Mining Roundup

SolGold (LON:SOLG) has revealed further copper finds at the Cascabel project in Ecuador.

Highlights:

– Drill Hole CSD-16-018 (Hole 18), is at a depth of 1829.7m, extending the rich lower portions of the Alpala deposit, and confirming the deepest mineralised intrusive body discovered at the project to date. Drilling continues towards a planned depth of 2300m. Hole 18 has intersected visible copper mineralisation from 903.9m depth to current depth, including a 330m intersection of exceptionally intense quartz – copper sulphide veining, up to 45% of the rock mass, from 1179.7m to 1509.3m.

– Drill Hole CSD-16-019 (Hole 19), at a current depth of 727.9m. Drilling intersected strong visible copper mineralisation from 473.1m depth, which continues at current depth. Bornite, a 64% copper sulphide mineral, occurs from 668m depth in hole 19. Bornite is an important metal that raises mill concentrate grades significantly. Hole 19 confirms the shallowest mineralised intrusive body discovered at the project to date, and extends the upper portions of the Alpala deposit above holes 12 and 16. Drilling continues to the planned depth of 1600m.

– Drill Hole CSD-16-020R (Hole 20R), is at a current depth of 676.7m, as drilling passes through hydrothermal breccias and volcanic rocks towards the deepest richest portion of the Alpala Deposit, some 600m below known mineralisation.

– Mobilisation of additional, large, track mounted, deep hole directional Sandvik DE880 top drive drilling rig (rig 4) has been initiated. Engineering and building of a third, custom, deep hole directional man-portable Hydracore drilling rig (rig 5) with depth capabilities up to 2600m is under way.

-Independent technical report on the Cascabel Project is in preparation under National Instrument 43-101 and accompanying Documents 43-101F1 and 43-101CP by SRK Exploration in preparation for listing on the Toronto Stock Exchange (TSX) in early 2017.

SolGold says 14 different targets have been defined at Cascabel but drilling has only taken place at one of them, the Alpala deposit which continues to grow with each new hole. The latest results extend the rich lower portions of the deposit and confirm the deepest mineralised intrusive body discovered at the project to date.

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Sunrise Resources (LON:SRES) has noted positive test results from its Pozz Project deposits in Nevada. The Pozz Project comprises two separate mineral deposits (the CS and Pozz Ash Deposits) located in different parts of Nevada and each is being evaluated as a potential stand-alone project.

HIGHLIGHTS – CS DEPOSIT:

– Preliminary testing indicates that the CS Deposit sample is a high quality natural pozzolan competitive with commercial deposits in the market today.

– CS Deposit sample in 20% substitution for Portland cement gave a favourably high “Strength Against Index” value of 97% (compared to 100% Portland cement) with acceptable water demand.

– Further testing recommended to qualify this material for use in the cement and concrete industries.

HIGHLIGHTS – POZZ ASH DEPOSIT

– Test results for a sample from the Pozz Ash Deposit confirm previously reported results and the need to reduce clay content.

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Stellar Diamonds (LON:STEL) has more than doubled its FY pretax loss to $7.06m, from a year-ago loss of $3.02m.

Revenue was $499,725, from $614,228.

Most of the latest loss was due to a $4.3m charge for the impairment on intangibles, from a $605,728 charge in the comparative period.

“All the hard work during 2016 should ensure that 2017 is a very exciting year for the company,” it said in a statement.

“Subject to completion occurring, Tongo-Tonguma has the necessary characteristics to transform Stellar into a mid-tier diamond mining company.”

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Obtala Ltd (LON:OBT) announces the completion of the disposal of its 72.69%-owned chain of Lifes’ Comfort Solutions (LCS) retail outlets in Lesotho to Ristabelz (Pty) Ltd.

Deferred consideration of $150,000 on the original October 2014 purchase, as amended, remains payable in monthly instalments by AHS with final payment due in June 2017.

At 4:13pm:

(LON:BEM) Beowulf Mining PLC share price was +0.5p at 5.75p

(LON:BKY) Berkeley Energia Ltd share price was +0.25p at 50.25p

(LON:CEY) Centamin PLC share price was +6.15p at 129.85p

(LON:CZA) Coal of Africa Ltd share price was +0.41p at 3.54p

(LON:FDI) Firestone Diamonds PLC share price was 0p at 52.25p

(LON:FRES) Fresnillo PLC share price was +29.5p at 1122.5p

(LON:GEMD) Gem Diamonds Ltd share price was +1.5p at 106.25p

(LON:HOC) Hochschild Mining PLC share price was +3.7p at 192.4p

(LON:KMR) Kenmare Resources PLC share price was +0.25p at 245p

(LON:OBT) Obtala Resources PLC share price was -0.13p at 19.38p

(LON:SOLG) SolGold PLC share price was +2.63p at 23.88p

(LON:SRES) Sunrise Resources PLC share price was +0.01p at 0.12p

(LON:VED) Vedanta Resources PLC share price was -13.25p at 896.75p

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