logo-loader

Proactive news summary including Chaarat Gold, Rambler Metals, Ariana Resources, Minera, Mariana Resources, and Westminster Group

Published: 11:20 01 Apr 2014 EDT

news350_533ad9a24e5e3

Shares in Chaarat Gold (LON:CGH) rose over 10% after it announced a 20% increase in the measured and indicated resources for its flagship project in the Kyrgyz Republic and said initial production costs could also be lower.

The measured and indicated resource for the Chaarat Gold project grew to 3.59mln ounces (Moz), at a grade of 3.3 grammes a tonne (g/t), following further drilling last year.

The Chaarat target consists of three parallel mineralised zones; the Contact Zone, the Main Zone (together the Kiziltash Zone) and the Tulkubash Zone.

The measured and indicated resource of the Tulkubash zone, which is more oxidized and set to be mined by the open pit method, jumped 95% to 639,171 ounces at 1.98g/t.

“We are encouraged that the significant amount of oxide material now delineated may reduce costs of initial production,” said chief executive Dekel Golan. 

Rambler Metals & Mining (LON:RMM, CVE:RMM) also rose as it noted that Marathon Gold (TSE:MOZ) found additional high-grade near surface gold in the Sprite Area of its flagship Valentine Lake project.

Rambler, a copper and gold producer operating in Canada, has a strategic investment in Marathon.

The latest drilling has extended the Sprite area, which has a current strike length in excess of 500 metres and is open in all directions.

Also in mining, Ariana Resources (LON:AAU) said the Red Rabbit gold-silver project in Turkey is moving towards the start of construction and that financing talks are continuing.

“Negotiations regarding debt financing for the remaining US$25 million capital required to bring Red Rabbit into production are at an advanced stage,” the company said in its first quarterly newsletter for shareholders.

The company is targeting initial production of 21,000 ounces a year of gold equivalent from the project.

Minera (LON:MIRL) lifted its gold production guidance for its Corihuarmi gold mine in Peru to 21,000 ounces this year, compared with a previous forecast of 20,000 ounces, as it reported its full-year results.

Revenue for the company fell to US$35.7mln last year from US$46.0mln as gold prices and production declined.

Broker Panmure gave a bullish assessment of DiamondCorp (LON:DCP) on Tuesday, sayig shares could nearly quadruple in value over the next 12 months.

It put a 19p target price and ‘buy’ recommendation on the diamond group, valuing it at more than £50mln.

Meanwhile, Mariana Resources (LON:MARL) is preparing to restart drilling at the Condor de Oro project in Northern Peru, as the team anticipates a break in the inclement weather that affecting operations in the region.

The company also said that the region should now be moving towards the “drier season”.

Having made a number of unsuccessful attempts to move the drill rig by helicopter to the location of Hole 6, Mariana decided to wait until conditions improved. And this is anticipated to take between two to three weeks.

KEFI Minerals (LON:KEFI) has laid out a busy schedule for developing its gold prospects in Ethiopia and Saudi Arabia over the remainder of the year.

The company took a 75% stake in Tulu Kapi in Ethiopia last year and says it now has 47 personnel in the country working on the prospect.

It has already upgraded the indicated resource by 65% to 1.86mln ounces and by the end of the year aims to have a definitive feasibility study signed off and its mining licence application resubmitted.

A reserves update is due next quarter, with non-binding project finance terms sheets in quarter three.

At Jibal Qutman, in Saudi, the plans are to submit a mining licence application (MLA) in the next three months, agree indicative project finance term sheets in the third quarter and have the DFS triggered in the final quarter.

In other news, security specialist Westminster Group (LON:WSG) revealed it has won more new business, with a contract in Asia to provide vehicle screening equipment for a border security operation.

The contract, with an unnamed government in Asia, is worth US$2.6mln which will be billed in the current financial. 

It could also be the first contract in what could become an extensive programme that would include more, similar contracts for other borders crossings in the country, Westminster said. At the same time potential multi-year maintenance agreements could provide some recurring revenues.

ValiRx (LON:VAL) is to carry out further stability and sterility work on its anti-cancer drug VAL201 ahead of a phase II efficacy study.

The decision follows a meeting with the VAL201’s Clinical Trial Project Team (CTPT), which recommended the additional study to strengthen the compound’s data. 

ValiRx said it had accepted the advice of the CTPT and the further work is underway and will complete shortly with preliminary positive outcomes and results now being integrated into the regulatory and technical data package.

Ramp Metals Launches Drilling Program in Pursuit of High-Grade Nickel in...

Ramp Metals CEO Jordan Black joined Steve Darling from Proactive to introduce the company to the public domain and share exciting developments in the mining industry. With a background as a geotechnical engineer and experience in venture capital, including a notable role in taking GoldSpot...

4 minutes ago