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Arkle Resources PLC, Anglo Asian Mining PLC, Savannah Resources PLC, Trident


() said Monday that it has identified new gold targets at its gold projects in Ireland, following soil sampling. A programme for trenching and drilling at the Inishowen gold project in County Donegal is planned to commence shortly. Meanwhile, trenching has commenced on the Mine River gold project located on the Wicklow- Wexford county border.

On the same day, () updated the mineral resources and reserves at the Gedabek open pit, Gadir underground mine and Ugur open pit mine in Western Azerbaijan. The group said Gedabek now contains resources of 735,000 ounces of gold and 69,100 tonnes of copper, including material in stockpiles, with a reserve of 284,000 ounces of gold and 26,000 tonnes of copper. Gadir now contains resources of 267,000 ounces of gold and 2,183 tonnes of copper, with a reserve of 49,000 ounces of gold and 191 tonnes of copper, it added.

() said it has completed the sale of its stakes in the Block 4 and Block 5 copper projects in Oman to (). Savannah will receive 50mln new fully paid ordinary shares issued by Force, giving Savannah a 4.9% stake in Force after four million shares are used to settle transaction costs. Savannah will receive preferential payment of A$3.5mln in cash from an existing loan out of cash flow generated from production on Block 5. And it will also get a 1% net smelter royalty on any future metal sales from Force’s portions of Block 4 and Block 5.

() (FRA:5KV) said it received royalty payments amounting to just over US$480,000 in the third quarter of 2020. During the period the company announced three transactions over a total of six royalties. The royalty from Koolyanobbing amounted to A$652,073, taking the total received for 2020 to just over A$2mln. The total royalty revenue from Koolyanobbing over the first three quarters alone represents more than 30% of the royalty purchase price recovered. The company also received an inaugural payment from the Mimbula copper royalty. Trident had a cash balance of US$12.68mln as of September 30, 2020.

Later in the week, Trident Royalties announced the appointment of  Martin Page as its chief financial officer. Page has over 10 years’ experience in the natural resources sector, most recently as CFO of Toro Gold Ltd, a private equity-backed West African gold producer which was sold to Resolute Mining in July 2019 for US$300mln. He was a member of the senior executive team that guided Toro through the latter stages of its development and subsequent divestment.

() said it is “very encouraged” by continued strength in commodity prices over recent months and that it is now “actively reviewing” new exploration and development opportunities. In an update for the company’s general meeting on October 30, the company’s chairman John Kearney said the firm is taking “a very positive view on copper” and expects the current price to increase further in the medium term, which in turn should benefit the company as it considered deeper resources at its Parys mountain project in Wales, where copper trends tend to dominate over zinc.

Inc. () (), an independent gold company with a portfolio of gold licences in Greenland, has said it continues to make good progress at the fully-funded Nalunaq Project in South Greenland. The company noted that significant work has been completed on key work streams since the group’s successful AIM listing in London and fundraising in July 2020. The project remains on track, with workstreams progressing in line with management expectations, the group added.

() told investors that the first project milestone has been achieved for its Colorado prospects as sampling results reveal high-grade assays. The company, which is earning into the assets through a deal with vendors American Vanadium (AVU), said the sampling results have exceeded the criteria for the first milestone share issue to AVU. Some 18mln Thor Mining shares are now being issued to AVU as a performance payment. Sampling, carried…



Read More: Arkle Resources PLC, Anglo Asian Mining PLC, Savannah Resources PLC, Trident

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