases the attractiveness of the Lahtojoki Diamond Deposit. "
* * *
Nyota Minerals Ltd (LON:NYO) said it continues its process of preparing the documentation necessary for the Company's shareholders to consider the proposed acquisition of BigDish Ventures Ltd.
The Company has been advised that BigDish will formally launch in Hong Kong in February 2017. This represents the first expansion from the Republic of the Philippines.
BigDish's Hong Kong operation will be led by Frederic Honore-Spinler, who was appointed in late 2016.
* * *
ZincOx Resources (LON:ZOX) has entered into a Sale and Purchase Agreement (SPA) with Korea Zinc Company Ltd in regard to its remaining interest in Zinc Oxide Corp (ZOC), formerly known as ZincOx Korea Ltd, owner of the Korean Recycling Plant (KRP).
KZC has agreed to pay a total of $7,950,000 in two tranches for the remaining interest in ZOC, of which $7,000,000 is to be paid within three weeks and the balance once KZC has completed various procedural requirements in Korea.
In the event that the second tranche is delayed by nine months, interest will start to be paid at five per cent. per annum on the amount outstanding. It is anticipated that the second tranche will be paid within six months and in the meantime the shares will be held by KZC in escrow.
The carrying value of this asset shown in the Interim Statement of the Company at 30 June 2016 was $5,800,000; thus this transaction results in a gain of approximately $2,000,000.
The proceeds from the sale will be used to repay the Company's Corporate Loan Notes, which together with accrued interest amounts to approximately $5,000,000 (£4,000,000). The balance will be used to progress other projects upon which we have been working.
* * *
Greatland Gold (LON:GGP) successfully identified two large zones of gold mineralisation at its Ernest Giles project in Western Australia.
An ambitious drilling campaign at Ernest Giles identified two large zones of mineralisation, a Western Zone of 6km in length and 1.5km in width, and an Eastern zone of 2km by 1.5km.
The majority of the RC holes drilled intersected mineralisation including several that intersected wide zones (up to 60 metres) of anomalous gold mineralisation.
The cover sequence was not as thick as expected with the shallowest intercept at 119m, which suggested that Ernest Giles represents a large, relatively near surface gold exploration target.
Greatland Gold's field operations took one metre re-samples of several holes (these results were based on initial 4m composite samples).
The company said the results of the one metre re-samples are expected within the next four weeks.
* * *
Landore Resources (LON:LND) has issued a progress report on extension drilling of the BAM East gold prospect on its Junior Lake property in Ontario, Canada.
Landore says drilling results continue to report wide zones of gold mineralisation including high grade intersections with drill-hole 0416-555 reporting 18.27 metres (m) at 3.69 grams/tonne (g/t) gold including 2.00m at 21.49g/t gold and drill-hole 0416-557 reporting 30.00m at 2.27g/t gold including 5.00m at 4.17g/t.
- The Central Zone of the BAM East gold prospect has now been extended to over 800 metres of strike length from 2100E to 2900E and to > 250m down dip. The Zone remains open down dip and to the east and west along strike.
- Drilling and exploration on the BAM East gold prospect has concluded for the year with all results now received and submitted for inclusion towards the maiden resource and technical report due for release in Q1 2017.
Chief executive Bill Humphries said: "Since Landore's discovery of the BAM East Gold Prospect in late 2015 drilling has successfully delineated a significant gold occurrence in the Central Zone, over 800 metres in length and 250+ metres down dip, together with identifying other highly prospective gold occurrences with similar lithology along a potential 2.7 kilometre strike length. Landore awaits with excited anticipation receipt of the Maiden Resource and Technical Report for the BAM East Gold Prospect in Q1 2017."
* * *
Edenville Energy (LON:EDL) has started trial mining at the Rukwa coal project near Sumbawanga in western Tanzania.
Over the past several months Edenville has received significant formal interest from several companies for long-term coal supply. As a result, trial shipments of run of mine coal have been transported to customers in order to determine appropriate logistical, quality and quantity parameters. Commercial rates are being paid for the delivery of this coal.
Consequentially, the company has taken the decision to move the project to the next stage of development, which focuses on the commencement of commercial mining operations and the acquisition of a coal processing facility. It is planned that initial mining will commence in Q1 2017. This will focus on stripping the overburden and the production of a ROM coal stockpile.
In parallel, a suitable coal wash plant is planned to be established on site. Whilst some coal will be delivered unprocessed, as per customer requirements, it is envisaged that the majority of coal will undergo a degree of treatment through the wash plant to optimise the product for different customers and maximise the potential returns to Edenville. Initial mining operations will be under the control of Edenville and the Company is well advanced in selection of a suitable wash plant facility. The wash plant facility will also be configured so as to be able to process coal for the planned future power plant.
Chief executive Rufus Short said: "I am very pleased we have been able to reach the stage where we are confident there is a long-term market for the coal from Rukwa. Our goal is to move our asset into generating positive cash flow in the near-term and to become a key supplier of coal in the East Africa region. Production will take place alongside the continued advancement of the planned coal to power project."
(LON:BEM) Beowulf Mining PLC share price was -0.25p at 7.88p
(LON:BKY) Berkeley Energia Ltd share price was +2p at 66.5p
(LON:CEY) Centamin PLC share price was +5.55p at 151.15p
(LON:CZA) Coal of Africa Ltd share price was -0.03p at 3.51p
(LON:FDI) Firestone Diamonds PLC share price was +0.25p at 50.5p
(LON:FRES) Fresnillo PLC share price was +41.5p at 1422.5p
(LON:GEMD) Gem Diamonds Ltd share price was +2.75p at 116.25p
(LON:HOC) Hochschild Mining PLC share price was +8p at 230.7p
(LON:KMR) Kenmare Resources PLC share price was -5.5p at 272.5p
(LON:VED) Vedanta Resources PLC share price was +43.5p at 1000.5p