Resource round-up: Touchstone Gold, Stellar Diamonds, Amur Minerals

Also includes: Continental Coal, Orosur Mining, Leni Oil & Gas, 3Legs Resources

Touchstone Gold said it was merging with Atlantis Gold to create what the firm called "a leading Colombia focused gold exploration and development company". Touchstone said shareholders would benefit from a consolidation of quality neighbouring assets and the deal would give it critical mass in a prolific gold district.

Stellar Diamonds rocketed 16% in early trading after sampling results from the company's Droujba project in Guinea came in better than expected. The firm said bulk sampling at the Katcha Dyke site had returned a grade of 188 carats per hundred tonnes, far in excess of the anticipated 100 cpht, and gem quality diamonds up to 5.55 carats in size. Stellar said it now intends to bring a section of the 5km long dyke into the inferred resource category, to complement the 2.5m carats already confirmed as an inferred resource at the nearby Droujba pipe.

Amur Minerals, which targets nickel and copper in the far east of Russia, impressed investors by announcing that trenching work at its Kubuk nickel-copper prospect had revealed a substantially larger drill target than previously thought present. "These new results have now defined the largest true thickness ever exposed at the surface within the Kun-Manie project area," said Chief Executive Robin Young. Shares rose 4% on the news.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Shares in Continental Coal also rose 4% after a cryptic announcement that trading in its ordinary shares had been halted on the Australian Securities Exchange pending the release of an announcement regarding a maiden resource at the company's Botswana Coal Project. The company said its shares would continue to trade on AIM during this period.

Orosur Mining has temporarily welcomed back its old Chairman into the role. The firm said Tony Shearer had been appointed as a Non-Executive Director and Chairman until a new Chairman was found. Shearer was Chairman of the company from 2002 to 2009. The company also noted that three directors had resigned from the board.

Shares in Leni Oil & Gas fell 2.6% after the firm announced it had raised £150,000 through the issue of 18.3m new shares at a placing price of 0.82p per share to Dutchess Opportunity Cayman Fund. Investors have not been impressed with Leni of late, pushing the shares down 6% at one point last week after it announced the sale of a Maltese asset.

3Legs Resources also took a bashing after the firm announced it was selling off its Dabie-Laski concession in Poland, while continuing to consider options for its Bytom-Gliwice and Glinica-Psary concessions. The company said it had insufficient data to justify drilling a vertical test well on its Dabie-Laski concession within the timeframe specified in its licence. Shares fell 5% in morning trading following the announcement.