logo-loader

Proactive weekly mining news summary - Amur Minerals, KEFI Minerals, Xtract Resources, Stellar Diamonds

Published: 03:31 09 May 2015 EDT

mining350_554cb21e30b51

On a short week, it was relatively quiet in the mining world.

Kicking off with gold miners and Xtract Resources (LON:XTR) forecast a substantial boost to revenues after grades shot up following surface mining of a new gold bearing reef at Chepica in Chile.

The miner said grades in concentrate from the mine had risen to over 400 grams per tonne (g/t) from 40 g/t using ore from the Salvadori II prospect.

In similar news, KEFI Minerals (LON:KEFI) released a new resource statement this week that identified some 733,045 ounces of contained gold at the Jibal Qutman project in Saudi Arabia.

The gold resource, based on exploration up until the end of March, provides the key input for an internal economic assessment that concludes the project has sufficient economic merit to justify development.

Away from gold, Premier African Minerals' (LON:PREM) got a boost as, according to house broker Shore Capital the residual stake in potash group Circum may be worth more than its current market value.

The group sold its stake in the Danakil project in Ethiopia to Circum last year in return for around US$5mln in cash and two million shares, a 2.15% stake.

In drilling news, Yellow Rock Resources (ASX:YRR) has completed reverse circulation drilling at the Gabanintha Vanadium Project in Western Australia that intersected vanadium and titanium minerals in 59 of the 63 holes drilled.

The company has now started deeper diamond drilling that will drive an upgraded resource and pit optimisation/mining studies. 

Similarly, Mariana Resources’ (LON:MARL) latest drilling at its Hot Maden gold/copper prospect in Turkey has hit mineralisation.

Drilling last year at Hot Maden intersected bumper grades in two holes of 20.4 grams per tonne gold and 1.9% copper and nine grams of gold over 103 metres and 2.2% copper.

Elsewhere, Amur Minerals (LON:AMC) has obtained a water allotment next to the planned mill site at its Kun-Manie nickel project in Far East Russia.

The allotment includes the Maia River and eight of its drainages south of the expected production area and Amur will now assess where best to draw water to support a six million tonnes per annum operation. 

Meanwhile, Paragon Diamonds (LON:PRG) unveiled plans to acquire a diamond mine close to its flagship Lemphane project in Lesotho.

The US$8.5mln deal was described by Paragon’s chairman as re-rating and de-risking the company’s business model.

In sales news, Stellar Diamonds (LON:STEL) will auction off a second batch of stones from trial mining at its Baoule site in Guinea. 

Sales of up to 4,439 carats will take place in Dubai and Antwerp this month and will include gem quality stones up to 12.6 carats in size.

Conversely, Aspire Mining (ASX:AKM) and Noble Group (SGX:N21) have lifted their interest in the Nuurstei Coking Coal Project in Mongolia to 90% from 60% for US$201,500.

This follows the recent coal geology report that established an Exploration Target of between 15 million and 25 million tonnes for the project.


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...

1 hour, 15 minutes ago