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Open Orphan #ORPH – Mention in the Times Market report
Among smaller companies, Open Orphan struck a chord with investors. It rose 1¾p, or 7.7 per cent, to 22¾p after its hVivo subsidiary was awarded a £5 million contract to start human trials on a drug to develop protection against respiratory viral infections.
Kavango Resources #KAV – KSZ drilling 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 successfully completed the first downhole electromagnetic (“DHEM”) survey on Hole KSZDD002 to a depth of 350m.
The measured DHEM response now indicates that the B1 Conductor Target (the “B1 Conductor”) has a conductance of 11,000 Siemens. This is an increase of 37.5% from the original modelled response, derived from a surface Time Domain Electromagnetic (“TDEM”) survey (announced 02 July), confirming this is a strong conductor.
To provide context, Kavango has provided a table on its website that presents an idealised resistivity and conductivity spectrum for rocks and mineralisation. The link to this table can be seen below:
According to the updated DHEM model, the B1 Conductor has more elongate dimensions of 600m by 350m, however the position and dip of the plate remain the same. The drill hole is therefore still positioned optimally to intersect this target when drilling resumes in January. The estimated depth to top is 420m, and the dip continues to indicate that the B1 Conductor is cross-formational. This suggests the B1 Conductor may have been emplaced by an as yet unspecified intrusive event and is unlikely to be formational.
As originally planned, Hole KSZDD002 is oriented towards the centre of the B1 Conductor. The Company estimates it will intercept the B1 Conductor between 525m and 575m.
The stratigraphy encountered so far in Hole KSZDD002 is analogous to the stratigraphy encountered in Hole KSZDD001, 1km away.
Kavango’s strategic partner, Spectral Geophysics (“Spectral”), completed the DHEM survey and the data has been separately independently analysed and verified.
Hole KSZDD002 has now been cased off to 350m with HQ casing as part of Kavango’s updated strategy to handle the drilling conditions and maintain hole stability. Equity Drilling and Mindea Exploration and Drilling Services (Pty) have paused drilling operations for the Christmas break and are scheduled to recommence early in the New Year.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We now have the clearest indication yet that Hole KSZDD002 is on course to intercept a major conductor. What that conductor is remains to be seen, but I am extremely grateful for the effort our partners have put into completing the first downhole EM survey.
This drilling campaign in the Kalahari Suture Zone has been a major engineering challenge. Completing downhole EM has proven to be particularly difficult, because we have had to case the boreholes to protect their integrity.
Given the importance of the B1 Conductor in testing our geophysical exploration methods, we knew we had to do everything we could to complete this first survey. Spectral went to great lengths to ensure we had equipment on site to perform the survey as soon as the drillers were ready.
This extra effort has paid off and we look forward to recommencing drilling early in the New Year.”
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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geophysics have been read and approved by Mr. Jeremy S. Brett, M.Sc., P.Geo., Senior Geophysical Consultant, Jeremy S. Brett International Consulting Ltd. in Toronto, Canada. Mr. Brett is a member of the Professional Geoscientists of Ontario, the Prospectors and Developers Association of Canada, the Canadian Exploration Geophysical Society, and the Society of Economic Geologists. Mr. Brett has sufficient experience that is relevant to geophysics applied the styles of mineralization and types of deposits under consideration to act as a Qualified Person as defined under the Canadian National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Blencowe Resources #BRES – Publication of a Prospectus
Blencowe is pleased to announce that its prospectus has been approved by the Financial Conduct Authority (the ‘FCA’) and published today by the Company (the ‘Prospectus’). The Prospectus relates to the admission of Placing Shares and Subscription Shares in connection with the £2,000,000 fundraise announced on 12 November 2021.
The Company will admit a total of 40,000,000 new ordinary shares to the standard listing segment of the Official List of the FCA and to trading on the Main Market for listed securities of the London Stock Exchange at 8.00 a.m. on 15 December 2021 (“Admission”). The new ordinary shares consist of 29,100,000 Placing Shares and 10,900,000 Subscription Shares. The Placing and the Subscription are conditional, inter alia, on Admission.
Further information is set out in the Prospectus, which can be accessed electronically from the Company’s website at www.blencoweresourcesplc.com.
Unless otherwise defined herein, terms defined in the Prospectus have the same meanings herein.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the FCA (“DTRs”), the Company confirms that, following Admission, its issued share capital will comprise 161,929,950 Ordinary Shares, each of which carries the right to vote, with no Ordinary Shares held in treasury. This figure may be used by Shareholders 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 DTRs
Cameron Pearce, Chairman of Blencowe Resources Plc commented:
“We are delighted to publish the prospectus and close the transaction to raise £2m. This provides the Company with a firm foundation to continue developing Orom-Cross graphite project and 2022 should be transformational for the Company. I would like to thank our shareholders, both old and new, and to wish everyone a happy xmas from the Blencowe team.”
For further information, please contact:
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Contact details:
Blencowe Resources Plc Sam Quinn
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Tel: +44 (0)1624 681 250 info@blencoweresourcesplc.com |
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Investor Relations Sasha Sethi |
Tel: +44 (0)7891 677 441 sasha@flowscomm.com |
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Brandon Hill Capital Limited Jonathan Evans |
Tel: +44 (0)20 3463 5000 jonathan.evans@brandonhillcapital.com |
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First Equity Limited Jason Robertson
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Tel: +44(0)20 7330 1883 jasonrobertson@firstequitylimited.com |
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/72382491/admin/
Sign up for our news: http://eepurl.com/hxc9vn
Blencowe Resources #BRES – Webinar Call
Blencowe Resources (BRES:LON), the graphite explorer developing the Orom-Cross jumbo flake graphite project in Uganda, is pleased to announce that it will host a shareholder conference call and Q&A via Zoom conferencing on Monday 13 December 2021 at 12:00 noon UK time (8:00 p.m. WST time).
The call will be hosted by Blencowe’s CEO Mike Ralston who will update on the Company’s recently announced Preliminary Economic Assessment as well as discussing Blencowe’s 2022 work programme.
Interested investors are invited to register using the following link:
https://us02web.zoom.us/webinar/register/WN_0QMoNsT3TpmS1B3SouwqeA
Shareholders who wish to do so are invited to submit questions via email to info@blencoweresourcesplc.com
The most recent copy of the Company’s corporate presentation can be found at the following link:
https://blencoweresourcesplc.com/presentation/
Please note that until the Q&A session has begun that all participants will initially be muted without audio with the exception of Company management. A recording of the call will also be made available on the Company’s website following the call.
Technology Minerals #TM1 – Recyclus and WMG Partnership
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 Recyclus Group, a 49% Technology Minerals owned company, has agreed an engineering development partnership with WMG at the University of Warwick, a leading academic group providing research, education and knowledge transfer in engineering, management, manufacturing and technology.
WMG and Recyclus have created an Engineering Doctorate (“EngD”) focused on battery recycling technologies and a transfer of current and future applications. The EngD encompasses a four-year programme supporting talented individuals at varying career stages to develop new critical skills sets in this sector and will also focus on addressing contemporary industrial and technical challenges across the battery recycling sector.
Recyclus has developed the first industrial scale process that can work across all of the key Lithium-ion (“Li-ion”) battery technologies and Recyclus and WMG will be sharing this important technology through the research programmes at WMG, working across a range of development areas.
Professor David Greenwood, WMG Director for Industrial Engagement and CEO of the WMG centre High Value Manufacturing Catapult said:
“Whilst the UK industry has been remarkable in building a world class ecosystem supporting the development of our battery manufacturing capability, we must continue to innovate to capitalise on that success.
In our September 2020 report, WMG highlighted that by 2040, UK automotive lithium-ion battery cell production alone will require 131,000 tonnes of cathodic metals. With the right infrastructure, recycling can supply 22% of this demand. This represents not only a positive environmental impact, but large savings for manufacturers that build the business case for increased battery recycling capabilities in the UK.
The Recyclus Group Investment was needed to create suitable recycling facilities in the UK, and their process allows economic recovery of a large percentage of battery material. The process will help protect the environment, secure valuable raw materials, reduce the cost of transport and support the UK with its COP26 commitments.
Our joint EngD programme will help drive the development of the skills base that will support the circular economy that we will see develop around battery materials as we accelerate the transition towards an electrified future”
Alex Stanbury, Chief Executive Officer of Technology Minerals, said: “The Recyclus team have been working with WMG for nearly two years now, both sharing our respective expertise as we have been developing our proprietary processes across the five battery chemistries, and learning from WMG’s world-class research programmes. These are critical to achieving a leadership position for the UK, particularly developing proprietary technology for the processing of black mass into the key metals that can go back into the UK battery gigafactories supply chain and therefore significantly reduce the supply-side pressures.
There is a clear demand building as a result of the quantum shift to transport electrification, and that is now extending into key UK sectors, including energy storage, freight and aerospace. Working with WMG we will remain at the forefront of our sector, focused on extracting raw materials required for lithium-ion batteries, whilst solving the ecological issue of spent Li-ion batteries, by recycling them for re-use by battery manufacturers.”
With the shortage forecast for key battery minerals in the near-immediate future, there is a concern that the road to the rollout of more electric vehicles will be congested. According to the Copper Development Association (CDA), the average copper content of an ICE vehicle is around 23kg, and this will increase to 60kg for plug-in hybrid electric vehicles and to 83kg for pure EVs. Also, full electric buses can use between 224kg to 369kg of copper. According to a report released in February 2021 by the World Bureau of Metals Statistics ((WBMS)), the global copper market had a supply shortage of 1.391 million tons from January to December 2020, up from 383000 tons for the whole of 2019.
According to an article published in Nature (Future Material Demand for Automotive Lithium-based Batteries, 9 Dec 2020), the increased demand between 2020-2050 for EVs will require a drastic expansion of lithium, cobalt, and nickel supply chains and likely additional resource discovery. The Directors believe that recycling of battery materials could play an important role in reducing the pressures on supply.
Enquiries
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Technology Minerals Limited |
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Robin Brundle, Executive Chairman Alexander Stanbury, Chief Executive Officer |
+44 20 7618 9100
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Alfred Henry Corporate Finance Limited |
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Nick Michaels |
+44 203 772 0021 |
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Arden Partners Plc |
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Ruari McGirr |
+44 207 614 5900 |
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Luther Pendragon |
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Harry Chathli, Alexis Gore, John Bick |
+44 20 7618 9100 |
Kavango Resources KSZ #KAV – distinctly magnetised 30km target identified
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 identified 30km strike length of distinct magnetic Proterozoic gabbro (the “30km Strike Length”) within Target Area A of the Kalahari Suture Zone (“KSZ”) Project, in the vicinity of Hole TA2DD002.
The 30km Strike Length is now a high-priority exploration target for the detection of possible large-scale nickel/copper/platinum group element (Ni/Cu/PGE) mineralisation.
Spectral Geophysics (“Spectral”), the Company’s strategic partner, has produced an updated 3D magnetic susceptibility model (the “Updated Mag Sus Model”) of the Proterozoic gabbro in Target Area A. This maps the 30km Strike Length.
According to the Updated Mag Sus Model, zones of the 30km Strike Length can be intercepted as shallow as 500m. Given that the Updated Mag Sus Model has been constrained using stratigraphic data from Hole TA2DD002, the Company is confident in this depth prediction.
Kavango’s confidence in the Updated Mag Sus Model is based on:
I. Physical evidence seen in Proterozoic drill core from Hole TA2DD002 ( announced 14 September )
II. Initial results from the downhole electromagnetic (“DHEM”) survey of Hole TA2DD002 ( announced 29 October )
III. Spectral’s recognised technical experience and expertise
Highlights:
Ø Spectral inverted and reinterpreted ground magnetic survey data to create the Updated Mag Sus Model in the vicinity of Hole TA2DD002
– Spectral has prepared a report for the Company, which describes the analytical methods it used to produce the Updated Mag Sus Model. Kavango will publish this report on its website.
Ø Spectral’s Updated Mag Sus Model:
– Accurately predicts the intersection of TA2DD002 with the Proterozoic gabbro at 650m
– Confirms that Proterozoic rocks are one set of causative bodies for the magnetic anomalies, identified from both aeromagnetic and ground surveys
– Confirms that the extent of the Proterozoic rocks can be mapped using both aeromagnetic and ground magnetic surveying
– Shows that Hole TA2DD002 appears to have clipped the western edge of the more magnetic Proterozoic rocks, which are hosted within the main body of Proterozoic. The main body of the more magnetic Proterozoic rocks appears to extend approximately 350m to the east
– Indicates the Proterozoic rocks could be intercepted at <500m depth to the NNW of TA2DD002
– Suggests the Proterozoic rocks are possibly shallower to the south on the same geological trend
Ø As with the Great Red Spot ( announced 22 November ), Kavango increasingly believes the 30km Strike has potential to host stacked Karoo-age and Proterozoic-age Ni/Cu/PGE mineralisation
– Based on visual inspection of core samples taken from TA2DD002 and KSZD001, the Company’s preliminary view is the Proterozoic rocks in these two areas experienced differing intrusive and/or metamorphosing events ( announced 16 November )
– Kavango will test this theory with detailed petrographic work and various assay techniques, performed by internationally accredited laboratories in South Africa.
Ø Kavango expects to use the Updated Mag Sus model to guide future exploration in the KSZ, specifically to position future Time Domain Electromagnetic (“TDEM”) surveys
Ø The Company will publish images from the Updated Mag Sus Model on its website ( www.kavangoresources.com ) and its Twitter feed ( @KavangoRes )
Ø Kavango will host a shareholder webinar in early December to present its future exploration strategy for the KSZ. Key members of Kavango’s technical team will participate in this event. Details will be published shortly.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Today’s news shows how the various threads of this year’s complex exploration efforts in the Kalahari Suture Zone are starting to tie together. We’ve used the latest remote sensing technology to identify distinct targets, have nearly completed a ground-breaking drill campaign and recovered physical evidence in core samples to support our upgraded geophysical modelling.
It very much feels like we are closing in on a scalable exploration strategy to crack the 5-decade challenge posed by the KSZ.
Spectral Geophysics’ updated magnetic susceptibility model of Target Area A illustrates the enormous prospective potential of our licence areas in this region.
The 30km-long magnetised body, within the Proterozoic gabbro, is just one possible host environment for large-scale nickel/copper/platinum group element mineralisation. Above that sits the Karoo, which still remains a core focus of ours.
The fact that we have at least four other sizeable target zones within 25km distance of of the 30km Strike Length (including the Great Red Spot) highlights how big this project is. The possibility of stacked plays overlying each other, simply adds to the overall promise.
Now that we are increasingly confident in our ability to explore our ground successfully, we look forward to running accelerated field programmes next year. We will present more detail about our updated strategy in our hosted webinar, early next month.”
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
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Power Metal Resources #POW – Alamo Gold Project – USA – Exploration Update
Power Met
al Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to provide an exploration update for the Alamo Gold Project (the “Project”), located in west-central Arizona, USA.
Power Metal has the right to earn-in up to a 75% interest in the Project and full earn-in details were published in the Company’s announcement on 22 July 2020.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The Alamo Gold Project has a history of gold nugget discoveries, and coarse gold palaeoplacer mineralisation is what we are targeting in this next phase of work.
With the necessary exploration permits now in place the much-anticipated test pitting programme at Alamo is finally commencing. This work is fully-funded, having been paid for by Power Metal in advance as part of the year 1 earn-in requirements ending July 2021.
We are pleased to have our project partners carrying out the work, and we will look forward to updates from the field and the receipt of results as the programme progresses.”
PROGRAMME HIGHLIGHTS:
– The 2021 test pitting programme on the Alamo Project has now commenced with the geological team, excavator, metal detectorist, and various geological support staff on site as of Monday, 22 November 2021.
– Permits allowing for the excavation of up to 6 test pits (3 at Breccia Hill and 3 at Big Boulder Wash), as well as 5 percussion drill holes have been received from the United States Bureau of Land Management (“BLM”). The bond for the proposed work programme has been lodged with the BLM allowing the outlined work to be undertaken on the Project.
– The US$40,000 deposit for this phase of work was prepaid by Power Metal in June 2021, bringing the total spend for the year to July 2021 over the US$100,000 minimum as outlined in the earn-in agreement signed with Frisco Gold Corp (“Frisco Gold”).
– The focus of this work programme will be the Big Boulder Wash and Breccia Hill Zones, and will include:
o Up to 3 test pits will be excavated at Big Boulder Wash where previous work has identified basal conglomerates that are highly prospective for hosting palaeoplacer coarse gold deposits within the district.1,2 The excavated test pits will be investigated by the on-site metal detectorist and geologists, with the aim of identifying coarse nuggety gold at the exposed geological contact zone.
o Up to 3 test pits will be excavated at Breccia Hill – a domed shape hill which was originally identified by a bulk leach extractable gold (“BLEG”) geochemical survey. Previous work at Breccia Hill identified extensive hydrothermal alteration, as well as quartz stockwork veining and sulphide mineralisation, within multiple breccia units mapped within the property. Following excavation, each pit will be mapped and sampled in detail by the geologist and metal detectorist.
Contingent on results from this test pitting programme, which will include visual inspection of test pits for coarse gold mineralisation as well as laboratory assay of any rock samples of interest, a decision will be made on whether to follow up with a proposed second phase of work, which will include percussion drilling.
THE PROJECT
The Alamo gold project is a package of mining claims covering an area of approximately 946 acres situated in west-central Arizona, USA. The Project was originally identified as prospective for gold following the discovery of native gold nuggets near surface in numerous locations within the Project boundaries.
The geological environment supports further exploration to investigate the source of the nugget gold and the potential for a large, mineralised gold system. In addition, the region in which the Project is situated is prospective for precious and base-metals, with nearby active and historic mines that have produced silver, lead, gold, zinc and copper.
1 Basal conglomerates: a conglomerate is a clastic sedimentary rock that is composed of a substantial fraction of rounded to subangular gravel-size clasts. A basal conglomerate forms the bottom stratigraphic unit of a sedimentary series and that rests on a surface of erosion (the basal contact), thereby marking an unconformity. In rare cases the basal conglomerate can also host a palaeoplacer deposit (see below).
2 Palaeoplacer deposits: consist of accumulations of valuable minerals, in this case gold, formed by gravity separation due to differing particle densities in a sedimentary environment (with the resultant deposits referred to as ‘placers’). The ‘palaeo’ prefix denotes that those placer deposits have become cemented or lithified post deposition.
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Kavango Resources #KAV – Metal sulphides encountered in Hole KSZDD001
Metal sulphides encountered in Hole KSZDD001
Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce completion of Hole KSZDD001 in the Company’s Kalahari Suture Zone (“KSZ”) Project. Copper sulphide mineralisation and locally abundant fine grained, interstitial magnetite were encountered from first contact with the Proterozoic gabbro, at 951m to the end of hole at 1,000m (“EOH”). This was consistent with the Company’s geophysical modelling of the Proterozoic gabbros, which are believed to be the source of the “Great Red Spot” magnetic anomaly (the “GRS”).
Hole KSZDD001 is the deepest borehole ever drilled into the GRS and is the first to recover physical evidence of sulphide mineralisation in this system.
Kavango has confirmed the presence of fine-grained, interstitial disseminated chalcopyrite (copper sulphide) and abundant magnetite through sections of the 49m of recovered Proterozoic core. This includes occasional 1cm elongated blebs of chalcopyrite (copper sulphide) with minor nickel.
The magnetic susceptibility readings for the intersected Proterozoic rocks are in the range of 140 to 280 milli SI units, with an average of 230 milli SI. In the absence of any observations of pyrrhotite, these magnetic susceptibility values are well above the typical values for gabbros, which are typically in the range of 10 to 80 milli SI.
Preliminary field analysis and visual inspection of core samples taken from Hole KSZDD001 suggest the Proterozoic gabbros in the GRS in Target Area B exhibit differences to those encountered in Hole TA2DD002 in Target Area A (announced 14 September 2021), notably around alteration events. The Company’s preliminary view of this observation is that Target Areas A and B have experienced differing intrusive and/or metamorphosing events, these including potential mineralising phases within separate, but likely linked systems.
Kavango will test these theories and the provenance of the chalcopyrite through petrographic and geochemical analysis of core samples taken from both holes. This detailed petrographic work will be coupled with various assay techniques with all samples sent to internationally accredited laboratories in South Africa.
Drilling conditions in Hole KSZDD001 were challenging, with poor and fractured ground conditions encountered in several sections. As such, Kavango has elected not to attempt a downhole electromagnetic (“DHEM”) survey of Hole KSZDD001, as the risk of losing the DHEM probe in the uncased sections of the hole were considered too high.
Kavango congratulates Mindea Exploration and Drilling Services (Pty) (“Mindea”) & Equity Drilling on successfully drilling Hole KSZDD001 in difficult ground conditions to target depth and recovering all cores. A number of historic exploration holes, including GRS-1 drilled in 2002, were abandoned due to technical difficulties.
Lessons learned from the drilling of Hole KSZDD001 will be applied to KSZDD002, which will target the 8,200 Siemens conductor (announced 02 July 2021). The rig has mobilised to the drill collar location and drilling operations are expected to begin by the middle of this week.
Kavango will publish photos of core recovered from the Proterozoic in Hole KSZDD001 on its website (www.kavangoresources.com) and Twitter feed (through the handle @KavangoRes).
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Once again we’ve broken new ground in the 50-year effort to unlock the Kalahari Suture Zone’s potential to host nickel/copper ore bodies.
We are the first company to confirm the presence of interstitial chalcopyrite (copper sulphide) in the Great Red Spot and the first successfully to drill to 1,000m in this area. For this we have to thank Mindea/Equity Drilling for stepping up to the complex engineering challenge.
We now await the results of petrology and geochemical analyses of our core samples to confirm the chalcopyrite’s origin and to tell us more about the extent to which the Great Red Spot is a favourable environment for massive sulphides.
We are particularly interested in the strength of the magnetic readings from where we made contact with the Proterozoic. They were 3 to 23 times higher than what one would expect in common gabbros. The magnetic pencil our field geologist used stuck to the core. We expect to complete follow-up analyses of various geophysical survey data we have available to us, to model what might be the deeper source of the underlying vast anomaly.
The decision to drill the deep geological hole into the Great Red Spot, before drilling the 8,200 Siemens B1 Conductor, has been fully vindicated. A downhole electromagnetic survey of Hole KSZDD001 would have been optimal, but we now have a much clearer idea of what is in front of us for Hole KSZDD002.
At this point, we believe we have done everything we can to maximise our chances of operational success in the next drill. What we encounter will then be up to the geology.”
Ananda Developments #ANA – Shareholder Update
Ananda’s ambition is to be a UK grower and provider of carbon neutral, consistent, high quality medical cannabis for the UK and international markets.
Since the Company’s update on 6 October 2021, works have continued on schedule at the medical cannabis research growing facility being constructed in the UK by DJT Plants Limited (“DJT Plants”), the Company’s 50% owned subsidiary.
Research facility construction
The construction of the research facility is near completion. Security fencing has been installed around the designated perimeter of the project area, the reservoir to hold required water is complete and the interior of the medical cannabis growing rooms is complete. Dr Hadar Less, the project’s lead geneticist, spent last week on site to finalise room by room lab requirements, plant nursery growing trollies and other details.
The initial 0.2 hectares of multi-chappelle growing tunnels have been constructed and the design for the plant layout within the units has commenced.
Ananda’s plan
As previously communicated to shareholders, Ananda will conduct a medical cannabis breeding and stabilisation programme designed to create a library of proprietary strains which exhibit metabolic profiles which thrive in local growing conditions and which are efficacious in the treatment of indications including epilepsy, neuropathic pain, scleroderma and Parkinsons disease, as well as for other indications. Subject to further licensing from the Home Office, it is intended to use these learnings to grow medical cannabis for commercial purposes.
As a result of the experience gained by Ananda’s partner, JEPCO, in growing medical cannabis from 2014-2017 for GW Pharmaceuticals, Ananda intends to grow in natural season with no artificial light or heat. The Directors believe that using the full natural spectrum of light will result in superior medical cannabis flower and enhance the opportunity to garner its full benefit. The plan also requires much lower levels of capital and operating expenditure and, in the opinion of the Directors, enables a more scalable business than would be required by the building of large glass houses with artificial light and heat. In addition, DJT Plants’ cannabis growing is expected to be zero carbon.
Ananda’s CEO Melissa Sturgess commented: “As we look to the North American experience of large facilities with their high capital requirements, high operating costs and businesses which are supply led rather than demand led, we see financial pressures. Ananda’s model is clear. We have a low capital, low operating cost model which focuses on patient demand and which we believe will deliver superior medicines with very strong margins.”
UK medical cannabis market
According to UK based medical cannabis advisory group, Maple Tree Consultants, there are now approximately 9,500 medical cannabis patients in the UK. Maple Tree predicts that this number will reach around 25,000 by the end of 2022. This growth is in line with the development of international medical cannabis markets which experienced slow growth immediately after legalisation, followed by increased and then rapid growth around year 3. Medical cannabis was legalised in the UK in late 2018. The Directors of Ananda are encouraged by the potential of the industry in the UK and the opportunity for Ananda. They are also greatly heartened to see medical cannabis becoming more widely acceptable and understood as an efficacious treatment for many health indications.
Sale of shareholding in Liberty Herbal Technologies Limited
Ananda has sold the Company’s holding of 1,642,857 ordinary shares in Liberty Herbal Technologies Limited (“LHT”), the developer of ready to use cannabis sachets for portable vaporisers. The consideration for the disposal is £100,000 in cash, which has been received by the Company.
The proceeds of the disposal will be used to support the ongoing construction, staffing and operation at the medical cannabis research growing facility being developed in the UK by DJT Plants, which is the focus of Ananda’s attention. As announced on 8 June 2021, the Company is in the process of acquiring the remaining 50% of DJT Plants that it does not already own. (https://anandadevelopments.com/wp-content/uploads/2021/09/08062021-Proposed-100-ownership-of-DJT-Plants-Limited.pdf).
Power Metal Resources #POW – New Australia Copper-Gold Opportunity
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces details of a new Australia Copper-Gold project in South Australia (the “Project”).
The Project is centered on two large licence applications in South Australia and a map highlighting this can be found through the link below:
https://www.powermetalresources.com/south-australia-licences/
HIGHLIGHTS:
– Power Metal has established a new wholly-owned Australian subsidiary, Power Metal Resources Australia Pty Limited (“Power Australia”).
– Power Australia will be the host vehicle for new Australian exploration interests of Power Metal, which are being acquired to replace current interests in Australia which are the subject of planned spin-out/disposals (1).
– Power Australia has submitted two licence applications (ELA 2021-00162 & EL 2021-00163) in the Gawler Craton of South Australia. The applications have been received and validated by the Department of Energy and Mining.
– The licence applications cover an area of 1,994Km2 and are situated due south and west of Copper Search Limited’s Ruby Hill project (https://coppersearch.com.au/projects/). Copper Search Limited recently listed on the Australian Securities Exchange (ASX:CUS) and currently has a market capitalisation of circa A$29m (https://coppersearch.com.au/asx/).
– The applications are targeting Olympic Dam(2) style mineralisation and Power Australia are currently undertaking a review exercise to further refine geological understanding and prepare detailed exploration plans in readiness for ground operations when licences are granted.
(1) Including First Development Resources with interests in the Paterson Region and New Ballarat Gold Corporation with interests in the Victoria Goldfields.
(2) https://www.bhp.com/what-we-do/global-locations/australia/south-australia-olympic-dam
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“With the preparations underway for the spin-out/disposals of Power Metal’s two existing interests in Australia, we are now looking to rebuild our Australia portfolio.
Through our in-house team we have identified this new opportunity in South Australia, targeting large-scale discoveries in a geological environment that is prospective for Olympic Dam style mineralisation.
I look forward to providing further information in respect of our corporate and exploration plans in respect of this new opportunity.”
GEOLOGICAL OVERVIEW
Tom O’Driscoll, on behalf of Western Mining Corporation in the 1980’s undertook a detailed lineament analysis across South Australia. His goal was to highlight 1st (major) and 2nd (minor) order structures across the State, and specifically to map the intersection of these various structures in order to assist with mineral exploration targeting. The intersection of these lineaments proved to be a valuable exploration tool as major mineral deposits, including Olympic Dam, were determined to fall near the mapped lineament intersections.
In South Australia, there is a major northwest-southeast oriented lineament (red corridor on attached map) which broadly connects up several mineral deposits and development projects including Olympic Dam, Carrapateena and Elizabeth Creek. This major lineament extends northwest through the new licence applications lodged by Power Australia where it is intersected by second order (white dashed lines on attached map), northeast-southwest trending lineaments which are broadly coincident with mineral deposits and development projects including Peculiar Knob, Snaefell, and Cairn Hill.
The licences therefore cover an intriguing area which is highlighted by various regionally important structural intersections – and covers an extended claim border with Copper Search Limited’s Ruby Hills project, where they will be launching various exploration initiatives in the coming months.
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:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |