Patagonia Gold (LON:PGD) said it is pleased with the results from its first drill programme in Uruguay.
It said that both the grade and thickness of the mineralisation intersected on the main shear to date are very encouraging and with a potential strike extent of over 3.5 km, Zona 13 is looking like it has the potential to develop into an important asset in our property portfolio.
“We look forward to continuing work on Zona 13 and the adjacent properties within the project area,” said CEO Christopher van Tienhoven.
– Assay results received for first drilling completed on Zona 13 within the Chamizo exploration area: Eight of the nine holes intersected mineralisation; Significant intercepts reported in five of the eight mineralised intervals, including CHDD-002 15.5 metres @ 1.38 g/t Au and CHDD-004 16.2 metres @ 1.72 g/t Au; Over 3.5 km of mineralised structure identified, only 900 metres of strike drilled to date at Zona 13, open in all directions; Geophysical surveys have proven to accurately define the mineralised structure beneath post-mineralisation cover
– Additional areas at Carreta Quemada and Zona 14 and 15 drill ready, with coincident geophysical and geochemical anomalies.
* * *
Rambler Metals & Mining (LON:RMM) is receiving a repayable contribution of CAD$2m via the Atlantic Canada Opportunities Agency’s (ACOA) Business Development Programme (BDP).
The contribution is in support of the Phase II expansion project for the Ming Copper-Gold Mine (‘Ming Mine’).
The interest free contribution is unsecured and repayable over eight years with the first repayment scheduled for May 2018.
The contribution by the Government of Canada will be used to increase capacity at the Nugget Pond copper concentrator (the ‘mill’) to at least 1,250 metric tonnes per day (‘mtpd’).
This increase in mill capacity will enable the copper concentrator to accommodate an increase in production from the mine with new projected mine life of over 20 years.
The Phase II expansion will allow the operation to increase production and lower unit costs thereby strengthening the Company’s ability to be a long term producer in the region.
Once fully executed, the project will support upwards of 200 full time positions including contract services.
* * *
DiamondCorp’s (LON:DCP) board has carried out a strategic review and terminated the formal sale process following announced on 18 October.
The company said it entered into discussions with a number of third parties and received certain indicative proposals and/or approaches and successfully concluded a financing facility with Rasmala totalling £700,000 to satisfy the company’s immediate funding requirements, as announced on 20 October.
DiamondCorp says the board considers that the approaches it received were opportunistic in nature and significantly undervalued the company as well as being unable to be completed in a sufficient period of time in light of the company’s financing objectives.
As a result, the board has decided to terminate the ‘formal sale process’ with immediate effect.
The company also said that despite the four day section 54 shutdown, announced on 13 October, mining activities in October operated close to plan.
It adds: “Pleasingly, ground conditions on the 310m level are improving as trough blasting moves away from old workings. Diamond recoveries were also close to plan and the next diamond sale in excess of 5000 carats is expected to be completed at the end of November.
“With the continuing ramp up in production tonnage, the Board and management anticipate the Lace mine to reach commercial production in the early part of 2017.”
* * *
The sector’s biggest riser was Weatherly International (LON:WTI) – up by 25% in late trading – while the biggest faller was SolGold (LON:SOLG) down by more than 8.7%.
(LON:BEM) Beowulf Mining PLC share price was 0p at 5.75p
(LON:BKY) Berkeley Energia Ltd share price was -1.25p at 46.5p
(LON:CEY) Centamin PLC share price was -2.15p at 154.75p
(LON:CHL) Churchill Mining PLC share price was -0.13p at 31.13p
(LON:CZA) Coal of Africa Ltd share price was -0.24p at 3.26p
(LON:DCP) Diamondcorp PLC share price was +0.08p at 2.3p
(LON:FDI) Firestone Diamonds PLC share price was 0p at 56p
(LON:FRES) Fresnillo PLC share price was -37.5p at 1587.5p
(LON:GEMD) Gem Diamonds Ltd share price was +1.75p at 115.25p
(LON:HOC) Hochschild Mining PLC share price was -5.1p at 260.1p
(LON:KMR) Kenmare Resources PLC share price was +4.75p at 286p
(LON:PGD) Patagonia Gold PLC share price was +0.13p at 3.25p
(LON:RMM) Rambler Metals and Mining PLC share price was +0.25p at 7.63p
(LON:SOLG) SolGold PLC share price was -2.38p at 24.75p
(LON:VED) Vedanta Resources PLC share price was +34.5p at 749p
(LON:WTI) Weatherly International PLC share price was +0.1p at 0.5p
Story provided by StockMarketWire.com