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MetalNRG #MNRG – GoldRidge Gold Project Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, provides an update on progress made at its 100% owned GoldRidge Gold Project in Arizona following our announcement made on 19th May 2021 in which it explained that an initial programme of data compilation was essential to recover and assimilate the substantial number of maps and quantity of digital and paper files into a useable archive. This work has now been completed within budget and the timeframes set.
Following the completion of the Company’s Competent Persons Report updated by SRK USA, in May 2021, MetalNRG set out to further develop the GoldRidge property. The CPR pointed to larger than previously known opportunities at the project and specifically SRK believe that:
– Turn-key prospects to develop vein-hosted mineral resources from drilling are available
– That the project offers great opportunities to discover satellite gold deposits worth pursuing as the exploration is low cost
In June 2021, the Company’s Geologist, Bart Stryhas, Senior Geologist, PhD CPG, based in the USA and leading the project, set out to:
– Review all claims and ensure all property claims were up to date
– Consolidate all available historical information on the property into a detailed data room
– From the consolidation of the information, the Company developed detailed topography covering all claim areas in UTM NAD 83 datum
– Map underground geometries for all development and mining stopes at Gold Prince &
Dives Mines
– Integrate 446 historic Drillholes with Au and Ag analyses totaling 11km
– Locate 170 surface rock samples with Au analysis
– Compile 280 soil geochemical assays with multi elemental analysis
– Digitize all roads and trails about and internal to the claim area
– Locate claim corners
– Register several geologic maps at various scales
– A total 5,109 files have been reviewed and used as feed into our development approach
The work completed gives us a solid understanding of the history of the project, the potential it could offer and a clear pathway to add substantial value to the project. It has identified a number of areas that have shown, via our field work, that mineralisation is present but has never been explored in any detail.
Our findings have been summarised in a new GoldRidge Project presentation which can be viewed on our web site www.metalnrg.com.
Rolf Gerritsen, CEO MetalNRG Plc, commented “The GoldRidge Project appears to offer a considerable larger opportunity than previously anticipated and the work completed to date by Bart confirms that the area has been under explored and under developed with solid indicators of mineralisation throughout the property. Between now and November we will be on site and we will further validate our assumptions via detailed field work. We have the waste dumps and the remaining pillars that are available to us but going after them without a plan to capture the additional opportunities would not be right to ensure we maximise returns for our shareholders.”
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is Rolf Gerritsen, Chief Executive Officer.
Christian Schaffalitzky, FIMMM, PGeo, CEng, is a director of the Company. He has reviewed the update and consents to the inclusion of the exploration information in the form and context in which it appears here. He is a Competent Person for the purposes of the reporting of these results.
END
Contact details:
|
MetalNRG PLC Rolf Gerritsen |
|
|
Corporate Adviser |
+44 (0) 20 7469 0930 |
|
Corporate Broker |
+44 (0) 1483 413500 |
Alan Green discusses MetalNRG #MNRG & ECR Minerals #ECR on the Stockbox Research podcast
Alan Green discusses MetalNRG #MNRG & ECR Minerals #ECR on the Stockbox Research podcast
MetalNRG #MNRG – BritNRG Operational Update
MetalNRG plc, (LON:MNRG), the natural resources and energy investment company, provides an operational update on BritNRG Limited (“BritNRG”) covering production and revenues, asset development and key activities over the last few months.
Production and revenues update
- BritNRG is currently producing an average of 3,500 bbls/month compared with production of less than 1,500 bbls/month averaged in Q1 2021.
- BritNRG sold 3,780 bbls in July at an average price of USD 73.88 per barrel (equivalent to USD 280,000 of gross revenue). Similar levels of sales have been achieved in August with monthly oil sales projected to exceed 4,000 bbls.
- BritNRG’s Operating Partners have agreed cost recovery of 100% of production, which will provide BritNRG with cashflow advantages.
- BritNRG now expects the revenues from the Whisby site to be in excess of USD 2.5 million per year at current forecast oil prices.
- The above achievements are the effects of the operational improvements carried out during 1H 2021. As a result, BritNRG is now profitable.
Update on development of current asset base
- Following a presentation of the outlined development plans by BritNRG to the Oil and Gas Authority, the abandonment notice on EXL-141 Newton on Trent has been postponed to June 2023, allowing time to submit a detailed development plan for formal approval.
- The abandonment notice for EXL-294 Reepham has been postponed to Q3 2022, allowing BritNRG time to develop a more detailed abandonment plan and explore viable redevelopment options (see below) to the base case site abandonment and licence relinquishment.
Key activities on current assets and new ventures
- Whisby Site improvements continue including testing and overhaul of all wellheads and other key activities in liaison with the regulatory authorities.
- BritNRG is progressing a feasibility study to repurpose the suspended well on Reepham (which watered out in 2005) and to redevelop the brownfield site which, potentially, will benefit from an existing planning application, recently approved for development, for a nearby 50-hectare green energy hub due for construction in 2022-2023.
Pierpaolo Rocco, Executive Director and CEO of BritNRG, commented “Our journey has just begun, and we are happy to continue to report solid progress on important fronts. We are taking the necessary time to develop our medium-term strategy, the benefits of which we intend to share with MetalNRG investors in Q4 2021, whilst we progress key activities related to the plan for BritNRG to be listed on the London Stock Exchange in 2022.”
Rolf Gerritsen, CEO MetalNRG Plc, commented “the encouraging news from BritNRG is confirmation of our strategy to invest in near term cash-generative projects and particularly of our decision to invest in BritNRG, we look forward to reporting on our ongoing progress”.
The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED IN IT, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
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 (“EUWA”)) (“UK MAR”).
END
Contact details:
| MetalNRG PLC Christopher Latilla-Campbell |
+44 (0) 20 7796 9060 |
| Corporate Adviser PETERHOUSE CAPITAL LIMITED Lucy Williams/Duncan Vasey |
+44 (0) 20 7469 0930 |
| Corporate Broker SI CAPITAL LIMITED Nick Emerson |
+44 (0) 1483 413500 |
Alan Green discusses MetalNRG #MNRG & Corcel #CRCL on his weekly Stockbox Media Research talk
Alan Green discusses Metal NRG #MNRG & Corcel #CRCL on his weekly Stockbox Media Research talk
Alan Green talks Coinsilium #COIN, Tertiary Minerals #TYM & MetalNRG #MNRG on Vox Markets podcast
Alan Green discusses Coinsilium #COIN, Tertiary Minerals #TYM & MetalNRG #MNRG with Justin Waite on the Vox Markets podcast. Interview is 23 minutes 39 seconds in.
Alan Green discusses MetalNRG #MNRG & Ananda Developments #ANA on his weekly Stockbox Media Research talk
Alan Green discusses MetalNRG #MNRG & Ananda Developments #ANA on his weekly Stockbox Media Research talk
Andrew Hore – Quoted Micro 30 July 2018
NEX EXCHANGE
Milamber Ventures (MLVP) has signed heads of terms for the acquisition of health and social care training provider Orchard Rock. Milamber will pay up to £1.9m in cash and shares. If the deal goes ahead then there will be an initial cash payment of £800,000. A further £200,000 is payable when the management handover is completed and up to £900,000 is payable in shares depending on EBITDA. In the year to April 2018, Orchard Rock achieved revenues of £980,000 and EBITDA of £374,000. The deal includes a 15% stake in digital learning business YourHippo in return for £100,000 in shares. At the AGM, shareholders voted through the authorities required for equity and debt funding for the Orchard Rock deal. Two new private investors have acquired 166,668 shares at 9p each.
Smart home products supplier Sandal (SAND) says that its smart home products revenues exceeded £1m in the year to May 2018. This growth did not quite offset the fall in the PowerConnections division due to destocking. Two product ranges have been discontinued at a stock write-off cost of £72,000. According to Equity Development, MiHome revenues could almost double this year and they would represent most of the growth in group revenues and help Sandal to move into profit. In 2019-20, MiHome should be generating the majority of group revenues.
Peru-based VI Mining (VIM) is acquiring the Cushuro gold project for $27.5m in (5.75 million) shares from Karmin Exploration. Karmin has restrictions on selling shares until 2 March 2020. Cushuro is in the same region as the existing two silver and gold projects.
MetalNRG (MNRG) is acquiring the Gold Ridge project in Arizona, which includes three mines that were previously producing gold. MetalNRG will pay $700,000 in cash and shares to Winston Gold Corporation.
South Africa-based social impact investor Inqo Investments Ltd (INQO) had R2.9m in cash at the end of February 2018. There are also loans of R784,000 to offset against that. Full year revenues increased from R17m to R23m, but the lack of other income meant that Inqo has fallen back into loss. The Kazuko game reserve is achieving better room rates and higher occupancy, helped by the weak Rand. Honey producer Bee Sweet Honey generated revenues from the May 2017 harvest but not from the November one because of bad weather. There was also an interest contribution from Four One Financial Services.
Crispin Freeman, non-executive director of Hydro Hotel, Eastbourne (HYDP), has bought 600 shares at 740p each, thereby taking his stake to 6,600 shares.
AIM
Pennant International Group (PEN) has achieved three-fifths of its 2018 profit forecast in the first half. The defence training services provider expects to report a more than doubled interim profit of £2.1m on the back of a 30% increase in revenues. The order book is worth £30m. A full year profit of £3.5m is forecast. This is without a contribution from the potential Middle East contract.
Geospatial data technology developer 1Spatial (SPA) is raising £8m at 3.75p and this cash will be deployed to repay the overdraft, develop additional technology and win new customers.
APC Technology Group (APC) has raised £2.54m at 6.75p a share in order to help finance the £2.2m acquisition of Aspen Electronics, although £500,000 is being paid in shares. This has sparked a one-third upgrade in the Stockdale 2018-19 earnings per share forecast to 0.75p. Aspen distributes RF and microwave components.
Tern (TERN) is raising £2.9m at 26p a share. This cash will help to develop its investee companies, particularly cyber security business Device Authority. Tern has a 50% stake in Internet of Things business InVMA, which has acquired the IP of AMIHO Technology, which has developed technology for the connectivity for the smart energy sector.
Judges Scientific (JDG) continues to benefit from currency movements and operating profit will show progress at the interim stage. The interims will be published on 18 September. There should be less of second half bias this year. At the end of June 2018, the order book stood at more than 14 weeks.
Holders Technology (HDT) moved back into profit in the six months to May 2018 and both PCB and LED businesses increased their revenues. An interim loss of £53,000 was turned into a profit of £65,000. The interim dividend is unchanged at 0.25p a share. NAV is 96p a share, which is double the current share price.
Online gaming marketing services provider Veltyco (VLTY) has made consistent progress since reversing into an AIM shell but this has come to a halt. Marketing revenues continue to grow but the progress of 51%-owned Bet90 has been slower than expected, sparking the decision to spend more on marketing. This means that group EBITDA will be lower than expected. Altair Entertainment owes Veltyco €3.4m and it has agreed to pay €300,000 a month. Veltyco had €1m in the bank at the end of June 2018.
Financial services provider STM Group (STM) says first half trading was in line with expectations. The Harbour acquisition should be fully integrated with STM Malta by the end of August. STM is recruiting additional directors and management.
Wynnstay Properties (WSP) is acquiring units 10-15 in Petersfield Business Park for £3.83m. The current annual rent is just over £203,000.
Beximco Pharmaceuticals (BXP) is exporting its fourth product to the US. The latest product is an anti-diabetic drug, which is the generic equivalent of Bristol-Myers Squibb’s Glucophage.
MAIN MARKET
Bioquell (BQE) increased its revenues by 9% to £15.7m in the first half of 2018. The bio decontamination services provider generated like-for-like revenues growth of 15% at constant currency rates. Pre-tax profit is two-fifths higher at £1.96m, although that includes a £76,000 gain on disposal. There is £15m in the bank.
Telecoms services provider Toople (TOOP) had a slightly more successful third quarter. Gross profit was 57% higher than the third quarter of the previous year. That follows flat gross profit at the interim stage. However, gross profit needs to be much higher to cover overheads.
Laurence Orbach has stepped down as a director of book publisher Quarto Group (QRT).
Andrew Hore