Home » Posts tagged 'Small cap' (Page 2)
Tag Archives: Small cap
#KAV Kavango Resources Plc – KCB – Drill Rig Mobilisation
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce that Mindea Exploration and Drilling Services Pty (“Mindea”) has mobilised the multi-purpose drill rig (the “Rig”) for the Company’s maiden drill campaign in the Kalahari Copper Belt (“KCB”).
PL082/2018 is one of Kavango’s most advanced prospecting following extensive surface exploration and geophysical surveying across the entire area.
The Rig has been mobilised to conduct a first phase drill programme on PL082/2018, where Kavango is targeting a potential analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge and exhibits similar geophysical characteristics to survey data acquired by Kavango over PL082/2018.
HIGHLIGHTS
– Drill rig mobilisation
– Mindea has deployed a rig capable of reverse circulation (“RC”) and diamond core (“DC”) drilling to PL082/2018
– Drill camp and first drill pad prepared
– First phase drilling programme
– Drilling to commence no later than 9 October
– Expected completion by early November
– Up to 6 holes (est. 1,250m) designed to test the Northern and Central anomalies (announced >>> 29 September 2022)
– CSAMT
– Kavango has also commenced a Controlled-Source Audio MagnetoTelluric (“CSAMT”) survey of up to 17 line-km over PL082/2018
– Goal is to map subsurface structures to optimise drill orientation
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“In keeping with our ambitions in the Kalahari Copper Belt, we have moved fast to mobilise the rig. The speed at which we are able to work demonstrates how much progress we’ve made over the past year.
PL082/2018 is our best immediate target in the KCB. It is our most advanced licence and demonstrates the best geology at surface, which we hope could prove to be telling.
We’ve achieved near total coverage across this licence in terms of geophysical surveying, geological mapping and soil sampling. While the CSAMT survey could yet still provide a new valuable data source, we are confident in the targeting work we’ve completed to date/
We expect this first phase drill programme will last around a month, with samples sent immediately for laboratory testing. Results from this will guide future drilling.
In the meantime, our team in the field has worked hard over the last week to finalise preparations. The drill camp is set up, the first pad is prepared, and the rig is on course to commence its work later this week.
Drilling is always the most exciting activity for any exploration company, and we look forward to what the next few weeks will bring.”
First phase drill programme details
Under the terms of its contract with Kavango, Mindea has mobilised its multi-purposed rig for a first phase drilling programme (the “Drill Programme”) on PL082/2018 in the KCB. Kavango has established an exploration camp in the drilling area and cleared the first drill pad.
The Drill Programme will consist of an initial 6 holes for 1,250m of drilling designed to test 2 discrete copper geochemical anomalies (the “Target Zones”), which are aligned with mapped underlying geology at PL082/2018 (announced >>> 26th August 2022).
The details of the Target Zones are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling (announced >>> 29th September 2022) confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to complete by early November. Upon completion, samples will be sent to an internationally accredited laboratory for testing.
Kavango has so far identified 188 drill collar locations and aims ultimately to complete up to 37,600m or RC and diamond drilling (announced >>> 30th September 2022). These locations are centred on 14 priority target areas delineated across 4 of the Company’s 12 KCB licences, where field exploration is ongoing.
CSAMT details
Kavango has also initiated a CSAMT survey of up to 17 line-km within PL082/2018. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Further information in respect of Kavango 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 (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to 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’.
#ORPH Open Orphan plc – Positive in vitro results for FLU-v published
Open Orphan plc (AIM: ORPH), (to be renamed hVIVO plc (AIM: HVO) effective 26 October 2022), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that positive data from a peer-reviewed study evaluating the in vitro efficacy of FLU-v, Imutex Limited’s (“Imutex”) broad spectrum influenza
vaccine, has been published in the scientific journal Vaccines.1
Previous clinical studies have demonstrated that FLU-v induced increased antibody and cellular responses in vivo. This placebo-controlled study evaluated the ability of FLU-v to induce cellular effector functions and cross-reactivity (both measures of the immune response, with cross-reactivity being particularly important for protection against multiple viral strains) of immune cells extracted from participants, following exposure to five different influenza strains.
The study found that measurements of IFN-γ and granzyme B production in stimulated immune cells from participants that had been previously vaccinated with either FLU-v or placebo, were significantly higher in the FLU-v group both when stimulated with vaccine antigen and also with antigens from a panel of seasonal and pandemic inactivated influenza A and B strains. These results further support the continued development of FLU-v as a broad-spectrum influenza vaccine.
FLU-v is owned by Imutex, a joint venture between hVIVO and PepTcell Limited (the legal name of SEEK Group), to develop vaccines against influenza and mosquito borne diseases such as Zika virus, malaria and other flaviviruses.
Seasonal influenza causes significant morbidity and mortality each year and a pandemic influenza continues to pose a worldwide threat. Influenza is a serious global health threat with an estimated 1 billion cases per year, 3-5 million severe cases and 290,000 – 650,000 deaths per year.
Dr Andrew Catchpole, Chief Scientific Officer of hVIVO, said: “It is encouraging to see further positive data for FLU-v, supporting its continued development as a broad-spectrum influenza vaccine. There is a large unmet need for a broad-spectrum vaccine to help battle emerging seasonal and pandemic influenza A and B viruses. Although FLU-v had already produced successful Phase II clinical data, this in vitro study is particularly important as it showed the ability of the candidate to induce an immune response against a diverse variety of influenza A and B strains.”
1. Oftung, F.; Næss, L.M.; Laake, I.; Stoloff, G.; Pleguezuelos, O. FLU-v, a Broad-Spectrum Influenza Vaccine, Induces Cross-Reactive Cellular Immune Responses in Humans Measured by Dual IFN-γ and Granzyme B ELISpot Assay. Vaccines 2022, 10, 1528. https://doi.org/10.3390/vaccines10091528
For further information please contact:
|
Open Orphan plc |
+44 (0) 20 7756 1300 |
||
|
Yamin Khan, Chief Executive Officer |
|||
|
|
|||
|
Walbrook PR (Financial PR & IR) Stephanie Cuthbert / Phillip Marriage / |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com +44 (0) 7796 794 663 / +44 (0) 7867 984 082 / |
||
#POW Power Metal Resources PLC – Molopo Farms Complex Project Update
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 28 September 2022 the Company announced an update regarding the delineation of a second major conductor at target area T2-3, as well as an update regarding its ongoing geophysics programme. The link to this announcement is below:
https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138
The above update noted that further analyses in respect of target (T1-3) were ongoing, the results of which are now covered below.
KEY HIGHLIGHTS
T1-3 Major Drill Target
– Final compilation and analyses of the ground-based moving loop electromagnetic (“MLEM”) and magnetic geophysical surveys over target area T1-3 are now complete.
– Geophysical inversion of the MLEM data has highlighted a significant ‘jelly-bean’ shaped, geophysical conductor at target area T1-3. This conductor remains open to the east-west and sits within a magnetic trough observed in both the ground and airborne magnetic surveys. No drilling has ever been completed over this target area.
– Historical airborne electromagnetic (“AEM”) data over T1-3 have been further analysed with results showing the MLEM conductor may extend out to 1.6km in an east-west direction, based on coincident airborne/ground survey anomalies.
– The T1-3 conductor has been given a high-priority (A+) ranking by the Company, the same priority attributed to the conductor at T1-6 (where drilling is ongoing) as well as the new conductor identified at T2-3.
– A planned 450m diamond core drillhole, DDH1-3A, has been designed to intersect the T1-3 conductor at approximately 300m downhole depth. The Company has added this hole to the list of holes to be drilled during the ongoing 2022 campaign. Considering the proximity of T1-3 to ongoing drilling at T1-6 (33km southwest), it is possible that T1-3 will be drilled after holes DDH1-6B and DDH1-6C complete, with drilling at T2-3 to follow (see map for relative locations).
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The inventory of high priority A+ ranked drill targets at Molopo are building and we now have the third, T1-3, added to the list. We plan to drill all three high priority targets during the current drill programme.
Our review has also identified further targets which we believe could become additional priority drill targets subject to additional technical work over those areas.
Each priority conductor identified to date, including T1-6, T1-3 and T2-3, are located proximal to a geological feeder zone but each possess unique size and scale dimensions. By drilling all of these targets, the Project becomes inherently de-risked, and the prospect of a discovery or discoveries increases.
Our attention is principally focused on drilling, with our first drill hole into the T1-6 conductor underway and I look forward to providing further updates at the earliest opportunity.”
GEOPHYSICAL SURVEY – OVERVIEW
– Spectral Geophysics have now completed the 2022 Phase I & II exploration programmes which included four MLEM and four magnetic geophysics surveys over targets T1-6, T1-14 and T2-3 and T1-3. The MLEM and magnetic survey results are assisting the company in refining further drill collar locations for the ongoing 2022 diamond drilling campaign.
– To date, the MLEM survey results have now highlighted:
o T2-3 (A+): A flat-lying, slightly concave (downward), conductor which remains open in all directions. Drilling is planned at this target.
o T1-6 (A+): A large, southerly dipping conductor which remains open towards the south, east and west. Drilling is ongoing over this target.
o T1-3 (A+): A ‘jelly-bean’ shaped conductor which remains open towards the east and west. Drilling is planned at this target.
o T1-14 (B): A conductor which is near-to the contact zone with known Transvaal carbonaceous mudstones. Due to the estimated depth required to reach this conductor (approx. 650m) and the geological complexity associated with this area, it has been given a lower priority ranking than T2-3, T1-6 and T1-3.
– The Company has also completed an in-depth review of a historical AEM report covering the majority of the Molopo Farms Complex Project. Considering priority areas T1-6, T2-3 and T1-3 were originally identified by the historical AEM survey results, it was decided that further investigation of the targets identified by this report were warranted. Significantly, five of the strong AEM conductors, including T1-2, T1-4, T1-5, T1-10 and T1-11 have been upgraded and are now classified as priority airborne targets by the Company. At T1-11, a 2020/2021 drillhole (KKME1-11) completed by the previous operator was determined to not have adequately targeted this conductor. The Company is in ongoing discussions with its geophysical contractor to determine next steps over these target areas.
FURTHER INFORMATION
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Priority Target Area T1-3 3D View: A 3D view showing the location of the planned drillhole DDH1-3A and the MLEM results (new conductor in blue). The red-pink block model are magnetic inversion results showing the new ‘jelly-bean’ shaped conductor sits within a magnetic trough.
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/molopo-farms-major-drill-target-t1-3/
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
REFERENCES
1: Power Metal PLC announcement, Molopo Farms Complex Project, Botswana – Major Drill Target T2-3
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-complex-project-update/15647138)
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 |
|
|
Paul Johnson (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 – KCB maiden drill programme
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce its maiden drill campaign in the Kalahari Copper Belt (“KCB”).
The Company has signed a contract with Mindea Exploration and Drilling Services Pty (“Mindea”) for the first phase of drilling on licence PL082/2018. Kavango’s technical team believes this prospecting licence (“PL”) is a possible analogue to Khoemacau’s Banana Zone deposit.
HIGHLIGHTS
– Contract signed with Mindea for maiden KCB drill campaign
– Mindea to deploy a multi-purpose rig, capable of both diamond core (“DC”) and reverse circulation (“RC”) drilling
– First phase drill programme
– Up to 6 holes (est. 1,250m) on PL082/2018, as first phase of 37,600m drill strategy (announced >>> 28 September 2022)
– Drilling to commence no later than 9 October
– Expected completion by early November
– Samples to be sent to an internationally accredited laboratory for testing
– Drill Targets
– Two discrete copper geochemical anomalies, which align with mapped regional geology (announced >>> 26 August 2022)
– Northern Zone: 9km strike length with maximum width of 650m
– Central Zone: 27km strike length extending over length of PL082/2018
– Peak soil sample value of 118.8ppm Copper (“Cu”) (pXRF values)
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“Our technical team has worked extremely hard to maximise our chances of making one or more copper discoveries in the Kalahari Copper Belt. Our thorough exploration programme over the last 18 months has delivered 14 priority targets and I am now delighted to announce our maiden KCB drill campaign.
This is a significant achievement for Kavango. Following our successful drilling in the Kalahari Suture Zone and at Ditau in H1, we are on course to have drilled all three of our projects during 2022.
We are very happy to have partnered again with Mindea. Mindea has been active in the KCB over recent months with some notable successes. This work has recently paused, so we took advantage of that break to initiate drilling on PL082.
We are very fortunate that Mindea has been using a multi-purpose rig on its other job, as this is exactly what we need to optimise our programme as it develops. The timing has also worked out very well, allowing us to drill so soon after the latest positive exploration results from this licence.
Our technical team has done a superb job in identifying such significant drill targets. The alignment of coincident geological, geochemical and geophysical data sets is decidedly encouraging at this stage.
We now approach our first phase drilling on the KCB with a high degree of confidence and look forward to mobilising the rig as soon as we can.”
First phase drill programme details
Kavango has signed a contract with Mindea for a first phase drill programme, consisting of an initial 1,250m of drilling on PL082/2018 in the KCB.
Mindea has been active in the KCB over recent months, with a multi-purpose rig capable of both diamond core and RC drilling. Kavango has been able to take advantage of a pause in that programme to engage Mindea to mobilise the rig to PL082/2018 for the first phase drill programme. Kavango intends to use the same rig for future drilling in the KCB, subject to its availability.
The Company’s technical team believes that PL082/2018 is a possible analogue to Khoemacau’s Banana Zone deposit. The Banana Zone deposit sits immediately to the south of Ghanzi Ridge, and has been reported as having an estimated total mineral resource of 55.8Mt @ 1.1% Cu & 16.4g/t Ag.
The first phase drill programme will focus on testing two discrete copper geochemical anomalies (the “Targets”), which are aligned with mapped underlying geology at PL082/2018. The Company has validated and improved the definition of the Targets through a follow-up infill soil sampling programme (announced >>> 29th September 2022).
The details of the Targets are as follows:
I) Central Zone (Cu: >30ppm, Max 118.8ppm)
– Follows the geological trend of a sub outcropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits located by Discovery Metals to the North East. The elevated copper values are postulated to represent a possible leakage zone from an underlying redox contact
– The unit has been mapped to extend over the length of PL082/2018, extending over 27km, and is also characterised by a zone of elevated magnetic response
– Infill soil sampling has confirmed elevated readings along the Target, further strengthening its prospectivity
II) Northern Zone (Cu: >30ppm, Max 39.7ppm)
– A robust anomaly occurring in an area with no outcrop (under Kalahari cover) on the edge of a magnetic high that bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines
– Previous work by Kavango identified an Airborne ElectroMagnetic (“AEM”) conductor, which coincides with the geochemical northern zone identified in this latest work
– Infill soil sampling confirmed that the Target extends over 9km of geological strike length and has a maximum width of 650m, which may comprise up to three separate parallel anomalies, with a peak value of 43ppm Cu (pXRF values)
Drilling is expected to commence by 9th October.
Kavango is also mobilising Controlled-Source Audio MagnetoTelluric (“CSAMT”) equipment to PL082/2018 and expects to complete up to 17 line-km of surveys. The Company’s objective is to provide resolution of the anticipated anticline structure and to ensure optimal drill orientation.
Next steps
The first phase drilling programme at PL082/2018 initiates commencement of Kavango’s comprehensive KCB drill strategy (announced >>> 27 September 2022).
The Company has so far identified 188 drill collar locations across the KCB and aims ultimately to complete up to 37,600m of RC and diamond drilling. These locations are centred on 13 priority target areas delineated across four PLs (PL082/2018, PL036/2020, as well as the “Mamuno” licences (PL049/2020 and PL052/2020)).
Kavango will continue further field exploration across all 12 of its PLs in the KCB in parallel with any drilling. The Company expects to add more target areas and drill collar locations to its inventory as this work progresses.
About Mindea
Mindea Exploration and Drilling Services (Pty) LTD was formed in September 2019 by Equity Drilling Limited and Maureen Mokgaotsane (Geologist), Sebanka Lobatlamang (Geologist) and Eddie Babuseng (Attorney at Law) to provide complete exploration solutions to its clients in Botswana.
Mindea is currently operated under the Botswana Citizen Economic Empowerment Policy and is owned 51% by local shareholders and 49% by Equity Drilling. Over the coming years, it is expected that Botswana nationals will wholly own Mindea, with Equity Drilling continuing to provide strategic and technical support.
Mindea operates to strict international safety standards and deploys the latest equipment to its projects. Mindea is rigorous in its planning and site preparation.
Reflecting the quality of its operations, Mindea has recently been awarded a 3-year contract by Debswana to drill various national projects in Botswana. In addition to this, Mindea is a regular drill contractor for DeBeers.
Further information in respect of Kavango 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 (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to 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’.
#ORPH Open Orphan PLC – Director dealings
Open Orphan plc (AIM: ORPH), (to be renamed hVIVO plc (AIM: HVO) effective 26 October 2022), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has received notification that on 29 September 2022, Yamin ‘Mo’ Khan, Chief Executive Officer of the Company, purchased 510,204 ordinary shares of 0.1 pence each in the capital of the Company (“Shares”) at a price of 9.8 pence per Share. Following the purchase of shares Mo holds 510,204 ordinary shares representing approximately 0.08 per cent of the Company’s issued ordinary capital.
Yamin ‘Mo’ Khan, Chief Executive Officer of Open Orphan plc, said: “The purchase of shares in the Company demonstrates both my commitment and my confidence in our long-term growth strategy. Since my appointment as CEO in February 2022, we have made significant progress, delivering continued growth and a record orderbook valued at c.£80m as of 1 September, which provides excellent forward visibility into H2 2022 and 2023.”
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 implemented into English law) (“MAR”). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
For further information please contact:
|
Open Orphan plc |
+44 (0) 20 7756 1300 |
||
|
Yamin Khan, Chief Executive Officer |
|||
|
Liberum Capital (Nominated Adviser and Joint Broker) |
+44 (0) 20 3100 2000 |
||
|
Ben Cryer/ Edward Mansfield/ Phil Walker/ Will King |
|||
|
finnCap plc (Joint Broker) |
+44 (0) 20 7220 0500 |
||
|
Geoff Nash / James Thompson / Richard Chambers |
|||
|
Davy (Euronext Growth Adviser and Joint Broker) |
+353 (0) 1 679 6363 |
||
|
Anthony Farrell |
|||
|
Walbrook PR (Financial PR & IR) Stephanie Cuthbert / Phillip Marriage / |
+44 (0)20 7933 8780 or openorphan@walbrookpr.com +44 (0) 7796 794 663 / +44 (0) 7867 984 082 / |
||
#TYM Tertiary Minerals – Appointment of Exploration Manager, Zambia
Tertiary Minerals plc is pleased to announce that it has retained the services of Richard Belcher as its Exploration Manager for Zambia.
Richard is a multi-commodity, multi-disciplined explorationist with a strong technical background and 19 years’ post-PhD experience across all stages of exploration with an emphasis on gold and base metals in Africa, including in Zambia.
He has a proven capability from reconnaissance through to resource stage in challenging environments and was most recently a senior consulting geologist to Altus Strategies before its recent merger with Elemental Royalties.
Richard holds a BSc (Hons) Exploration Geology from Cardiff University (UK) and a PhD from Stellenbosch University (RSA) and is a Chartered Geologist and Fellow of the Geological Society of London.
Commenting today, Executive Chairman Patrick Cheetham said:
“This is a key appointment for the Company as we ramp up our exploration in Zambia. Richard will be leading the collaboration with major Zambian copper producer First Quantum Minerals that we announced earlier this month.
We look forward to working with Richard and with FQM and to our first joint technical meeting with FQM which is due to be held next week.”
For more information please contact:
| Tertiary Minerals plc: | ||
| Patrick Cheetham, Executive Chairman | +44 (0) 1625 838 679 | |
| SP Angel Corporate Finance LLP
Nominated Adviser and Broker |
||
| Richard Morrison | +44 (0) 203 470 0470 | |
| Caroline Rowe | ||
| Peterhouse Capital Limited
Joint Broker |
||
| Lucy Williams | + 44 (0) 207 469 0930 | |
| Duncan Vasey | ||
Market Abuse Regulation (MAR) Disclosure
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 which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.
About Tertiary Minerals plc
Tertiary is exploring for copper and precious metals in Nevada, USA, and in Zambia through local subsidiary Tertiary Minerals (Zambia) Limited (“TMZ”) which is 96% owned by Tertiary Minerals plc. TMZ has the right to acquire up to a 90% interest in five licences held by local company and licence holder Mwashia Resources Ltd, two of which are subject to a technical collaboration with First Quantum Minerals as announced on 15 September 2022 .
Further details of Tertiary’s agreements with Mwashia are given in the Company’s news releases of 2 August 2021 and 18 November 2021.
#KAV KAVANGO RESOURCES PLC – KCB drill strategy finalised
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to report finalisation of its drill strategy for four of its prospecting licences (“PLs”) in the Kalahari Copper Belt (“KCB”) (the “Drill Strategy”).
Over the last 12 months, Kavango has focussed its field exploration in the KCB on PLs 082/2018, 036/2020, 049/2020 and 052/2020 (the “Four PLs”). The Drill Strategy is the culmination of these efforts.
HIGHLIGHTS
– Kavango’s objective in the KCB is to make one or more discoveries of economically viable copper/silver deposits across its 12 PLs in the region
– The Drill Strategy is a flexible programme, designed to be delivered in staged phases and to a variety of depths
– Kavango expects to conduct ongoing optimisation as drill results are known
– Kavango has so far delineated 13 priority target areas (the “Priority Targets”) across the Four PLs:
– 188 drill collar locations identified
– Up to 37,600m of reverse circulation (“RC”) and diamond drilling proposed
– The Priority Targets are situated in underexplored areas of the KCB, which are in the vicinity of known high-grade copper/silver deposits
– Kavango identified the Priority Targets through:
– Geophysical surveying and data interpretation (airborne magnetics & airborne electromagnetics)
– Geological mapping, confirming favourable regional structures
– Intensive soil sampling, with recorded values of up to 119 parts per million (“ppm”) copper (pXRF values)
– Kavango will continue further field exploration across all 12 of its PLs in the KCB, in parallel to any drilling. The Company expects to add more target areas and drill collar locations to its inventory as this work progresses
Kavango has provided maps showing the Priority Targets on the Company’s website, via the link below:
https://www.kavangoresources.com/media-library/news-release-media/rns28september2022
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“I am extremely happy to provide an update on this major development in the Kavango story. With such a large, prospective land package in the Kalahari Copper Belt (KCB), it is vital that we are clear on the steps required on our road to discovery.
We have undertaken extensive geological, geochemical, and geophysical work to define our target areas precisely, with the aim of maximising our chances of success. If copper exists on our ground, I am confident that our highly experienced technical team will find it.
Through our flexible proposed drill programme, we have a total of 188 viable drill locations over 13 priority areas, each of which we believe gives us the chance of encountering copper mineralisation. In total our exploration drilling could total as much as 37,600m, which emphasises the scale of Kavango’s opportunity. Our ground could host multiple deposits, which is why we have been as thorough as we have in our approach.
With such large target areas to go for, we’ve worked diligently to rank our specific drill targets in order of priority. Our goal is to become a major player in the KCB and I look forward to updating shareholders in due course as we commence our maiden drill campaign in the KCB.“
Drilling strategy detail
Kavango has carefully designed a methodology for generating and ranking targets across its KCB licences, centred on combining multiple data sets. The Company’s approach brings together the combined geological, geochemical, and geophysical experience of its four senior technical team members, who together have more than 90 years of exploration experience. This approach includes:
I) Geological mapping
– This allows for the recording and measuring of licence geology, providing the bedrock for interpretation of geochemical and geophysical data
II) Soil sampling
– After identifying anomalous areas through soil sampling, Kavango’s team revisit each site to follow-up and ‘ground truth’, this allows Kavango to avoid false anomalies. It ensures that ongoing work focuses on the highest-priority targets – anomalies that are not just at elevated levels but also are continuous across multiple lines
III) Regional Airborne Magnetic (“AM”) surveying
– AM data is readily available in Botswana and provides a basis for validating geological mapping. Variations in magnetic mineral content allow for the identification of strata within geological sequences that can be used both within and across adjacent licence boundaries. This technique can significantly assist with the identification of large scale deposits, which are controlled by overall regional geological trends
IV) Licence specific Airborne ElectroMagnetic (“AEM”) surveying
– Kavango has flown AEM surveys across a number of its licences. This data is used to identify conductive bodies that could represent metal sulphides, and to assist detailed mapping of potential lithologies and structures
V) Target refinement
– Kavango carries out additional work, including infill lines of soil sampling and additional geophysics, such as Controlled-source Audio-frequency Magnetotellurics (“CSAMT”), to confirm and better define its highest priority drill targets
To date, geological mapping and soil sampling, supported by the ongoing integration of AM and AEM, have taken place across licences PL082/2018, PL036/2020, as well as the “Mamuno” licences (PL049/2020 and PL052/2020). These Four PLs sit within Kavango’s wider portfolio of 12 KCB licences covering 5,065km2.
The Company’s work has led to it defining and ranking 13 Priority Targets, which include values of up to 119ppm copper and are described in more detail in the table below. Because the Priority Targets are still being refined, it should be noted that the ranking of each may change as further data becomes available.
Kavango has currently identified a total of 188 drill collar locations over the Priority Targets for a total of up to 37,600m of test drilling. The Company’s goal is to make multiple significant copper/silver discoveries across its PLs. Kavango’s confidence is based on the quality of its work, which has highlighted the Priority Targets’ favourable geology, structural setting, and position relative to known KCB deposits.
In this way, Kavango plans to use the results from its initial drilling to inform deeper drilling and, potentially in future, resource drilling. The Company expects to add additional targets over time to its inventory, as it continues with further field exploration across its eight other KCB licences and unexplored areas within the Four PLs.
|
SCOPING FOR REVERSE CIRCULATION AND DIAMOND DRILLING PROGRAMME IN THE KCB |
||||
|
Licence/ Prospect |
Target name |
No. of proposed holes / metres |
Description |
Supporting data |
|
PL036/2020 (Infill soils underway, waiting analysis. Tromino surveys in progress. Regional aeromagnetic interpretation in progress.) |
Acacia |
30 drill collar locations / 6,000m |
Wide anomaly around the central part of the fold nose of the ‘Acacia fold’, measuring 2km x 2km. Possible source of this anomaly could be radial axial fold fractures, tapping into the Ngwako Pan/D’kar contact along the axis of a SW plunging anticline. |
Max value 56ppm Cu, 5 values above 20ppm Cu. Coincident Zn (+20ppm Zn) identified |
|
Morula |
30 drill collar locations / 6,000m |
Wide anomaly just south of the Acacia fold nose. Measuring 3km x 3km with a general NE-SW trend parallel to the regional stratigraphy. |
Max value is 38ppm Cu. (previous orientation survey associated this anomaly with calcrete/drainage) |
|
|
Happy |
10 drill collar locations / 2,000m |
Low-tenor teardrop shaped anomaly to the south. 9km long and 1km at its widest. Located in the centre of an interpreted anticline. No exposure in the area. |
Defined by +15ppm Cu values. Maximum value is 25ppm Cu. Supporting anomalous Zn values (+20ppm Zn) |
|
|
Kudu
|
4 drill collar locations / 800m |
Newly identified NE-SW trending zone of anomalous Cu values. 18km long (non-continuous) target zone, within which are possible multiple targets including Lines 69 & 83. This trend is distinct, sub-parallel to stratigraphy and tight. Narrow focus suggests this could be a steeply dipping feature, and/or a sharp structural feature such as a fault. It is also immediately adjacent to what Kavango’s geologists have mapped as a structural repetition of the key Ngwako Pan-D’kar contact. |
Line 39. Defined by 8 values in excess of 30ppm Cu; max value 110ppm Cu. Line 69 Geochemical high 46ppm Cu value Line 83 Geochemical high 51ppm Cu value
|
|
|
PL082/2018
(Infill soils completed, analysis in progress. Tromino surveys in progress. Regional aeromagnetic interpretation in progress.) |
Central Zone |
45 drill collar locations / 9,000m |
Follows the geological trend of a possible sub cropping anticline. This anticline forms the dome that hosts the Zeta and Plutus copper deposits identified by Discovery Metals, to the NE. The elevated copper values are postulated to represent a possible leakage zone from a redox contact underneath.
|
Defined by Cu >30ppm, max 119ppm, plus anomalous zinc. Extends over some 27km and is also characterised by a zone of elevated magnetic response. Peak values along trend, in particular where supported by favourable structure will form initial focus. Quartz veining observed in field. Drilling will target intersection of structure and favourable stratigraphy at depth. |
|
Northern Zone |
15 drill collar locations / 3,000m |
Robust anomaly extending over 8 km of geological strike length and 400m at its widest, no outcrop. Local drainage base level. Anomaly is located on the edge of a magnetic high, which bears similarities to the Ourea and Quirinus copper deposits identified by Discovery Metals in 2009. These deposits are interpreted to be on the limbs of tight anticlines. |
Cu: >30ppm, max 39.7ppm. Anomalous zinc. Previous work by Kavango identified a coincident elevated AEM response in this area. Target is an extensive one, with elevated metal values and high magnetic response – initial drilling could verify whether this relates to possible Karoo volcanics, or the targeted sediment hosted strata bound mineralisation. |
|
|
South conductor |
12 drill collar locations / 2,400m |
High conductivity area identified by Kavango. Faulted. Further field follow up planned. |
||
|
SW high |
3 drill collar locations / 600m |
Single point high geochemical value. Further field follow up planned. |
||
|
Mamuno (PL049/2020, PL052/2020) Targeted AEM completed. Interpretation in progress. Tromino to continue soon. Infill soils planned. Regional aeromagnetic interpretation in progress. |
Main Zone (L6, L7, L10) |
33 drill collar locations / 6,600m |
Single large target 5km x 3.5km Trending NNE-SSW, the geochemical anomaly straddles the mapped prospective redox horizon on the limbs of a possible regional anticline. Thicker sand cover here may attenuate the geochemical signal, while the very flat terrain could cause dispersion of the anomaly by sheet wash. No obvious drainage that could have caused contamination or a false anomaly. |
Wide area of anomalous values >30ppm Cu. Peak value of 73ppm Cu. KAV has recently flown an AEM survey over this anomaly; interpretation is pending. |
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.
dri
Kavango Resources plc
Ben Turney
bturney@kavangoresources.com
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to 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’.
#KAV Kavango Resources Plc – KCB – completion of acquisition of 90pc of LVR JV
Botswana focussed metals exploration company Kavango Resources plc (LSE:KAV) (“Kavango”) is pleased to announce completion of the acquisition of 65pc of the LVR Joint Venture (the “LVR JV”) (the “Acquisition”). This takes Kavango’s holding in the LVR JV to 90pc.
The LVR JV incorporates prospecting licences PL082/2018 & PL 083/2018, which together cover 809km2 of ground highly prospective for copper/silver discoveries in the Kalahari Copper Belt (“KCB”).
Ben Turney, Chief Executive Officer of Kavango Resources, commented:
“As we move towards our maiden drill campaign in the Kalahari Copper Belt, completing the acquisition of 90 per cent of the LVR Joint Venture is an important step forward. The two prospecting licences in this vehicle are highly prospective for copper/silver exploration.
PL082 is one of our most exciting and advanced opportunities. Located in the heart of the Belt, this licence has two primary target areas that have returned significant in-soil copper anomalies, with a peak pXRF value of 118.8ppm copper. The Central Zone is 27km in strike length and the Northern Zone is 8km in strike, emphasising this project’s scale.
Meanwhile, PL083 is located near the Namibian border. Sand cover here has limited historic exploration, but with the strength of our in-house geophysics team we are working on some ground-breaking regional modelling that we expect to enable us to unlock previously unrecognised potential.
We look forward to commencing drilling here in the near future.”
Acquisition Details
Kavango Resources plc and its Botswana subsidiary Kavango Minerals (Pty) Ltd (together “Kavango”) have executed a sale purchase agreement (“SPA”) with LVR GeoExplorers (Pty) Ltd (“LVR”) to acquire a further 65pc in the LVR JV. Kavango had already earned into 25pc of the LVR JV (announced >>> 03 June 2021).
Kavango entered into an Memorandum of Understanding (“MoU”) with LVR in November 2021 (announced >>> 26 November 2021), which outlined the terms of the Acquisition. These remain the same.
As a result of signing Kavango now owns 90pc of the LVR JV and remains as operator.
The LVR JV includes the following prospecting licences:
|
Project |
Licence No. |
Next renewal date |
Area (sq.km) |
|
KCB |
082/2018 |
30/9/23 |
126 |
|
KCB |
083/2018 |
30/9/23 |
683 |
Application has been made by both parties to the Department of Mineral Resources for transfer of the LVR JV prospecting licences to Shongwe Resources (Proprietary) Ltd. (“Shongwe”), a company which will be controlled by Kavango. On completion of this, Kavango will issue shares to LVR as detailed below.
Kavango will issue to LVR 2,000,000 Ordinary Shares (at an issue price of 5.5p per share) and 2,000,000 warrants, exercisable at 8.5p per share for a period of two years (the “Warrants”). No royalty or other deferred payment to LVR is required to be made by Kavango.
Kavango will carry LVR’s 10pc holding in the LVR JV through to Bankable Feasibility Study (“BFS”). Beyond this, LVR are to contribute on a pro-rata basis or will be diluted.
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
Ben Turney
First Equity (Joint Broker)
+44 207 374 2212
Jason Robertson
SI Capital Limited (Joint Broker)
+44 1483 413500
Nick Emerson
Kavango Competent Person Statement
The technical information contained in this announcement pertaining to 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’.
Andrew Hore Quoted Micro 15 July 2019
NEX EXCHANGE
AFH Financial Group (AFHP) has raised £15m from a placing of convertible unsecured loan stock in order to finance the acquisition of more IFAs. The loan stock offers a 4% annual interest rate and it matures in July 2024. The initial conversion price is 420p a share, which is a 17% premium to the market price. The annual interest cost is £600,000. Shore expects a pre-tax profit of £17m in the year to October 2019 and then a rise to £20m next year. That is before any acquisitions are made with the additional funds. There are already five potential acquisitions progressing towards completion.
Hydro Hotel, Eastbourne (HYDP) increased interim turnover by 3% to £1.55m. A decline in overheads in the six months to April 2019, due to a lack of repair work compared to the first half of the previous year. This meant that the interim loss fell from £200,000 to £101,000. There is £602,000 in the bank and NAV is £3.17m. Non-executive director CP Freeman has bought 600 shares at 750p each. He has a 1.2% stake.
Capital for Colleagues (CFCP) has invested in South Cerney Outdoor, a recently formed company that has acquired the outdoor experiences business from the Shaw Trust charity. Capital for Colleagues is lending up to £250,000 to the investee company, where the employee owned trust will become a major shareholder.
Coinsilium Group Ltd (COIN) says that its Gibraltar subsidiary has signed an agreement to support and promote RSK Smart Contract Network and RSK Infrastructure Framework blockchains in south east Asia. The 27.8%-owned start-up accelerator StartupToken is also involved in the deal.
EPE Special Opportunities Ltd (ESO) had a NAV of 260.29p a share at the end of June 2019. Since then 280,000 shares have been bought back by the company at an average share price of 205p.
KR1 (KR1) wants to buy back six million deferred shares at 0.2p each.
AIM
In the year to March 2019, Begbies Traynor (BEG) increased revenues by 15% to £60.1m, while pre-tax profit was £7.1m. Net debt was reduced from £7.5m to £6m. Increasing numbers of insolvencies is good news for the business recovery services provider. Pre-tax profit of £8.6m is forecast for this year.
Ultrasound simulation equipment supplier Intelligent Ultrasound (MED) says first half turnover was 25% ahead at £3.1m. This is before the recent AI contract win. There was £3.5m in the bank at the end of June 2019.
Tekcapital (TEK) is raising £750,000 at 8p a share in order to provide further financial backing for its IP companies. Medical devices developer Belluscura could receive FDA clearance for its advanced portable oxygen concentrator before the end of the year. It could be launched in the first half of next year. Nano-particle sized salt developer Salarius has been winning orders.
Ariana Resources (AAU) has reported positive drilling results at the Salinbas gold project in Turkey and there are indications that there is further mineralisation in the vicinity.
Ilika (IKA) had £4m in the bank at the end of April 2019 and that should be enough for the next 12 months as the solid state battery technology developer makes progress with its Stereax battery technology. Projects that could yield deals in the coming months include, condition monitoring devices for wind turbines, track monitoring devices for Network Rail and batteries for miniature medical implants.
Mirada (MIRA) is on course to move into profit in the year to March 2021. The digital TV software provider reported a rise in revenues from $8.82m to $12.3m last year. Even so, the loss was $3.2m. There will be a loss this year, excluding the $1.75m gain on the disposal of the parking payment business. That will help net debt to reduce to $4.1m, despite the loss.
Somero Enterprises Inc (SOM) has reassured investors that it remains on target to achieve previously downgraded forecasts for 2019. Revenues should be $87m and net cash should be $18m at the end of 2019. Interims will be published on 4 September.
Polarean Imaging (POLX) has received an order for the 9820 Xenon Polariser system from the University of Kansas Medical Center. This will be used as part of an imaging research programme. This is the 25th polariser installed or ordered.
Collagen Solutions (COS) has submitted its CE Mark application for the ChondroMimetic regenerative medical device and has received initial questions it has to address. The response is being prepared. Collagen generated revenues of £4.15m in the year to March 2019. The benefits of consolidating collagen manufacturing are coming through.
Woodford Investment Management has cut its stake in eve Sleep (EVE) from 46.8% to 31.2%. Jupiter Asset Management has taken a 15.6% stake.
Oil and gas company Wentworth Resources (WEN) intends to pay dividends based on free cash flow generation. An interim will be announced in September.
FIH Group (FIH) has taken out a £13.9m mortgage on its Leyton warehouse and the interest charge is fixed at 3% for ten years. A new commercial air link has been agreed between the Falkland Islands and Brazil.
MAIN MARKET
Challenger Acquisitions (CHAL) has received a further £18,000 from the owner of Star Sanctum, which takes the total paid to £93,000. Challenger has agreed payments with the developer of the wheel project in Dallas of $26,375 at the end of July and $25,000 at the end of August.
BATM Advanced Communications (BVC) has obtained a listing on the Tel Aviv Stock Exchange. Trading started on 11 July and it expects to become a constituent of the TA-90 index.
Andrew Hore