Home » Posts tagged 'mining' (Page 9)
Tag Archives: mining
#KAV Kavango Resources PLC – Calling of AGM
Southern African focussed metals exploration company Kavango Resources plc (LSE:KAV) is pleased to announce the Company’s Annual General Meeting will be held at the offices of the Company’s Solicitors, Druces LLP, Salisbury House, London Wall, London EC2M 5PS at 11 a.m. on 08 June 2023 (the “AGM”).
Kavango will today post a copy of the notice of its annual general meeting (the “2023 AGM Notice”) and form of proxy for the AGM, along with the 2022 annual report and financial statements to shareholders. The Company will also make these documents available to download from the Company’s website (www.kavangoresources.com).
In accordance with Listing Rule 14.3.6 of the UK Financial Conduct Authority (“FCA”), a copy of the 2023 AGM Notice will be submitted to the FCA via the National Storage Mechanism and will shortly be available to the public for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
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
#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
|
Blencowe Resources Plc
Sam Quinn (London Director) |
info@blencoweresourcesplc.com +44 (0)1624 681 250 |
|
Investor Enquiries Sasha Sethi
|
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
|
|
Tavira Financial Jonathan Evans
|
Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group |
|
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:
|
Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years):
|
|
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.
|
1
|
Details of the person discharging managerial responsibilities / person closely associated
|
||||
|
a)
|
Name
|
Bill Brodie Good
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
Non-executive Director
|
|||
|
b)
|
Initial notification /Amendment
|
Initial Notification |
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
Power Metal Resources Plc
|
|||
|
b)
|
LEI
|
213800VNXOUPHTX53686 |
|||
|
4
|
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
|
||||
|
a)
|
Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
|||
|
Identification code |
ISIN: GB00BYWJZ743 |
||||
|
b)
|
Nature of the transaction
|
Issue of Options
|
|||
|
c)
|
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
3.25p
|
5,000,000
|
||||
|
d)
|
Aggregated information |
||||
|
– Aggregated volume |
5,000,000 |
||||
|
– Price |
3.25p |
||||
|
e)
|
Date of the transaction
|
5 May 2023 |
|||
|
f)
|
Place of the transaction
|
Off Market |
|||
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:
|
Power Metal Resources plc |
|
|
Sean Wade (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
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
|
Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London) |
|
Nominated Adviser on AIM |
|
|
RFC Ambrian |
|
|
Andrew Thomson |
+61 8 9480 2500 |
|
|
|
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Optiva Securities |
+44 20 3137 1902 |
|
Daniel Ingram |
|
|
Mariela Jaho |
|
|
Christian Dennis |
|
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.
|
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
#GRX GreenX Metals LTD – Quarterly Activities Report March 2023
During the quarter, GreenX completed a Placing to issue 12.4 million new ordinary shares to raise gross proceeds of approximately £4.4 million (~A$7.7 million) from new and existing UK and European investors and some Australian investors (Placing) with net proceeds from the Placing to be used for:
o exploration activities in Greenland;
o business development through identifying other suitable business opportunities in the resources sector; and
o administrative expenses while the Arbitral Tribunal (Tribunal) decision remains pending following the recent conclusion of the hearing for the international arbitration claims (Claim) against the Republic of Poland.
· In November 2022, the hearing for the Claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded.
o Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules;
o Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages; and
o The Company has funded the Claim proceedings under its US$12.3 million Litigation Funding Agreement (LFA) with Litigation Capital Management (LCM). The Company has drawn ~US$10.4 million against the LFA, and the Company does not anticipate further material drawdowns now that funded costs relating to the Claim have been dispersed.
· Cash balance as at 31 March 2023 of A$10 million
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 31 March 2023.
ShARE PLACING
In March 2023, the Company announced that it had successfully completed a bookbuild and secured commitments for 14.1 million new ordinary shares at a price of 31 pence (A$55c) per share for gross proceeds of approximately £4.4 million (~A$7.7 million) from new and existing UK and European investors.
The proceeds of the Placing ensure that GreenX retains a strong balance sheet position.
The net proceeds from the Placing will be used for:
· exploration activities in Greenland;
· business development through identifying other suitable business opportunities in the resources sector; and
· administrative expenses while the Arbitral Tribunal decision remains pending following the recent conclusion of the hearing for the Claim against the Republic of Poland.
DISPUTE WITH POLISH GOVERNMENT
In November 2022, the Company reported the conclusion of the Claim against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London and lasted two weeks.
Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.
As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.
Details of the Claim
The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.
The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.
In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.4 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns now that funded costs relating to the claims have been dispersed. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.
In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.
GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.
In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.
GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.
ARCTIC RIFT COPPER PROJECT
The Arctic Rift Copper Project (ARC) is an exploration joint venture between GreenX and Greenfields Exploration Ltd (Greenfields). GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.
The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.
Analysis of this information is underway and will be key to future planned work programs.
CORPORATE
Financial Position
Following successful completion of the Placing, GreenX had cash of A$10 million as at 31 March 2023.
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
|
|
Investor Enquiries Sasha Sethi |
Tel: +44 (0) 7891 677 441 sasha@flowcomms.com
|
|
Tavira Securities Limited Jonathan Evans |
Tel: +44 (0)20 7100 5100 jonathan.evans@tavira.group
|
|
First Equity Limited Jason Robertson |
Tel: +44 (0)203 192 1733 jasonrobertson@firstequitylimited.com
|
#SVML Sovereign Metals PLC – Kasiya Indicated Resource Increased By Over 80%
· Kasiya Indicated Resource now stands at 1.2 Billion tonnes at 1.0% rutile and 1.5% graphite
· Updated Mineral Resource Estimate (MRE) moves over 0.5 Billion tonnes from Inferred to Indicated – an increase of 81% to the Indicated category
· Over 66% of total MRE now in the Indicated category
· Kasiya’s global MRE over 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite
· Kasiya remains the world’s largest natural rutile deposit and second largest flake graphite deposit
· Updated MRE to underpin the mining inventory and mine plan for the forthcoming Pre-feasibility Study (PFS)
Sovereign’s Managing Director Dr Julian Stephens commented: “The increase of over 80% in the Indicated component at a one-for-one conversion from Inferred is an outstanding outcome. The conversion rate confirms the very consistent geological and grade continuity and is testament to the high-quality and robustness of the deposit. Kasiya is poised to become a major long-term supplier of the critical minerals natural rutile and graphite, with both forecast to be in near-term and significant supply deficit. The PFS work program on this highly strategic and globally significant project is progressing well and approaching its final stages. The Company is looking forward to presenting the outcomes of the PFS in the coming months.”
ENQUIRIES
|
Dr Julian Stephens (Perth) +61(8) 9322 6322 |
Sam Cordin (Perth) |
Sapan Ghai (London)
|
|
Nominated Adviser on AIM |
|
|
RFC Ambrian |
|
|
Andrew Thomson |
+61 8 9480 2500 |
|
Joint Brokers |
|
|
Berenberg |
+44 20 3207 7800 |
|
Matthew Armitt |
|
|
Jennifer Lee |
|
|
|
|
|
Optiva Securities |
+44 20 3137 1902 |
|
Daniel Ingrams |
|
|
Mariela Jaho |
|
|
Christian Dennis |
Read further announcement here
#KAV Kavango Resources PLC – Ditau: Additional Exploration Holes Logged
Kavango Resources (LSE:KAV), the Southern Africa focussed exploration company, is pleased to announce that it has identified further evidence of a potential wider mineralised system at the Company’s Ditau Project in SW Botswana.
Having confirmed the 470m strike extent of the mineralised Banded Iron Formation (“BIF”) encountered in Hole DITDD004 (announced >>> 31 March 2023), Kavango has completed logging of two historic exploration holes that were drilled in the vicinity of Target i10. Kavango drilled DITDD004 in April 2022 to test Target i10.
Drill core from the two historic exploration holes X077_H002 (“X077”) & X081_H001 (“X081”) both exhibit clear evidence of mineralisation.
X077 is 470m from DITDD004. It was drilled to 189m and intercepted the same mineralised BIF that Dr. Hamid Mumin recently identified as a large-scale system, primarily prospective for possible lode gold mineralisation. The mineralised BIF in X077 remained open at depth and Kavango is considering drilling a twin hole to test this target.
FIGURE 1: End of Hole X077 at 188.93m, pyrite and carbonate both increase at end of hole, suggesting increasing mineralisation, open at depth.
X081 is 3km to the SW of DITDD004 and was drilled to a depth of 144m. The core is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins. There are clear signs of locally intense hydrothermal activity.
Kavango has sent samples from X077 and X081 for assay testing.
Ben Turney, Chief Executive Officer of Kavango, stated,
“Gaining access to exploration Holes X077 and X081 via the Botswana Geological Institute could prove to be decisive in our Ditau exploration programme.
X077 has already demonstrated the potential strike extent of the thick mineralised Banded Iron Formation we intercepted with our Hole DITDD004 last April.
However, the identification of X081 opens an even more intriguing line of investigation for us. Evidence of intense local hydrothermal activity and the clear presence of iron oxides and sulphides strengthen the possibility of a regional exploration play.
We now look forward to assay results to guide our next steps.“
OVERVIEW
· Two exploration holes were drilled in the vicinity of Kavango’s Target i10 at Ditau. The core from these holes is now the property of the Botswana Geoscience Institute (the “BGI”).
o Hole X077_H002 (“X077”) drilled to 189m & lies 470m NW of DITDD004
o Hole X081_H001 (“X081”) drilled to 144m & lies 3km to the SW of DITDD004
o Holes X077 & X081 were abandoned by the party who drilled them, once it was established the underlying targets were not kimberlites and therefore had no potential for diamonds.
· With the cooperation of the BGI, Kavango has reviewed the drill core from X077 and X081. The Company’s initial findings are:
o X077 encountered the same BIF as DITDD004, with clear visual evidence of mineralisation. This confirms the mineralised BIF is continuous for at least 470m. X077 is open at depth.
FIGURE 2: Mineralised Banded Iron Formation (BIF) identified in Hole X077 appears to represent acontinuation of the same mineralised BIF Kavango intercepted in its Hole DITDD004
o X081 has further clear visual evidence of mineralisation and locally intense hydrothermal activity.
Kavango will now send samples from X077 and X081 for assay testing.
INITIAL REVIEW OF DRILL CORE
The BGI granted a team from Kavango permission to log two previous drillholes (X077 and X081) drilled in the vicinity of Kavango’s Hole DITDD004 in the Ditau Project.
Holes X077 and X081 were drilled with diamond core to depths of 188.93m and 143.93m respectively.
X077 is located 470m NW of DITDD004 and X081 is 3km to the SW and is coincident with a small magnetic anomaly.
DITDD004 contained anomalous gold and copper values, hosted in a Banded Iron Formation (BIF), and has been characterised by Dr. Hamid Mumin [announced >>> 06 March 2023] as a BIF hosted lode gold style of mineralising system, with the possibility for Volcanogenic Massive Sulphides also to be investigated.
Kavango has carried out detailed logging, pXRF determinations, and magnetic susceptibility measurements on X077 and X081. Initial results from this analysis are as follows:
Hole X077
· Extensive brecciated BIF seen, as in Hole DITDD004. This confirms the 470m strike extent of this formation.
· Pyrite observed, plus (at 147m) blebs of chalcopyrite, 15mm in diameter.
FIGURE 3: Extensive pyrite seen in X077, this example is at 155m depth.
· X077 stopped at 188.93m in strong carbonate alteration with pyrite, associated with veining. The degree of alteration was observed to be increasing with depth.
· The mineralising system that has caused this is considered by Kavango to extend beyond the end of the hole. Termination of X077 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
· X077 confirms that the mineralisation seen in hole DITDD004 is not isolated and is part of a wider system.
Hole X081
· X081 was drilled on a different magnetic target to Target i10.
· X081 is a shallower hole (drilled to 143.93m) and is significantly oxidised.
FIGURE 4: Increasing levels of (now oxidised) sulphides indicated towards the end of Hole X081, which was drilled to 143.93m, with mineralisation open at depth
· It is highly weathered and contains extensive relict textures after pyrite, and iron oxides in veins.
· There are clear signs of locally intense hydrothermal activity.
· Again, the mineralising system in X081 is considered by Kavango to extend beyond the end of the hole. It is unclear whether the mineralising system is related to that seen between Holes DITDD004 and X077. Kavango will investigate this through assay testing of core samples.
· Termination of X081 appears consistent with a company exploring for diamonds as the core was clearly not a kimberlite and appears prospective for metal mineralisation instead.
NEXT STEPS:
· Core cutting is complete and Kavango’s team will send samples from X077 and X081 for assay testing.
· Kavango will in the interim review pXRF and other data in parallel with this to advance its interpretation at Ditau.
· Kavango to share all data and samples with Dr. Mumin in order to upgrade confidence in this exploration model and refine our exploration plan.
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
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’.