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#BRES Blencowe Resources PLC – Corporate Presentation Updated
Blencowe Resources (BRES: LON) wishes to advise it has updated its corporate presentation which can be found on the Company’s website (www.blencoweresourcesplc.com).
The corporate presentation provides and up to date overview of the Company, its assets and strategy. The Company will be updating its presentation regularly in the forthcoming months and will notify interested parties upon each material update.
A direct link to the presentation: https://blencoweresourcesplc.com/presentation/
For further information please contact:
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Blencowe Resources Plc Sam Quinn (London Director) |
+44 (0)1624 681 250 |
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com |
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group |
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/blencowe-resources/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now completing the Definitive Feasibility Study prior to commencing production of graphite concentrate.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
#BRES Blencowe Resources PLC – CEO Video Interview
Blencowe Resources (BRES:LON), is pleased to share two recent interviews with CEO Mike Ralston on the Focus Communications IR and Mining News platforms:
Interview with Focus IR:
“Mike Ralston, CEO of Blencowe, outlines plans to become one of the world’s largest graphite producers”
https://www.youtube.com/watch?v=JnnCkdCPfT0
Interview with Mining News:
“Blencowe building on mining-to-battery plan at the Orom-Cross graphite project”
Executive Chairman Cameron Pearce commented:
“Blencowe recently recorded video interviews on the media platforms linked above to provide investors with further detail following a successful management trip to Asia. In China we visited Jilin Huiyang New Material Technology Company which is currently undertaking processing of a 600 tonne bulk sample of small flake graphite from Orom-Cross. This effort aims to produce commercial scale processed samples for a range of tier-1 offtakers in both China and South Korea, who have shown significant interest in high-quality processed product from Orom-Cross, especially smaller sized flakes suitable for SPG processing for the battery industry, including Electric Vehicles. Investors should note that prequalification of product with industry buyers is a crucial step for any serious graphite miner, and Blencowe is well advanced on this route.
In addition to the small flake graphite, we have received positive feedback on large flake graphite samples from Orom-Cross from other potential offtake parties, with larger flake graphite typically commanding premium prices.
During our trip, we also met with various EPC groups and Chinese strategics to advance our in-country downstream SPG processing strategy. We believe that adding local Ugandan downstream SPG processing facilities will enable us to capture more of the downstream value chain and significantly enhance Orom-Cross’s already compelling economics. This will also substantially differentiate Blencowe from its graphite peers. So far, test work in China has been progressing positively, as have discussions regarding potential offtake MOUs and strategic partnerships for downstream SPG processing.
We anticipate further updating the market on the progress of our test work and the interest from potential offtakers in the coming weeks.“
For further information please contact:
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Blencowe Resources Plc Sam Quinn (London Director) |
+44 (0)1624 681 250 |
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Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com |
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group |
Twitter https://twitter.com/BlencoweRes
LinkedIn https://www.linkedin.com/company/blencowe-resources/
Background
Orom-Cross Graphite Project
Orom-Cross is a potential world class graphite project both by size and end-product quality, with a high component of more valuable larger coarse flakes within the deposit.
A 21-year Mining Licence for the project was issued by the Ugandan Government in 2019 following extensive historical work on the deposit. Blencowe completed a successful Pre-Feasibility Study on the Project in July 2022 and is now within the Definitive Feasibility Study phase as it drives towards first production.
Orom-Cross presents as a large, shallow open-pitable deposit, with an initial JORC Indicated & Inferred Mineral Resource of 24.5Mt @ 6.0% TGC (Total Graphite Content). This Resource has been defined from only ~2% of the total tenement area which presents considerable upside potential ahead. Development of the resource is expected to benefit from a low strip ratio and free dig operations together with abundant inexpensive hydro-electric power off the national grid, thereby ensuring low operating costs. With all major infrastructure available at or near to site the capital costs will also be relatively low in comparison to most graphite peers.
#SVML Sovereign Metals Ltd – Kasiya Optimisation Advances to Pilot Phase
Sovereign Metals #SVML – KASIYA OPTIMISATION ADVANCES TO PILOT PHASE
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Sovereign to immediately commence a pilot mining and land rehabilitation program (“Pilot Phase”) at Kasiya as part of the ongoing Optimisation Study |
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Empirical data generated from the Pilot Phase will assist towards determining optimal excavation, material handling, processing, backfilling and rehabilitation approaches |
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Sovereign will excavate approximately 150,000 bench cubic metres of ore from a test pit over a three-month period using a combination of dry and hydraulic mining techniques |
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Excavated material will be processed on-site and at Sovereign’s laboratory in Malawi and will also provide additional bulk samples for graphite product qualification |
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The test pit will be backfilled, and multiple rehabilitation strategies will be implemented to demonstrate successful restoration of agricultural land |
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Demonstrates strong support for mining projects in Malawi with all required approvals and community permissions for the Pilot Phase obtained within three months |
Figure 1: Natural concentration of heavy minerals at surface at Kasiya (Source: C12 Consultants)
Managing Director Frank Eagar commented: “Advancing to a Pilot Phase is an important milestone for Kasiya. This covers the full spectrum of engineering and design, logistics, materials handling, water and environmental approvals, stakeholder engagement, livelihood restoration, tailings management and land rehabilitation. The successful permitting is a testament to the strong owner’s team we have assembled. We are progressing Kasiya into a totally new phase of development. The scale and results from this phase will significantly enhance our knowledge base from the previous laboratory-based studies. I want to thank the Malawi Government for an efficient approvals process, demonstrating just how important Kasiya is to all stakeholders.”
Classification 2.2: This announcement includes Inside Information
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that the Company has initiated a Pilot Mining and Land Rehabilitation Program at its Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi.
The results will allow Sovereign to determine optimal excavation, backfill and land rehabilitation approaches. The Pilot Phase will be a demonstration to local communities of the successful rehabilitation of land for agricultural use post-mining. Results will also provide critical information for the upcoming Definitive Feasibility Study (DFS) and once commenced, it will shorten the time to its completion.
The objectives of the Pilot Phase include:
· Optimisation of mining methods by construction of a pilot-scale open pit close to the maximum depth of the current reserves at 20m;
· Scale-up of existing in-country processing capability by installation of commercial scale spirals to produce additional bulk samples for graphite product qualification;
· Optimising the tailings management and storage designs; and
· Optimising land rehabilitation, soil restoration and selection of revegetation species.
The commencement of the Pilot Phase follows the receipt within three months of all relevant approvals and permissions from the Malawi Environment Protection Authority (MEPA), National Water Resources Authority (NWRA), the Ministry of Mines, and the local community.
The Pilot Phase will be undertaken on a 9.9-hectare site and will include the following activities:
1. Test Pit: A test pit of 120m by 110m will be excavated to a depth of 20m, allowing optimisation of hydraulic and dry mining excavation methods.
2. Stockpiles: The excavated material will be temporarily stored in 4 stockpiles, namely all dry mining material, wet slimes (in a pond) and two sizes of sand fractions from the hydraulic mining.
3. Backfilling and Grading: The material will be placed back into the pit, and all areas will be graded.
4. Rehabilitation Demonstration: Sovereign will construct eight small rehabilitation demonstration pits covering a combined area of 100m by 130m. These will be used for water storage, excavated material storage, and demonstration of multiple rehabilitation approaches.
5. Temporary Laydown Areas: Four areas will be used as temporary laydown areas, offices, and associated infrastructure.
6. Communication: The Pilot Phase will be an educational opportunity for Project stakeholders. Sovereign will undertake a series of stakeholder visits and consultations for this purpose.
Kasiya is the world’s largest natural rutile deposit and the second-largest flake graphite deposit. Sovereign aims to develop a low-CO2 and sustainable operation to supply highly sought-after natural rutile and graphite to global markets.
Results of the PFS, released in late 2023, demonstrated Kasiya’s potential to become the world’s largest rutile producer at 222kt per annum and one of the world’s largest natural graphite producers (ex-China) at 244kt per annum.
The PFS delivered compelling economics with a post-tax NPV8 of US$1.6 Billion and a post-tax IRR of 28%. This long-life, multi-generational operation generates over US$16 Billion of revenue based on an initial 25-year life-of-mine and delivers an average annual EBITDA of US$415 Million per annum.
Pilot Phase Program Design
Activities have been designed to establish a 9.9-hectare site over the current Ore Reserve defined in the Kasiya PFS, covering a mineralised zone with soil conditions deemed representative of the overall Mineral Resource Estimate (MRE). Over approximately three months, Sovereign will excavate several test pits and collect geological and geotechnical samples. The main pit will be backfilled with dry material, while material from hydraulic mining will be used to fill the remaining pits as part of the rehabilitation phase.
Land rehabilitation will form an integral component of the DFS. Sovereign’s objective is to restore land after mining to conditions that achieve the same or better agricultural yields than existing land uses and crop yields. For this reason, the Company will undertake field-based demonstrations of rehabilitation showcasing drying times, soil recoveries, soil nutrients, growth variants, and including different soil inputs and revegetation methods.
Site Construction
Prior to the establishment of site infrastructure, eight boreholes have been permitted and drilled using a locally appointed drilling contractor. These boreholes will supply water to the site, which will be stored in a temporary water storage pond.
A perimeter fence will be erected around the site to maintain the necessary health and safety standards. Existing roads will be used for access to the site and, if required, improved through grading.
Temporary buildings such as offices and stores will be brought to the site on flatbed lorries and erected. To support pilot mining, two 1MW mobile diesel-powered electricity generators will be installed to provide the electricity required for high-pressure water monitors.
Pilot Mining
The main pit will be excavated using conventional load and haul to 20m depth to develop a sump to test hydraulic mining to the full depth of the current Ore Reserves. The excavated material will be temporarily stored in stockpiles.
On-Site Processing Facility
Material mined from the test pit will be processed on-site and at the Company’s laboratory facility in Lilongwe. As previously announced (Please refer to announcement dated 1 May 2024 entitled “Sovereign to Increase Bulk Sample Preparation Capacity”), as part of the Pilot Phase, a commercial-scale spiral plant will be installed at site in Malawi.
Rutile and graphite concentrate samples generated from the Pilot Phase will be shared with potential off-takers and end-users, and used for further testwork as part of the Company’s graphite commercialisation strategy.
Rehabilitation Phase
This phase will consist of establishing a strong soils baseline, backfilling of the test pit with different soil compositions, rehabilitation tests, revegetation with plants, and the improvement of soil conditions post-mining.
Regular monitoring and evaluation of the rehabilitation activities will be undertaken to assess the progress of vegetation growth and soil stabilisation. Following the conclusion of the rehabilitation, the proposed project site will be returned to farmland.
Figure 2: Site layout
Permitting
Permissions for the Pilot Phase were received following the successful submission of an Environmental and Social Management Plan to MEPA. Sovereign is committed to the responsible development of Kasiya. The Pilot Phase will be undertaken in accordance with Malawian Law and IFC Performance Standards, which will include protecting local communities and the natural environment.
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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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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Buchanan |
+ 44 20 7466 5000 |
Anglesey Mining #AYM – Alan Green talks to CEO Rob Marsden at Parys Mountain
Alan Green talks to recently appointed Anglesey Mining #AYM CEO Rob Marsden direct from the Company’s flagship Parys Mountain mine. Rob discusses his career, in particular the years he spent working at Rio Tinto and also the 3 years he spent heading up the Rio investment committee, charged with seeking new investment opportunities for the mining giant. Rob then covers his work as a consultant, working around the world and then the time he spent with former CEO Jo Battershill at Parys Mountain a few years ago, which led up to his joining the board. Rob provides his overview of the latest assay results from hole NCZ003, and explains how he believes the previous drilling in the 1960’s and 1970’s can give the team ‘incredible confidence’ going forward. We then look at how the team plan to approach the pre feasibility study, via both divergent and convergent phases leading to a robust PFS ahead of the move to feasibility study. Rob then maps out what investors can expect in the coming weeks and months, and how this week he has assembled a team of colleagues including a longstanding veteran Rio Tinto geologist who will bring ‘fresh eyes’ to the project.
#SVML Sovereign Metals LTD – Downstream Testwork Shows High Quality Graphite
DOWNSTREAM TESTWORK DEMONSTRATES HIGH QUALITY GRAPHITE FOR LITHIUM-ION BATTERIES
· Spherical Purified Graphite (SPG) with world-leading specifications successfully produced from Kasiya
· Kasiya’s spherical graphite purification demonstrated exceptionally low levels of residual impurities achieving a 99.99% loss-on-ignition (LOI)
· Kasiya SPG demonstrated all required parameters within industry standards with spheronisation yields of up to 68% with further scope to optimise in future testwork
· Testwork was undertaken as part of the Company’s graphite strategy to qualify and commercialise graphite concentrate for use in the lithium-ion battery sector
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the results of downstream testwork conducted at leading, independent consultancy ProGraphite GmbH (ProGraphite) in Germany.
Sovereign provided Kasiya graphite concentrate to ProGraphite to produce and characterise coated spherical purified graphite (CSPG) active anode material for lithium-ion batteries. The overall program includes shaping and purification to produce SPG, coating of the material to produce CSPG and evaluation of the electrochemical performance of Kasiya CSPG in a battery. The initial steps of shaping and purification to produce SPG have now been completed with the results showing Kasiya SPG has world-leading specifications.
This SPG material is now undergoing coating and electrochemical testing to characterise CSPG active anode material for lithium-ion batteries.
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Table 1: Spherical Graphite Purification Results |
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SVM Spherical graphite <180 µm concentrate |
SVM Spherical graphite >180 µm concentrate |
Chinese |
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LOI Purity (%) |
99.99% |
99.99% |
>99.95% |
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Fe |
4.4 ppm |
3.3 ppm |
<30 ppm |
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Na |
<1.0 ppm |
<1.1 ppm |
<10 ppm |
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Cr |
1.1 ppm |
0.4 ppm |
<10 ppm |
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Cu |
0.7 ppm |
0.2 ppm |
<10 ppm |
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Ni |
<0.3 ppm |
<0.4 ppm |
<10 ppm |
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Al |
6.6 ppm |
8.8 ppm |
<10 ppm |
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Mo |
<0.3 ppm |
<0.3 ppm |
<10 ppm |
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Si |
7 ppm |
10 ppm |
<30 ppm |
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Ca |
4.3 ppm |
8.4 ppm |
<10 ppm |
1. National Standard of China – Spherical Graphite (GB/T 38887-2020)
The micronisation and spheronisation of Kasiya graphite concentrates achieved excellent yields to spherical graphite for the coarse concentrate and typical yields to spherical graphite for the fines concentrate, with room for further optimisation. The spherical graphite from the fine graphite concentrate in particular exhibited a narrow particle size distribution (D90/D10) ratio and both spherical graphite have reasonable Tap Density and typical BET for uncoated graphite. Coating of the graphite is expected to improve (increase) the tap density and improve (lower) the BET specific surface area.
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Table 2: Concentrate Shaping into Spherical Graphite Results |
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Kasiya Concentrate |
Kasiya Concentrate |
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D50 (microns) |
16.53 |
17.74 |
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D90/D10 Ratio |
2.29 |
2.96 |
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Yield to Spherical Graphite |
40% |
68% |
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Tap Density (g/cm3) |
0.93 |
0.93 |
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BET Specific Surface Area (m2/g) |
7.73 |
6.72 |
The spherical graphite products were purified with commercially proven acids purification and achieved excellent results with an exceptionally high LOI purity of 99.99%. Assays on key trace elements (Fe, Na, Cr, Cu, Al, Mo) show very low levels.
Further, the low Si and Ca results highlight that high quality Kasiya graphite is well-suited to single stage acids purification. Aggressive dosing in acids purification can result in elevated Ca levels due to precipitation of CaF2, necessitating multiple stages of purification to reduce both Si and Ca impurities. These initial purification results indicate that a single purification stage is sufficient for Kasiya graphite concentrate.
The SPG samples will undergo coating and electrochemical tests to provide baseline data for offtake discussions. The results of these tests are expected in the coming weeks.
Managing Director Frank Eagar commented: “These results clearly demonstrate that Kasiya has the potential to disrupt the China dominated graphite supply chain as a long term, secure source of high quality graphite ex-China. We believe Kasiya graphite will have industry low operating costs and is also one of the largest graphite resources globally holding a significant advantage over its graphite peers. We are very pleased to achieve these outstanding results at this stage of the program and will continue fast tracking our graphite product development and qualification campaign.”
Classification 2.2: This announcement includes Inside Information
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat |
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Joint Brokers |
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Stifel |
+44 20 7710 7600 |
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Varun Talwar |
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Ashton Clanfield |
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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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Buchanan |
+ 44 20 7466 5000 |
Competent Person Statement
The information in this report that relates to Metallurgical Testwork is based on information compiled by Dr Surinder Ghag, PhD., B. Eng, MBA, M.Sc., who is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM). Dr Ghag is engaged as a consultant by Sovereign Metals Limited. Dr Ghag has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Dr Ghag consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Exploration Results is based on information compiled by Mr Samuel Moyle, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Mr Moyle is the Exploration Manager of Sovereign Metals Limited and a holder of ordinary shares and unlisted performance rights in Sovereign Metals Limited. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Moyle consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
Introduction from new Anglesey Mining #AYM CEO Rob Marsden
An introduction from new Anglesey Mining #AYM CEO Rob Marsden from Parys Mountain
- Rob provides an overview of his CV, along with a brief overview of Parys Mountain mine and the surrounding area
- A brief overview of today’s assay results that “demonstrate good continuity, supporting the integrity of the geological model”
- Litho geochemical results from all three holes due in the coming weeks
- Targeting a resource update on the Northern Copper Zone
#FCM First Class Metals – KERRS GOLD PROPERTY EARN-IN AGREEMENT SIGNED
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian, focused in north west Ontario land holdings, is pleased to announce the signing of the Kerrs Gold earn-in agreement.
Highlights
· The Kerrs Gold Project in Northeastern Ontario holds a historic resource estimate of 386,467 Oz (ounces) of Au (gold) as per the NI-43-101 standard.
· Located in the Timmins Mining Camp which is one of the most prolific camps for gold production in Canada. Nearby producing gold mines are operated by Newmont (Hoyle Pond & Hollinger) and McEwan Mining(Black Fox Complex).
· Accessible by road and close to existing mining and service infrastructure.
· Comprehensive historical data review with a view to creating a greater understanding of the resource and its potential is underway. Results from which will allow for the planning of an initial summer field campaign on the property
Marc Sale First Class Metals CEO Commented:
“The signing of this deal signifies two important events for FCM, firstly reinforcing the concept of identifying opportunities to add value then monetise, secondly the potential acquisition of the Kerrs Gold Project catapults FCM from an explorer to a company with a resource. Given the continuous rise in gold prices, with new all-time highs being reached, the opportunity to earn into Kerrs Gold is an incredibly appealing proposition for FCM”
Kerrs Gold Property Background
Further to the announcement of 3 April 2024 and prior to the expiry of the thirty day exclusivity agreement FCM has now executed an option to purchase agreement with the 100% owners of the Kerr gold property claims. The deal outline is summarised at the foot of this release.
On completion of the terms of the Agreement FCM will control 100% of the Kerrs Gold Project located in northeastern Ontario.
The road accessible Kerrs Gold Deposit consists of 36 units totalling approximately 665 hectares and lies 90 kilometres east-northeast of Timmins, in the Larder Lake Mining Division.
Geologically the Project is located in the Abitibi Greenstone Gold Belt, see Figure 01.
Figure 01 showing the district scale location of the Kerrs gold property as well as significant producing mines in the area.
The occurrence was discovered by Noranda in the late 1970’s and early 1980’s by following glacial dispersion trains ‘up-ice’ to the source. Drilling continued into the late 1980’s, with further drilling in the early to late-2000 and early 2011. The drilling database was used to calculate the 2011 historic resource estimate, with further drilling completed subsequent to the release of the estimate, see Figure 02.
Figure 02 at property scale showing the significant historical sampling as well as the drill grid
Kerrs Gold is considered a stratabound deposit, occurring at the contact of a thick, mafic pillow flow sequence overlying an ultramafic, magnetite-rich flow sequence. Quartz feldspar porphyry sills are spatially located above and below the breccia zones. This stratigraphy is synclinally folded with the deposit lying 350m to 425m below surface. Drilling has traced the main zone 800 metres and remains open in both directions and at depth.
Gold mineralisation occurs as pyritized quartz vein replacement breccias enveloped by quartz fuchsite carbonate vein breccias averaging approximately 10 m and alteration envelopes varying up to 40 m in thickness. Gold tenure is proportional to the pyrite content ranging up to 10% which is commonly disseminated and crystal aggregates in the sheeted, quartz vein replacement breccias. These breccias, averaging 31% quartz, exhibit reasonable correlation conforming to volcano-stratigraphic contacts as well as moderate to good continuity in grade correlations at the lower and upper boundaries of the vein breccia and alteration envelope assemblages.
The Kerrs Gold historical resources estimate of 386,467 Oz Au was disclosed in “NI 43-101 Resource Estimation on the Kerr’s Gold Deposit, Matheson, Ontario” prepared for Sheltered Oak Resources Inc. by Garth Kirkham, P. Geo of Kirkham Geosystems Ltd. And dated June 10, 2011.
FCM is reviewing the resource estimate with a view to it defining further exploration.
Whilst there was further drilling completed after the historic estimate was released FCM is not aware of any more recent resource estimates.
The resource estimation methods and parameters were as follows:
o Forty-one drill holes were utilized to interpolate the KBX Zone.
o Composite length of 2 m was chosen and composites were weighted by length.
o Sectional interpretations were wire-framed to create 3-D solids of the zones.
o Zones were coded to the composites, and the block model, to constrain the modelling process.
o Composites for the mineralised zone were used to interpolate into the blocks foreach zone.
o Ordinary kriging was used as the interpolator.
o Relative elevation modelling was used to guide the ellipse orientation that accounts for the variation in dip due to the synclinal structure.
o A minimum of two composites were used for each block and a maximum of two composites were used per drill hole; a maximum of 12 composites were used per hole.
o A cutting factor was applied for gold with outlier composites limited to 10 g/t Au based on cumulative frequency plots. A zero cut-off grade was used for the manual polygonal method.
The Kerrs historic estimate is an inferred resource as defined in National Instrument 43-101. The table below shows the potential ounces with differing cut of grades. FCM would look at remodelling the resource in order to identify higher grade envelopes for targeting in any proposed future drilling.
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Kerrs Resources Estimate Cut-Off Grade |
TONNES |
GOLD (g/t) |
Metal (OZ.) |
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0.5 |
7,041,460 |
1.71 |
386,467 |
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1 |
5,237,213 |
2.04 |
342,856 |
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1.5 |
3,375,361 |
2.47 |
268,468 |
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2 |
1,936,189 |
3.04 |
188,972 |
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2.5 |
1,165,664 |
3.57 |
133,778 |
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3 |
818,171 |
3.94 |
103,622 |
FCM has already instigated a review of the historical information, particularly the drilling in order to fully appraise the potential of the resource. The review will also include a property-wide appraisal of the potential for further targets for prospecting as well as possible future drilling.
The Kerrs property is not currently permitted and once the data review has been completed in conjunction with ground appraisal a permit will be drafted for consultation with the local First Nations.
The Company plans an immediate review of the historical database to define target areas to both significantly expand the historic resource and to test for additional structures. The Company has yet to verify the historical data.
Terms of Deal
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Due Date |
Share Payments |
Cash Payment (CAD) |
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Upon signing the Agreement |
– |
$6,000 ($10,000 less $4,000 exclusivity deposit) |
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Six months after effective date |
$10,000 |
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Within four months of signing the Agreement on the publication of a prospectus |
CAD20,000 in share value1 |
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On the 1st anniversary of the Effective Date |
CAD30,000 in share value1 |
$30,000 |
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On the 2nd anniversary of the Effective Date |
CAD40,000 in share value1 |
$40,000 |
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On the 3rd anniversary of the Effective Date |
CAD60,000 in share value1 |
$60,000 |
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Total |
CAD150,000 in share value |
$150,000 |
1 Shares to be issued at the mid-price on the day of issue
Ends
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited (Financial Adviser)
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David Coffman/ George Duxberry |
www.novumsecurities.com |
(0)20 7399 9400 |
#AYM Anglesey Mining – Blocklisting – Interim Review
Name of applicant: Anglesey Mining plc
Name of scheme: Unapproved Share Option Scheme
Period of return: From 1 October 2023 to 31 March 2024
Balance of unallotted securities under scheme at beginning of period: 6,500,000
Plus: The amount by which the block scheme has been increased since the date of the last return: nil
Less: Number of securities issued/allotted under scheme during period: nil
Equals: Balance under scheme not yet issued/allotted at end of period: 6,500,000
Total Voting Rights
For the purposes of Disclosure and Transparency Rules, at the date of this announcement the total issued share capital is 420,093,017 ordinary shares of one pence each. There are no ordinary shares held in treasury and the total number of voting rights is therefore 420,093,017. This figure may be used by shareholders as the denominator of the calculations by which they will determine whether they are required to notify their interest or a change to their interest in the company, under the FCA’s Disclosure and Transparency Rules.
Contact name: Ian Cuthbertson
Telephone number: +44(0)1407 831275
LEI: 213800X8BO8EK2B4HQ71
#BRES Blencowe Resources – Bulk Sample Processing underway at Pilot Plant Facility in China
Blencowe Resources Plc (LSE: BRES) is pleased to report significant progress on the Definitive Feasibility Study (“DFS”) works for the 100%-owned Orom-Cross graphite project in Uganda including commencement of the 600 tonne bulk sample test work at the Jilin Huiyang New Material Technology Company Ltd (“Jiliin”) facility in China.
Highlights:
· Bulk Sample Processing – commencement of the 600-tonne commercial scale processing at Jilin in China marks a significant step forward for Orom-Cross DFS.
· Off-take Agreements Progress – senior management and potential offtake partners to meet during April 2024 to advance off-take discussions following strong interest in the large-scale test work, samples delivered to date, and Orom-Cross products across the board.
· Final Sample Delivery – both 96% concentrate and 99.95% spheronised purified graphite (“SPG”) provided from this latest bulk sample testing are expected to be delivered in Q2 2024 to potential off-taker parties in sufficient quantity for review, leading to product qualification and ultimately contracts.
Following the delivery of the 600 tonne bulk sample materials to China, processing has commenced at the Jilin facility. This same facility previously conducted successful bulk metallurgical test work for Blencowe on the 100-tonne Orom-Cross sample in 2023.
Blencowe plans to utilise this product to generate large volumes of both 96% concentrate and 99.95% uncoated SPG product for final qualification with potential off-take partners. This process aims to maintain the same consistently high quality as previously delivered via this commercial-scale production process in 2023.
Senior management will visit both China and South Korea over the next few weeks to continue discussions on offtake agreements. Strong interest has been shown to date and Blencowe is confident that this will continue with the ongoing large-scale test work.
Cameron Pearce, Executive Chairman commented;
“This latest 600 tonne bulk sample testing is a critical part of our DFS. We aim to demonstrate that end products maintain the same high quality and purity in commercial scale processing that have already been achieved in all previous testing to date. The 100 tonne testing last year confirmed this quality maintains to scale and we are confident we can achieve similar results from this latest 600 tonne testing. Thereafter we will have sufficient quantity of 99.95% SPG to provide for testing with tier one offtakers for product qualification.”
Mr Pearce added “We are making significant progress across all DFS objectives. Orom-Cross is a world class graphite project with unique characteristics, and its potential is becoming increasingly evident as we deliver each milestone.”
For further information please contact:
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Blencowe Resources Plc Sam Quinn |
www.blencoweresourcesplc.com Tel: +44 (0)1624 681 250
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Investor Relations Sasha Sethi |
Tel: +44 (0) 7891 677 441
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Tavira Financial Jonathan Evans |
Tel: +44 (0)20 3192 1733
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#SVML Sovereign Metals LTD – Capabilities Strengthened with Key Appointments
Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce three senior appointments and promotions across key legal, permitting, and technical functions in Malawi. The appointments have strengthened the Company’s in-country capabilities as it continues to advance its Kasiya Rutile-Graphite Project (Kasiya).
Mr Maxwell Kazako has been appointed Acting In-Country Manager following the promotion of Frank Eagar to Managing Director. Mr Kazako has a strong background in human resources management, general administration and government relations. He brings over 18 years of experience to the role, having worked across Malawian commerce and industry, including for First Merchant Bank and Malawian Airlines.
Ms Natasha Namisengo has been appointed General Legal Counsel. Ms Namisengo is a qualified lawyer with a Bachelor of Laws (Hons) and is admitted to practice in the Supreme Court of Malawi. She also holds a Master’s in Business Administration (MBA). Ms Namisengo has prior experience acting as legal counsel and in company secretary roles in Malawi.
Mr Pilirani Bangula has been appointed Legal Counsel – Compliance. Mr Bangula is a qualified lawyer with 12 years of experience as a legal practitioner, including five years specifically as in-house legal counsel. Mr Bangula has wide-ranging experience in compliance, project oversight and risk management, contract negotiation, and policy drafting.
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Figure 1: (left to right) Mr Maxwell Kazako, Acting In-Country Manager, Ms Natasha Namisengo, General Legal Counsel and Mr Pilirani Bangula, Legal Counsel – Compliance
The Company has also promoted Ms Tupoche Kayange to Laboratory Manager in line with its employee training and development program. Ms Kayange has been instrumental in developing and managing the Company’s laboratory facility in Lilongwe, Malawi. Recently, Ms Kayange led the facility’s expansion and commissioning of new equipment to support bulk sample programs that are currently underway.
Figure 2: Ms Tupoche Kayange, Laboratory Manager at the Company’s facility in Lilongwe, Malawi
Sovereign understands Kasiya’s significant potential to deliver material and long-lasting social and economic benefits for Malawi, including fiscal returns, job creation, skills transfer, and sustainable community development initiatives. Sovereign also recognises the importance of training programs to enhance the capabilities of its employees. The Company has structured training and skills transfer programs, covering on-the-job training for full-time employees and programs for local graduates and interns.
These appointments and promotions align with the Company’s initial targets, ensuring equal opportunity and fairness in employing a diverse workforce and Malawian nationals where possible. Sovereign employs over 80 individuals in Malawi, with at least 30% of the staff being women.
ENQUIRIES
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Frank Eagar (South Africa/Malawi) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
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Nominated Adviser on AIM and Joint Broker |
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SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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Ewan Leggat Charlie Bouverat Harry Davies-Ball |
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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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Buchanan |
+ 44 20 7466 5000 |
Forward Looking Statement
This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “projects”, “plans”, and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.