Mining News
Colt Resources (BUY, C$0.84), (GTP TSX, C$0.51, ? 0.0%) released the final analytical results for the Aveleira tungsten discovery hole at Armamar-Meda in northern Portugal. The Aveleira tungsten discovery is located approximately 750m north of the existing resource at the Tabuaço (São Pedro das Aguias) tungsten deposit. Both are located in the Company's 100% owned Armamar-Meda concession in northern Portugal. Hole DHT-49 has intersected two zones of sub-parallel skarn hosted mineralisation. The main zone intersection has a true width of 5.69m and a grade of 1.25% WO3. The lower zone was intersected over a true width of 7.56m at 0.44% WO3 and includes 3.81m at 0.51%. The results for the upper main skarn horizon do not include the top 3m of the mineralized zone which was severely weathered, making core recovery difficult. It is therefore anticipated that as the weathering diminishes with depth from surface, the average thickness of the mineralized zone could be larger than was intersected in this hole. This is a significant intersection, as the grade of the Main zone is more than double that of the current resource at Tabuaço, which has an indicated resource of 760kt at 0.58% WO3 and 1,330kt Inferred at 0.57% WO3. Since the original DHT-49 announcement on February 22nd, two additional holes have been completed 30m to the north and 30m to the south of DHT-49. Both holes intersected similar mineralised intervals to DHT-49. We eagerly await results of the next two holes which could be very promising.
Eurasian Natural Resources (LON:ENRC) (ENRC LN, 663.5p, ? 3.49%) Final Results were disappointing. A 17% rise in revenue to US$7.705bn in line with expectations was impacted by a 24% increase in cost of sales, albeit partially due to increased volumes resulted in group EBITDA of US$3.4bn missing consensus forecasts by -3.5% and net profit of US$1.97bn by -4.5%. The company plans to increase Capex in FY?12 to US$2.7bn up from US$1.9bn and planned increased production across all divisions, but expects cost pressures to increase.
Oil and Gas News
Tethys Petroleum (LON:TPL) (TPL LN, 57.88p, ? 1.91%) ? Rewards for Success: The Company has provided an update on its reserves, announcing a 45% increase in 2P reserves to 25.3mm boe (1P - 14.5mm boe) following it successes with the drillbit in 2011, most notably the Doris appraisal wells…
