News Bites
EU company updates from: Jubilee Metals, European Metals Holdings, Greatland Gold, Central Asia Metals and Panther Metals
(Kitco News) - There has been lots of updates in the UK in the metals and mining sector. These include updates from Jubilee Metals, European Metals Holdings, Greatland Gold, Central Asia Metals and Panther Metals.
Jubilee Metals (JLP:LSE) shares have jumped 7.2% higher in London trading hours. The company have secured the rights to an additional 115mln tonnes of copper and cobalt-containing surface tailings, taking its total access to around 270mln tonnes in Zambia.
The company said the transactions have secured the rights to an additional 115mln tonnes of copper and cobalt-containing surface tailings as part of its strategy to expand operations in the country, taking its total access to around 270mln tonnes of tailings.
Interestingly, European Metals Holdings has pushed 33% higher today. There has not been any official RNS release to explain the move. There has been a rumour on the Twittersphere that Tesla should look at the firm. Of course, this is unconfirmed but might go some way to explain the dramatic price rise.
Greatland Gold (GGP:LSE) are also looking positive today. The company announced its ts financial results for the year ended 30 June 2020. The main highlights explained it has been a transformational year as the Havieron gold-copper deposit proving to be a “game changer” as a campaign led by operator Newcrest continued to unearth high grade results.
Greatland chairman Alex Borrelli said “A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020,”
Shares in the firm are over 3% higher on the session. The daily chart below shows the price has been moving in a decent uptrend and the previous wave high at £25.25 is where the bulls need to target and break to keep the trend moving.
Central Asia Metals (CAML: LSE) today announced an update following the 14 September 2020 leakage at its Sasa Tailings Storage Facility 4. They have said the clean up will happen in 2 stages:
Phase 1 involves the physical removal of all reasonably extractable tailings from the full 13 kilometre length of the river to Lake Kalimanci, and this is expected to be completed during Q4 2020. To date, a four kilometre stretch of the river has been cleaned in line with the detailed technical programme of works.
Phase 2 involves the installation of in-stream sediment traps to collect the tailings not recovered during Phase 1, and subsequent removal of that remaining material over time. The sediment traps will be installed during Q4 2020, although removal of the remaining tailings not extracted during Phase 1 will continue into 2021.
In terms of progress, the company said the processing of ore was recommenced at 50% capacity on 2 October 2020. Following a trial period of just over one week, processing was increased, and the flotation plant has now been broadly operating at full capacity for almost three weeks. Lastly, the company also said they are reinstating its dividend in Q4 2020.
Panther Metals PLC (PALM:LSE) the company said they submitted a total of seven samples for analysis at ALS Laboratories. These were taken from an area of stripped ground bordering the most northerly point on the Dotted Lake shoreline. This area was cleared in 2010, when four trenches were excavated to investigate gold in soil anomalies identified within small soil sampling grids conducted in 2008 and 2009. It has been said the 2010 channel sampling in historical trench Tr-10-4 returned two mineralised intervals; 1.14 g/t Au over 1.00 m; and 9.02 g/t Au & 859 ppm Zn over 0.40 m with a further 2010 prospecting sample returning Au 16.95 g/t Au & 7.7 g/t Ag from nearby.
Darren Hazelwood, CEO, commented saying "Panther's decision to conduct an airborne geophysics survey, followed from the encouraging geological observations made at Dotted Lake by our reconnaissance team in September. The decision to commission the survey has been fully vindicated by these assay results which verify the historical gold occurrences within the greenstone belt lithologies sited on the northern edge of the Dotted Lake batholith.
Anglo Pacific Group (APF:LSE) has released its latest Q3 2020 Trading Update. The company have started its £5mln share buy-back program and its net debt reduced to £34mln, from £39.8mln at the end of June, and that it had bought back 4.36mln shares since September 25. The chief executive Julian Treger has described the company as encouraged by the operational performance across its mine royalty portfolio over the third quarter. He also said the company has been pleased by the rally in copper and iron ore prices.
