Bezant (LON:BZT) has completed the acquisition of 100% of Colombian Mining Data SA, formerly named Birkenhead Estates SA.
CMD is a special purpose vehicle which holds, inter alia, certain proprietary geological information and other data and intellectual property rights to be utilised by Exumax S.A.S.in performing its services under the exploration agreement, further details of which were announced on 7 September 2016.
The Exploration Agreement secured the exploration and management services of Exumax, a Colombian based alluvial mining company, in respect of a planned 24-month exploration and development programme for the Company's near surface platinum and gold assets located in the Choco Region of Colombia over which it holds certain options.
In accordance with the terms of the share purchase agreement between (i) the Company, (ii) Verona Investment Group Inc.and (iii) the founders of Verona, the Company is issuing 7,201,745 new ordinary shares of 0.2 pence each in the capital of the Company to Verona representing approximately 3.51 per cent. of the Company's enlarged issued share capital.
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Serabi Gold (LON:SRB) has provided an operational update for Q3 of 2016 on its wholly owned Palito and Sao Chico gold operations in the Tapajos region of Para State, Northern Brazil.
- Record quarterly gold production of 10,233 ounces for the third quarter of 2016 (Q2 2016 - 9,896 ounces).
- Increase in the full year production guidance to approximately 39,000 ounces of gold representing a 5 per cent improvement compared with its previous guidance of 37,000 ounces for the year.
- Mine production totalled 43,133 tonnes, a 28 per cent increase over the preceding quarter; 31,916 tonnes at a grade of 9.52 grammes per tonne (g/t) of gold from Palito; 11,217 tonnes at 9.88 g/t of gold from Sao Chico.
- 42,464 tonnes of ore processed through the plant for the combined mining operations.
- 2,649 metres of horizontal mine development completed in the quarter with 1,607 metres completed at Palito and 1,042 metres at Sao Chico.
- With the third ball mill operational from the end of the second quarter, along with a second flotation line and enhancements in the carbon in pulp ("CIP"), work has commenced on the installation of a new carbon regeneration kiln which should be completed in the early part of the fourth quarter. The kiln will regenerate 'fouled' carbon and enhance gold recoveries.
- These plant enhancements have increased plant capacity from 380-400 tonnes per day (tpd) to over 500 tpd. This additional capacity of approximately 100 tpd is being used to consume the surface stockpile as much as practicably possible.
- Sao Chico has now been deepened to the 86m level, some 150 vertical metres below surface. The ramp is continuing at a slower rate to the 71m level.
- During the third quarter, underground exploration drilling continued at both sites. At Sao Chico the first 17 holes of a 6,000 metre programme were completed. The programme is testing the continuity of the central ore-zone below the current deepest workings at 86m down to level -20m.
- At the end of the third quarter, the combined surface stockpiles at Palito and Sao Chico totalled 11,000 tonnes at an average grade of 3.3 g/t of gold.
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Anglo Asian Mining (LON:AAZ) has confirmed a new gold discovery, 'Ugur', within its Gedabek licence area in western Azerbaijan.
This is in line with the company's strategy to continue to expand the potential resource at the Gedabek Licence. Ugur provides significant potential upside to the company's future gold production. Highlights:
- Gold exploration target discovered 3 kilometres north-west of the Company's agitation leaching plant and heap leach facilities at its Gedabek Licence
- Positive assay results returned from chip samples and reverse circulation drilling
* All drill holes ended in oxide mineralisation
* Preliminary testwork results yielded an average recovery of gold of 87 per cent. suggesting the oxide zone is amenable to leaching
- Initial Phase II core drilling programme has commenced to determine overall depth and style of mineralisation with a view to increase resources
- Detailed geological structural and alteration mapping has started and additional trenching is also planned before the end of 2016
- Significant upside potential as target has only been partially drilled and initial field mapping suggests that the area is open along strike
- Additional exploration target defined in the expanded Ugur area
* Based on similar alteration and geomorphological position to the Ugur deposit located approximately 1,500 metres south of the current Ugur drilling area
* Further evaluation planed as part of the 2017 field work programme
Anglo Asian chief executive Reza Vaziri said, "In line with our strategy to increase our gold production, we are constantly evaluating the upside surrounding our producing mines and the discovery of the Ugur deposit has the potential to add significantly to our gold resources and reserves and hence our future production at Gedabek.
"Having recently returned to profitability, and following the completion of several operational initiatives to improve efficiencies and lower costs at Gedabek, I believe Anglo Asian is now well positioned to expand its mineable reserves which will lay the foundations for long term and sustainable production from multiple deposits at Gedabek.
"This is an exciting time for the Company and I look forward to updating shareholders on our progress as we look to unlock the potential from this new target and increase value for our shareholders in the process."
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Alba Mineral Resources (LON:ALBA) has been informed by Horse Hill Developments that a planning application has been submitted to Surrey County Council seeking permission to conduct further significant appraisal testing and drilling at the Horse Hill-1 oil discovery, located in Licence PEDL137, close to Gatwick Airport.
The HH-1 oil discovery achieved an aggregate stabilised flow rate of 1688 bopd from two Kimmeridge limestones plus the overlying Portland sandstone. The company holds a 9.75% interest in PEDL137.
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The sector's biggest riser was Ovoca Gold (LON:OVG) - up by more than 17.9% in late trading. The biggest faller was Amur Minerals (LON:AMC) - down by more than 10.2%.
(LON:AAZ) Anglo Asian Mining PLC share price was +0.38p at 19.25p
(LON:ALBA) Alba Mineral Resources PLC share price was -0.01p at 0.27p
(LON:BEM) Beowulf Mining PLC share price was +0.03p at 5.63p
(LON:BKY) Berkeley Energia Ltd share price was -0.75p at 51.25p
(LON:BZT) Bezant Resources PLC share price was +0.08p at 2.28p
(LON:CEY) Centamin PLC share price was +0.2p at 144.6p
(LON:CHL) Churchill Mining PLC share price was -3.13p at 29p
(LON:CZA) Coal of Africa Ltd share price was -0.07p at 2.88p
(LON:FDI) Firestone Diamonds PLC share price was 0p at 56p
(LON:FRES) Fresnillo PLC share price was -10p at 1610p
(LON:GEMD) Gem Diamonds Ltd share price was -2.37p at 116.38p
(LON:HOC) Hochschild Mining PLC share price was -2.4p at 255.1p
(LON:KMR) Kenmare Resources PLC share price was -8.12p at 306.88p
(LON:OVG) Ovoca Gold PLC share price was +1.5p at 9.88p
(LON:SRB) Serabi Mining PLC share price was +0.13p at 5.25p
(LON:VED) Vedanta Resources PLC share price was +2.75p at 637.75p