North River Resources jumps after obtaining legacy commodities data

AIM-listed mining company North River Resources has reported making "considerable headway" in obtaining legacy information relating to the operations of its flagship project, the Namib Mine, which produced lead, zinc and silver from 1969 to 1991.

AIM-listed mining company North River Resources has reported making "considerable headway" in obtaining legacy information relating to the operations of its flagship project, the Namib Mine, which produced lead, zinc and silver from 1969 to 1991.

The company said that the legacy information included diamond drill data that was conducted during the period and prior to operations commencing in 1969.

The board said that it now believes that the mine produced approximately 700,000 tonnes of ore, calculated from North River's 3D models of the mine voids, producing over 100,000 tonnes of lead and zinc concentrate, and over 1.0m ounces of silver.

After net smelter returns, North River Resources said that this would have yielded revenues in excess of $100m at current commodity prices.

The company further revealed that surface diamond drilling programmes had been conducted at Namib in 1956 and 1966. Although bore hole logs and assay data was found, it said that the results of these programmes remained unverified as the core samples had not been located.

As such, the directors said that the information did not meet JORC compliance standards, and could only be regarded as legacy information at this stage.

However, it said that the drill data suggested a number of intercepts up to 100m below the base of the historic mine workings, as well as some high grade intercepts at the Northern ore-bodies, some of which were missed by the most recent drilling undertaken in 2007.

Claridge appointed Project Manager at Namib mineThe company also announced that it had appointed a new Project Manager, Dominic Claridge, for the re-opening of the Namib Mine.

Claridge was previously Group Executive of Project Development for Weatherly International, where he managed bankable feasibility studies on three projects in Namibia, notably Berg Akas, another brownfield lead, zinc, and silver mine.

Martin French, Executive Director of North River said "Dominic is uniquely qualified as Project Manager for the Namib Mine, having worked on a similar historic lead-zinc mine project in Namibia. In the short time he has been with us, he has greatly accelerated both our knowledge and detailed planning of the project."

North River Resources' share price was up 6.67% to 0.40p at 10:40 on Friday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021