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Proactive weekly mining news, including Asiamet Resources, Fox Marble and more

Published: 03:26 10 Jun 2017 EDT

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It was a busy week for junior mining companies.

Asiamet Resources Limited (LON:ARS, CVE:ARS) described as 'very exciting' the discovery of a second potentially  high grade polymetallic prospect at its BKZ prospect in Kalimantan, Indonesia.

It came on yesterday (Friday) as the group reported on work done in April at BKZ, which lies around 800metres north of the group's main BKM copper project, where bankable feasibility studies are ongoing.

Meanwhile, Oracle Coalfields PLC (LON:ORCP) remains confident, it said this week, of closing the finance package for its Thar coal-fired power station project in Pakistan following its elevation to priority status among China-Pakistan Economic Corridor developments.

Oracle said it has been involved in extensive and detailed discussion with potential Chinese partners over Thar since it was made a Priority List constituent.

Discussions are also now at an advanced stage with Engineering, Procurement and Construction contractors, to construct the mine and the power plant.

In operational news, drilling has begun at Carlibaba, the proposed location of a second open pit mining operation Vast Resources PLC’s (LON:VAST) Manaila polymetallic mine in Romania.

Vast added that technical consultants have confirmed that the feasibility study for the Faneata tailings storage facility, which consists of more than 40 years' material from the nearby Baita Plai polymetallic mine, is nearing completion.

Vast intends to drill 1,000 metres over 10 holes at the Carlibaba prospect, with the intention of “proving up” the potential to support a second open pit mining operation at Manaila.

IronRidge Resources Limited (LON:IRR) had plenty of news. On Friday it said it will now look to get exploration licences for its Adzope lithium project after it has now sealed the joint venture earn in agreements with Enchi Proci SARL.

The previously announced deal gives IronRidge exclusive rights to a prospective lithium license portfolio covering 1,177 sq km in Ivory Coast, complementing its lithium portfolio in neighbouring Ghana.

IronRidge can acquire up to 100% of the projects through staged earn-in arrangements to a feasibility study within four years.

Also last week, it said it was “delighted” with progress made so far this year at its gold projects in the Ivory Coast.

The metals explorer has collected almost 4,000 soil samples from its Bianouan and Bodite projects over the past couple of months which have yielded some “compelling” results.

Marble quarries operator Fox Marble PLC (LON:FOX) expects its processing factory in Kosovo to start production next month, it told investors.

The factory, which will save the company money by bringing the cutting and polishing process in house, is currently being tested and commissioned.

The company has begun cutting blocks at the factory for the purpose of completing existing orders. The resin and polishing lines are being calibrated and are expected to be able to produce polished slabs in July 2017.

When the factory officially starts production Fox Marble “will gain a route to the Kosovan and Balkan tile and slab market,” the company said.

Scotgold Resources Ltd (LON:SGZ) saw its shares jump on news it has signed a sales agreement with two of Scotland's pre-eminent manufacturing jewellers.

The agreement covers the first refining batch of around 16 ounces of branded Scottish gold made available for jewellery and only the second refining batch produced to date from Scotgold's bulk processing trial at the Cononish gold and silver mine.

The AIM-listed firm said the deal involves significant input from both Baird & Co, as the appointed refiner, and the Edinburgh Assay Office who will verify the gold’s provenance through a closely monitored chain of custody.

Sula Iron & Gold PLC (LON:SULA) saw shares gain on Wednesday after it released the first results from batch 2 of its recently completed 3,783 metre, 14 hole drill program across Sanama Hill, Eastern Target, Southern Target and the Kuwait artisanal anomaly on its Ferensola gold project in Sierra Leone.

Among the highlights were findings of 5.2 grams per tonne over 1.22 metres from the first hole drilled into the Southern Target.

Also last week, Cadence Minerals PLC (LON:KDNC) received a boost from news that Macarthur Minerals Limited - in which the AIM-listed firm has a 20.3% stake - has discovered the potential for cobalt, nickel and chromium in Macarthur Australia Ltd’s Iron Ore Projects in Western Australia.

In a statement, Macarthur Minerals' President, CEO and Director, David Taplin said: “Macarthur Minerals is excited about recent analysis of historical drilling and exploration data that indicates the potential to discover cobalt, nickel, and chromium on its Iron Ore Projects.”

Bushveld Minerals Limited (LON: BMN) agreed a restructuring of the bridge loan it took out  to complete the acquisition of a 78.8% stake in Strategic Minerals Corporation, which transformed it into a "significant player in the global vanadium market".

The firm said repayment of the bridge loan facility of up to US$11mln with Barak Fund SPC Limited, which was due within two months of drawdown, has been extended to 30 June 2017.

Elsewhere, gold explorer Lionsgold Limited (LON:LION) raised £550,000 to fund its mine expansion in India and also its online gold trading platform IndexGold.

Shares were issued at 1.1p, on par with the market price, with warrants attached that exercise at 1.5p. Chief executive Cameron Parry subscribed for 3mln or 6% of the issue to give him a 3.9% stake.

Stratex International plc (LON:STI) has revealed drilling results from an exploration programme being run by 30.1%-owned Thani Stratex Resources Ltd at the Pandora epithermal gold project in Djibouti.

Just under 2,200 metres of drilling was completed in 15 holes across the southern and central sections of the property.

Highlights included 3.95 metres at 4.49 grams per tonne gold, 8.68 metres at 1.36 grams and 6.87 metres at 4.45 gram

Finally, for the year to December 2016, Richland Resources Ltd (LON:RLD) delivered US$1.35mln in revenues from continuing operations, up significantly on the US$700,000 booked in 2015.

The rise came as the company’s second year of sapphire production from its assets in Queensland consolidated cash flow.

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