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Cadence Minerals #KDNC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced that Geochemical results from its soil auger survey at the Kenny Project in Western Australia have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies. Evergreen said that four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
Evergreen’s Kenny project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX: LTR) Buldania lithium deposit of 14.9Mt @0.97% Li20 (LTR, 2019).
Cadence holds 15,830,138 million shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
- Geochemical results from Evergreen’s soil auger survey at Kenny have identified Rare Earth Element (“REE”) targets, indicated by several Cerium and Lanthanum anomalies.
- Four priority REE target zones have been identified with CeO2 assay results showing maximum values up to 451ppm CeO2.
- A partial suite of REE’s were assayed as part of a multi-element assay method used to identify lithium and its pathfinder elements. The partial suite included three (3) REE elements: Cerium (Ce), Lanthanum (La) and Yttrium (Y).
- Assays of interest within the partial suite included maximum values, as converted to oxides, of 451ppm CeO2, 186.5ppm La2O3, & 62.4ppm Y2O3;
- CeO2, La2O3, & Y2O3 REE anomalies compare favourably to other first pass soil anomalies.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “Geochemistry from our phase 1 soil auger sampling program has detected several anomalies in the rare earth minerals Cerium, Lanthanum and Yttrium. We are now undertaking further assays to determine the Total Rare Earth Oxide (TREO) of these samples, so that we can consider this information in our prioritisation of drill targets.”
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
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| Cadence Minerals plc | +44 (0) 20 3582 6636 |
| Andrew Suckling | |
| Kiran Morzaria | |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
| James Joyce | |
| Darshan Patel
Enzo Aliaj |
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| Brand Communications | +44 (0) 7976 431608 |
| Public & Investor Relations | |
| Alan Green
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
The information contained within this announcement is deemed by the company to constitute Inside Information as stipulated under the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part of U.K. domestic law under the European Union (Withdrawal) Act 2018, as amended. Upon the publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
#KDNC Cadence Minerals PLC – Corporate Update – Evergreen Lithium (ASX: EG1)
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that ASX listed Evergreen Lithium Limited (“Evergreen”) (ASX: EG1) has announced the results of its auger geochemical programme at the Kenny project, which has resulted in the identification of significant and widespread lithium. The Kenny Project is located 50km east of Norseman and just 17km east of Liontown Resources’ (ASX:LTR) Buldania lithium deposit of 14.9Mt @ 0.97% Li2O.
Cadence holds 15,830,138 shares, equivalent to 8.74% of the issued share capital of Evergreen and is its largest shareholder. Evergreen was listed on the Australian Stock Exchange on 11 April 2023.
Kenny Results – Highlights:
· Geochemical anomalies indicate the potential for Lithium Caesium Tantalum (LCT) pegmatites at Kenny, evidenced by the presence of significant and widespread lithium.
· 5 priority lithium target zones have been identified with Li2O assay results showing maximum values up to 250 ppm Li2O.
· Lithium pathfinders of interest included maximum values of:
o 3.54ppm Be, 46.2ppm Cs, 5.17% K,159.00ppm La, 427ppm Rb & 11.9ppm Ta
· Further geochemical analysis is being undertaken to assess prospectivity for other critical minerals, including Rare Earth Elements.
· Results demand further work and planning for follow up exploration activities at Kenny is currently underway.
Link here to view the full Evergreen ASX announcement
Evergreen Head of Exploration, Jason Ward commented: “This is an excellent start for Evergreen Lithium. These geochemical results from Evergreen’s maiden soil auger program at the Kenny Project in WA show strong lithium values over a widespread area and the coincident anomalies in pathfinder elements have identified several compelling targets for LCT pegmatites. We look forward to following these up with further work including a drilling program.”
Evergreen Chairman, Simon Lill commented: “After a successful IPO listing based primarily on the Company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects. These initial results should elevate Kenny’s status in shareholder perceptions.“
Background to Cadence’s investment in Evergreen Lithium
Cadence Minerals received approximately 15.8 million shares in Evergreen in July 2022 when Cadence sold its 31.5% stake in Lithium Technologies and Lithium Supplies (“LT and LS”) to Evergreen as announced on 27 June 2022. A further AS$ 3.47 million (£1.86 million) of shares in Evergreen are due to Cadence on the achievement of certain performance milestones by Evergreen. The pricing of Evergreen shares associated with this consideration is based on a defined pricing mechanism linked to the VWAP and the date at which the performance milestones are achieved. Further details of these milestones can be found in the Evergreen prospectus available here . Cadence’s shares are subject to a 2-year escrow agreement as determined by the listing rules of the ASX.
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For further information contact:
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Cadence Minerals plc |
+44 (0) 20 3582 6636 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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Darshan Patel Enzo Aliaj |
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Brand Communications |
+44 (0) 7976 431608 |
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Public & Investor Relations |
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Alan Green
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Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as “believe”, “could”, “should”, “envisage”, “estimate”, “intend”, “may”, “plan”, “will”, or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the company’s future growth results of operations performance, future capital, and other expenditures (including the amount, nature, and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes actions by governmental authorities, the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The company cannot assure investors that actual results will be consistent with such forward-looking statements.
#KAV Kavango Resources PLC – KSZ: B Conductor Drill Contract Signed
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to announce a drilling campaign on its Kalahari Suture Zone North (“KSZ North”) project.
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) to drill the cluster of three “B Conductors” it has identified in the project area. Kavango’s technical team prioritised the B Conductors for drill testing after remodelling their conductance to be in the range of possible nickel, copper, platinum group element (“PGE”)-bearing massive sulphides (announced >>> 02 March 2023).
OVERVIEW
– Drill rig mobilisation
· Mindea will deploy a diamond drill rig capable of drilling beyond target depth.
· Kavango selected Mindea, after it successfully drilled two holes into the B Conductors last year as part of the Company’s Proof of Concept campaign (announced >>> 18 August 2022).
– Drill programme details
· Mindea will drill up to 4 holes, targeting the B Conductors at a depth of 600-700m.
· The primary target will be the B1 Conductor, which was recently remodelled with a conductance of 28,700 Siemens using Downhole Electromagnetic (“DHEM”) survey data.
§ This is well into the range accepted by nickel-copper specialised geophysicists for pyrrhotite-bearing massive sulphides.
§ Pyrrhotite is very highly conductive iron sulphide mineral often associated with the nickel-bearing mineral pentlandite in nickel/copper/PGE massive sulphide bodies.
· Secondary targets comprise the B3 and B4 conductors. These have been modelled at 4,100 and 2,760 Siemens respectively, also in the range of possible massive sulphides.
– Preparations underway
· Kavango has mobilised its exploration camp for the drilling campaign.
· The Company is also preparing an access road to the proposed drilling site and preparing the water borehole for the drilling of the B1 Conductor.
· Drilling expected to commence within 3 weeks.
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“We are delighted to return to drilling the Kalahari Suture Zone. Following last year’s ‘near miss’ of the B1 Conductor, we’ve made thorough preparations for our return to this target.
Mindea successfully drilled two holes in the area last year for us, overcoming difficult ground conditions. We learned a lot together from that campaign and are confident Mindea’s team will give us the greatest chance of making a successful intersection of the 28,700 Siemens B1 Conductor.
This high level of conductance is among the stronger geophysical indicators in nickel/copper exploration, and we look forward to proving the causative source with physical drill core.”
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
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to geology and exploration have been read and approved by Brett Grist BSc(Hons) FAusIMM (CP). Mr Grist is a Fellow of the Australasian Institute of Mining and Metallurgy with Chartered Professional status. Mr Grist has sufficient experience that is relevant to the exploration programmes and geology of the main styles of mineralisation and deposit types under consideration to act as a Qualified Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.
#POW Power Metal Resources PLC – Listing of Golden Metal Resources PLC
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) of admission today of its entire issued ordinary share capital to trading on AIM, a market operated by the London Stock Exchange plc. This announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375
Further information in respect of Golden Metal is available through the following website link: https://www.goldenmetalresources.com/
Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p each (“Golden Metal Shares”) representing a 62.06% interest in Golden Metal, which at the IPO price of 8.5p per share is valued at £4,441,144 on admission.
Power Metal’s shareholding above is subject to a 12-month lock in agreement from today’s date prohibiting the sale of Golden Metal Shares, with a follow on further 12-month orderly market arrangement thereafter.
In addition to the shareholding above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and with a life to expiry of 12 months from today’s date. Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and with a life to expiry of 24 months from today’s date.
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
“We welcome today’s listing of Golden Metal focused on exploration and development of its resource projects interests in Nevada, USA.
I would like to thank the Golden Metal team and advisers for their hard work and dedication to deliver this important listing and look forward to Golden Metal driving their business forward, with proactive exploration programmes and news flow.
The value of Power Metal’s investments in Golden Metal (on IPO), Kavango Resources PLC (LON:KAV) and First Class Metals PLC (LON:FCM) amounts to £7.7 million in aggregate, comprising over half of Power Metal’s market capitalisation at market close on 9 May 2023. Further updates are planned across the Company’s remaining eight projects, including targeted listings, disposals or joint ventures.”
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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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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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) 14 8341 3500 |
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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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#GMET Golden Metal Resources PLC – First Day of Dealings
Golden Metal Resources plc, a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA, is pleased to announce that, at 08:00 today, its ordinary shares will commence trading on AIM under the ticker GMET. As part of the process of admission to trading on AIM (“Admission”), the Company has raised gross proceeds of £1.98m through the issue of 23,317,643 new ordinary shares of £0.01 each at a placing price of 8.5 pence per share, equating to a market capitalisation of £7.16 million on Admission.
Overview
The key strengths and attributes of Golden Metal can be summarised as follows:
Location:
The state of Nevada is a well-regarded, mining investment friendly jurisdiction. It was ranked third in the Fraser Institute’s global mining investment attractiveness index survey in 2021 and has a long history of mining and a strong mining and ancillary business support network. Nevada is one of the principal producers of precious metals in the world, with 25 precious metal mines currently in production, accounting for approximately 70 per cent. of the United States total gold production in 2020. In 2018 Nevada accounted for 83 per cent. of the US’s total gold production.
According to the Nevada Mining Association (2022), as of November 2021, 11,000 people were employed by the metal mining sector within the state, with a Nevada Gross Domestic Product contribution of US$3.2 billion in 2020.
Projects with Critical and High-Demand Minerals:
The Company’s 100% owned Pilot Mountain Project (“Pilot Mountain”) hosts a tungsten-copper-silver-zinc Mineral Resource Estimate (MRE) which includes 12.53Mt at 0.27% W03 (tungsten tri-oxide) with significant copper-silver-zinc credits. Tungsten is an in-demand and critical metal as outlined below:
· Tungsten is included in the British Geological Survey’s UK Critical Minerals list (2022), the US Geological Survey’s (USGS) Critical Minerals list (2022) and the European Commission’s Critical Raw Materials list (2020).
· The global demand for tungsten is forecast to rise annually (3-7 per cent. per annum according to the British Geological Survey) and is predicted to outstrip available supply, which is likely to place continued upward pressure on prices in the near-term.
Management Team:
A proven management team with:
· a broad spectrum of knowledge and capabilities;
· substantial technical and listed company experience; and
· extensive North American operating experience with connections to various in-country consulting teams.
Diverse Project Base:
The Golden Metal portfolio consists of four Nevada based projects (collectively the “Nevada Projects”) comprising the Pilot Mountain Project and three exploration stage projects: the Golconda Summit Project (gold), the Garfield Project (copper-gold-silver) and the Stonewall Project (gold-silver).
The Nevada Projects are all well located within major metallogenic belts containing active, globally important precious- and base-metal mining operations. All the assets have favourable geology which is prospective for skarn, carlin, epithermal and porphyry deposit types. The portfolio is focussed on tungsten, gold, silver and base metal mineralisation.
In particular, the Pilot Mountain Project offers significant exploration upside potential as well as the opportunity for Golden Metal to de-risk the Project on a number of fronts. These include building on the existing MRE, furthering and updating technical studies relating to the potential development of the known resources, further permitting, making relevant grant applications, including to the DOD Defence Production Act (DPA) Title III grant office as well as commodity marketing and further metallurgical studies.
In total, the Nevada Projects cover a combined area of approximately 22.83 km2.
Oliver Friesen, CEO of Golden Metal, commented:
” Golden Metal’s admission to AIM comes at a time when it is clear that the world needs more critical, precious-and base-metals. This represents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located wholly within one of the top mining jurisdictions in the world. I believe that our Pilot Mountain Project, with its tungsten MRE, offers the greatest potential for exploitation, given that the US currently has no domestic primary production of the metal and is looking to reduce its heavy reliance on imports of critical metals from China. We are looking forward to actively pushing forward various exploration and corporate developments both within the US and UK and will provide further updates to the market on these various plans in due course.
I would like to thank all of the Golden Metal team and pre-IPO investors for their patience as we methodically worked through the various exploration and corporate developments which have led the Company to the exciting position it is in now. “
Background
Golden Metal is a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA. It was established for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc (“Power Metal”) and progressing the exploration and development of those assets. The Company holds four mining assets comprising the 100% owned Pilot Mountain, Garfield and Stonewall Projects together with an earn in option over the Golconda Summit Project. Each Project consists of unpatented lode mining claims located entirely on land managed by the United States Bureau of Land Management.
The Directors believe that the combination of a suite of high-quality, diversified Nevada based mining assets within a single, US-focused AIM-quoted vehicle creates a compelling investment opportunity. It is their opinion that the Nevada Projects hold several underexplored, highly prospective tungsten, gold, copper, silver and zinc exploration targets. The Directors consider that the Pilot Mountain Project has the potential to increase its existing tungsten focused MRE and to expand on multiple tungsten, copper, silver and zinc-rich zones identified by minimal historical drilling. In addition, the Directors consider that the Golconda Summit Project has the potential for a major gold discovery to follow the identification of significant surface gold mineralisation during a 1989 trenching programme. Accordingly, the Company’s exploration focus will be on these two projects but the Directors also believe there is potential value to be realised at the Garfield and Stonewall Projects.
On 8 April 2022, the Company raised £750,000 through a pre-IPO Financing at a price of 6.67 pence per Ordinary Share, following which Power Metal held 83.13 per cent. of the existing ordinary shares. On Admission, Power Metal will hold 62.1 per cent. of the Company’s enlarged share capital.
Placing, Subscription, Acquisition and Use of Proceeds
The Company has raised gross proceeds of £1,982,000 through a placing and subscription through the issue of 12,449,208 Placing Shares and 10,868,435 Subscription Shares at a price of 8.5 pence per share.
The net proceeds from the Placing and Subscription will be used by the Company to:
· provide funding for the Company to further explore and develop the Nevada Projects; and
· provide the Company with ongoing working capital to support its business operations.
Warrants
Together with every two Placing Shares and every two Subscription Shares, each Placee and Subscriber will also be granted one warrant entitling the holder to subscribe for one further new Ordinary Share at 10.75 pence per Ordinary Share, for a period of 12 months from Admission, and one warrant entitling the holder to subscribe for one further new Ordinary Share at 17 pence per Ordinary Share, for a period of 24 months from Admission. Further details of the warrants are set out in Part VI of the Company’s AIM admission document.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the timing and granting of regulatory and other third party consents and approvals, uncertainties regarding the Company’s or any third party’s ability to execute and implement future plans, and the occurrence of unexpected events.
Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
For further information visit www.goldenmetalresources.com or contact the following:
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Golden Metal Resources plc Oliver Friesen (CEO) |
Tel: +44 (0) 20 7583 8304 |
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Cairn Financial Advisers LLP Nominated Adviser Sandy Jamieson/Jo Turner/Louise O’Driscoll |
Tel: +44 20 7213 0880 |
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First Equity Limited Broker Jonathan Brown/Jason Robertson |
Tel: +44 20 7374 2212 |
The Projects:
Pilot Mountain Project
The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.
Golconda Summit Project
Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain – Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km2 (795.4 acres) located approximately 27km east of Winnemucca.
Garfield Project
The Garfield project is an early exploration stage copper, gold and silver property consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah.
Stonewall Project
The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km2 (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.
#BRES Blencowe Resources PLC – Webinar Today
Blencowe Resources (LSE:BRES), is pleased to announce that it will host a shareholder webinar and Q&A Today Tuesday 9 May 2023 at 12:00pm UK time (19:00pm WST time).
The call will be hosted by Blencowe’s CEO, Mike Ralston who will discuss the Company’s recently announced news relating to funding assistance for the further development of Blencowe’s Orom-Cross graphite project from the United States Government’s Development Finance Corporation.
Registration Details:
A recording of the webinar will also be made available on the Company’s website following the event. Investors are invited to register using the following link:
https://us02web.zoom.us/webinar/register/WN_AuIvebCoTJ-neLmgOWOaYQ
Shareholders who wish to do so are invited to submit questions via email to: info@blencoweresourcesplc.com
Latest Corporate Presentation:
An updated copy of the Company’s corporate presentation can be found on the Company’s website at:
https://blencoweresourcesplc.com/presentation/
Video Interview:
A link to a recent video interview Mike Ralston on the Proactive Investors platform is below:
Company Newsletter
Interested investors can also sign up for the Company Newsletter here:
https://blencoweresourcesplc.com/contact/
**ENDS**
Contacts
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Blencowe Resources Plc
Sam Quinn (London Director) |
info@blencoweresourcesplc.com +44 (0)1624 681 250 |
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Investor Enquiries Sasha Sethi
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Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
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Tavira Financial Jonathan Evans
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Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group |
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First Equity Limited Jason Robertson |
Tel: +44 (0)20 7330 1883 jasonrobertson@firstequitylimited.com |
#POW Power Metal Resources PLC – Appointment of Non-Executive Director
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the appointment of Bill Brodie Good as a Non-executive Director of the Company with immediate effect.
Bill has over 30 years experience in global exploration and project management with extensive work in geological and project management in Australia, Francophone West and Central Africa, the Middle East and Central Asia.
Bill’s most recent role was as CEO and Technical Director of AIM listed Alien Metals in which he made the significant discovery of a DSO Iron Ore resource amongst other achievements with the company.
Bill’s experience has extensively involved the design, planning and implementation of new and grass roots exploration programmes with an emphasis on in country logistics planning, government liaison, people management and project delivery on time and in budget.
In addition to his role as a Non-executive Director, Bill will also provide consulting services to Power Metal directly at the project level.
Sean Wade, Chief Executive Officer of Power Metal Resources commented:
“I am delighted to welcome Bill to the Power Metal team and very much look forward to working with him as we seek to continue the development of our business.
We are very fortunate to have someone with Bill’s experience and technical skills to assist with project development across the Company.
Our business model is based on selective project acquisition, adding value through exploration and corporate advancement and crystallisation to unlock the inherent value in our portfolio. Bill’s expertise along with that of the rest of the board and our first class management team will ensure that that continues to happen.”
Regulatory Disclosures:
The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Douglas William Brodie Good, aged 61:
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Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years):
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KBG Consultants Limited |
Alien Metals Limited Mineral Exploration Services Ltd SRK Exploration Services Limited SRK Exploration Services Nominee Company Limited |
Mr Brodie Good does not hold any shares in Power Metal.
Mr Brodie Good has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.
As part of Mr Brodie Good’s employment contract Mr Brodie Good has been issued with Power Metal share options, namely, 5 million options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the “Director Options”). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.
PDMR Disclosure
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director’s share dealing.
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a)
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Name
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Bill Brodie Good
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2
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Reason for the notification
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a)
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Position/status
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Non-executive Director
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Power Metal Resources Plc
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b)
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LEI
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213800VNXOUPHTX53686 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
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Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
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Identification code |
ISIN: GB00BYWJZ743 |
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b)
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Nature of the transaction
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Issue of Options
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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3.25p
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5,000,000
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d)
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Aggregated information |
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– Aggregated volume |
5,000,000 |
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– Price |
3.25p |
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e)
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Date of the transaction
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5 May 2023 |
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f)
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Place of the transaction
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Off Market |
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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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Sean Wade (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 |
#KAV Kavango Resources PLC – Corporate update & expiry of warrants
Kavango Resources plc (LSE:KAV), the Southern Africa focussed metals exploration company, is pleased to provide the following corporate update.
Progress with new acquisition
Kavango confirms it is in late-stage discussions for a potential exclusive 2-year option to acquire a gold exploration and development project in Zimbabwe (the “Option”). The project area covers a number of contiguous gold claims over a 3.4km strike that has supported historic high-grade underground mining and more recent surface small-scale mining op(the “Project Area”).
The Project Area has never been explored using modern methods or technology. Provisional terms of the Option would allow Kavango to perform unrestricted field due diligence (exploration and drilling), ahead of deciding whether to exercise the Option.
Kavango has completed extensive preliminary due diligence ahead of negotiating the Option, including two field visits to the Project Area.
Potential £6,000,000 conditional equity investment into Kavango
In parallel to the new acquisition discussions, Kavango has been in discussions with a single investor concerning a possible £6,000,000 conditional equity investment into the Company via a non-brokered direct subscription (the “Proposed Subscription”).
Should terms be finalised and agreed, the Company expects to complete the Proposed Subscription at 1p per share. Full completion of the Proposed Subscription would be subject to (i) approval by the Financial Conduct Authority of a prospectus; (ii) approval by shareholders of a waiver in accordance with Rule 9 of the Takeover Code; and (iii) the Company having the necessary authorities to issue the subscription shares.
Expiry of April 2020 warrants
On 15 April 2020, Kavango announced a £358,000 placing and subscription (the “April 2020 Placing”). As part of the April 2020 Placing, the Company issued “A” and “B” warrants on a 3-year term. All unexercised “A” and “B” warrants have now expired.
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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (“UK MAR”). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
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
+46 7697 406 06
First Equity (Broker)
+44 207 374 2212
Jason Robertson
#SVML Sovereign Metals LTD – March 2023 Quarterly Report
Indicated Resource Increased by over 80%
· Kasiya’s Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite with over 66% of tonnes now in the Indicated category.
· Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category.
· The updated MRE will underpin the mining inventory and mine plan for the forthcoming PFS.
Kasiya’s Graphite Global Warming Potential to be Amongst the Lowest in the World
· Independent benchmarking indicates Sovereign’s graphite co-product from Kasiya has the lowest GWP compared with currently known and planned future natural graphite projects.
· Global warming potential (GWP) of producing one tonne of flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of CO2 equivalent emissions (CO2e):
o 3x less polluting than proposed Tanzanian natural graphite production from hard rock sources.
o 6x less polluting than current Chinese natural graphite production which accounts for up to 80% of current global graphite supply.
Kasiya Rutile Project PFS in advanced stages
· Sovereign is in the advanced stages of the Pre-Feasibility Study (PFS) for the Kasiya Rutile Project (Kasiya), a potential industry-leading major source of critical raw materials from Malawi.
· The PFS will build on the Expanded Scoping Study (ESS) which confirmed Kasiya as one of the world’s largest and potentially lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other current and planned producers.
· The PFS is progressing well and is expected to be completed in the coming months.
Sovereign Demerges Standalone Graphite Projects
· Sovereign has demerged its standalone Graphite Projects (Nanzeka, Malingunde, Duwi and Mabuwa Projects) into NGX Limited effective from 27 March 2023.
· The Demerger allows Sovereign and the existing management team to focus on its flagship Kasiya Project while retaining extensive exposure to graphite through the Kasiya co-product.
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
ENQUIRIES
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Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
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Nominated Adviser on AIM |
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RFC Ambrian |
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Andrew Thomson |
+61 8 9480 2500 |
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Joint Brokers |
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Berenberg |
+44 20 3207 7800 |
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Matthew Armitt |
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Jennifer Lee |
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Optiva Securities |
+44 20 3137 1902 |
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Daniel Ingram |
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Mariela Jaho |
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Christian Dennis |
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KASIYA – THE LARGEST RUTILE DEPOSIT IN THE WORLD
Kasiya, located in central Malawi, is the largest natural rutile deposit and one of the largest flake graphite deposits in the world. Sovereign is aiming to develop an environmentally and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.
The ESS confirmed Kasiya as potentially one of the world’s largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than other existing and planned operations.
The Company is in the advanced stages of the PFS for Kasiya which will build on the on the ESS, with significant advancements made throughout the quarter. The Company expects to announce the outcomes of the PFS in the coming months.
INDICATED RESOURCE UPGRADE
In April 2023, Sovereign announced the updated MRE for its world-class Kasiya rutile-graphite deposit in Malawi. The updated MRE resulted in over 0.5 Billion tonnes converting from Inferred to Indicated, an 81% increase in the Indicated category. Kasiya now contains 1.2Bt @ 1.0% rutile and 1.5% graphite in the Indicated category and a total MRE of 1.8Bt @ 1.0% rutile and 1.4% graphite.
Kasiya remains the world’s largest natural rutile deposit and one of the largest flake graphite deposits.
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Table 1: Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade |
|||||
|
Classification |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (TGC) (%) |
Contained Graphite |
|
Indicated |
1,200 |
1.0% |
12.2 |
1.5% |
18.0 |
|
Inferred |
609 |
0.9% |
5.7 |
1.1% |
6.5 |
|
Total |
1,809 |
1.0% |
17.9 |
1.4% |
24.4 |
The updated MRE has further defined broad and contiguous zones of high-grade rutile and graphite which occur across a very large area of over 201km2. Rutile mineralisation is concentrated in laterally extensive, near surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. Graphite is depleted near surface with grades improving at depths generally >4m to the base of the saprolite zone which averages about 22m.
Sovereign’s 2022 drill program at Kasiya used push tube (PT) core holes to in-fill and convert Inferred mineralisation into the Indicated category. The consistency and robustness of the geology allowed for an efficient conversion of this previously Inferred material on a near-identical one-for-one basis to the Indicated category.
A total of 66% of the MRE now reports to the Indicated category @ 1.0% rutile and 1.5% TGC – up from 33% previously. Overall, the new Indicated components show coherent, broad bodies of mineralisation that have coalesced well, particularly in the southern parts of the MRE.
Further advancement in this MRE update was the application of air-core (AC) drilling to define the depth of mineralisation in a number of selected higher-grade areas. As expected, this drilling shows that high-grade rutile and graphite mineralisation extends to the base of the soft saprolite unit terminating on the saprock basement averaging about 22m depth. This deeper AC drilling targeted early-scheduled mining pits mainly in the southern areas of the MRE footprint.
A number of higher-grade graphite zones at depth were identified which are generally associated with higher grade rutile at surface. Some of these zones have graphite grades at depths >6m in the 4% to 8% TGC range and represent significant contained coarse flake graphite tonnages.
The highlighted cut-off of 0.7% rutile presents 1.8 billion tonnes at a rutile grade of 1.0%. (Table 2). The overall recovered rutile equivalent grade for the MRE at the global 0.7% cut-off is 1.65% RutEq*.
|
Table 2: Kasiya Total Indicated + Inferred Mineral Resource Estimate at various rutile cut-off grades |
|||||
|
Cut-off (rutile) |
Resource |
Rutile Grade |
Contained Rutile |
Graphite Grade (%) |
Contained Graphite |
|
0.40% |
3,215 |
0.80% |
25.7 |
1.30% |
41.9 |
|
0.50% |
2,779 |
0.85% |
23.8 |
1.35% |
37.4 |
|
0.60% |
2,304 |
0.92% |
21.1 |
1.37% |
31.7 |
|
0.70% |
1,809 |
0.99% |
17.9 |
1.35% |
24.4 |
|
0.80% |
1,335 |
1.08% |
14.4 |
1.25% |
16.6 |
|
0.90% |
934 |
1.17% |
11.0 |
1.06% |
9.9 |
|
1.00% |
643 |
1.28% |
8.2 |
0.84% |
5.4 |
|
1.10% |
449 |
1.38% |
6.2 |
0.65% |
2.9 |
|
1.20% |
324 |
1.47% |
4.7 |
0.53% |
1.7 |
|
1.30% |
230 |
1.56% |
3.6 |
0.48% |
1.1 |
|
1.40% |
163 |
1.64% |
2.7 |
0.45% |
0.7 |
* RutEq. Formula: Rutile Grade x Recovery (98%) x Rutile Price (US$1,308/t) + Graphite Grade x Recovery (62%) x Graphite Price (US$1,085/t) / Rutile Price (US$1,308/t). All assumptions are taken from the Expanded Scoping Study (ESS) released June 2022
KASIYA’S GWP TO BE AMONGST THE LOWEST IN THE WORLD
Sovereign combined results of internal company analysis, supplemented with an independent benchmarking study by UK-based consultancy Minviro Ltd (Minviro) which compared the global warming potential (GWP) of producing natural flake graphite from the Kasiya against relevant current and future natural graphite projects.
The GWP of producing one tonne of flake graphite concentrate at Kasiya estimated to be 0.2 tonnes of CO2 equivalent emissions (CO2e). Kasiya has the lowest GWP compared with currently known and planned future natural graphite projects:
· Up to 60% lower than currently reported GWP of graphite producers and developers, including suppliers to Tesla Inc.
· 3x less polluting than proposed Tanzanian natural graphite production from hard rock sources.
· 6x less polluting than current Chinese natural graphite production which accounts for up to 80% of current global graphite supply.
The cradle-to-gate life cycle assessment (LCA) was carried out by Minviro comparing current natural graphite production from China which produces almost 80% of the world’s natural graphite, and proposed near-term production from Tanzania, which offers a regional benchmark against Kasiya in Malawi. The LCA study followed ISO 14067:2008 guidelines and was critically reviewed by a panel of three independent experts.
A number of graphite producers and explorers/developers have conducted their own LCAs, with conclusions of a select number being made public. Kasiya’s graphite product currently has the lowest GWP of publicly reported current and future potential graphite production.
The benchmarking study found that the total GWP of 0.2 tonnes CO2e per tonne of natural flake graphite concentrate produced at Kasiya is significantly lower than the total GWP per tonne produced in Heilongjiang Province, China (1.2 tonnes CO2e) and the total GWP per tonne produced in Tanzania (0.6 tonnes CO2e).
Why is Kasiya’s Graphite able to achieve such a low carbon-footprint?
The GWP for Kasiya’s flake graphite product was based on the ESS. The significantly lower GWP for Kasiya graphite is due to the fact that it is hosted in soft, friable saprolite material which will be mined via hydro methods (high pressure water monitors) powered by predominantly renewable energy sources – hydro power from the Malawi grid and on-site solar power. This is opposed to the production in Heilongjiang Province, China where hard-rock ore requires drilling, blasting, excavation, trucking, crushing, and grinding – overall high CO2e activities.
Link here to view the full report
#BRES Blencowe Resources PLC – Warrant Expiry Extension
The Company has granted the board of directors an extension of 3 months for the expiry of certain warrants granted on 27 June 2018 and due to expire on 18 April 2023. The warrants will now expire on 18 July 2023 with the same exercise price of 4p as originally granted. The extension is given on the basis that the directors cannot currently exercise these warrants due to being in a closed period.
A further 2,250,002 4p warrants, which were granted to investors on 27 June 2018, have now expired and been cancelled.
|
Director |
Amount |
Price |
|
Cameron Pearce |
2,500,000 |
4p |
|
Sam Quinn |
1,750,000 |
4p |
|
Michael Ralston & Sharon Ralston ATF the Ralston Family Trust |
1,000,000 |
4p |
|
Alexander Passmore |
750,000 |
4p |
For further information, please visit https://blencoweresourcesplc.com or the following:
|
Blencowe Resources Sam Quinn
|
Tel: +44 (0) 1624 681 250 info@blencoweresourcesplc.com
|
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
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Tavira Securities Limited Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group
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First Equity Limited Jason Robertson |
Tel: +44 (0)203 192 1733 jasonrobertson@firstequitylimited.com
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