Mining News
Baobab Resources (LON:BAO) (BAO LN, 13.9p, ? 0.91%) released an operational update on its Tete iron-vanadium-titanium project and its Monte Muande magnetitie-phosphate JV project in Mozambique. Results have now been received for the 26 hole resource drilling programme targeting the eastern most prospect at Tete, Tenge. The average head grade of all Tenge significant drill intercepts has been calculated at 36% Fe with concentrate grades reporting weighted averages of 59% Fe, 0.8% V2O5 and 12% Ti at mass recovery of 45%. Future newsflow from the Company will be a resource estimate for Tenge and the results from the Monte Muande drilling campaign, which are currently being processed.
Conroy Gold And Natural Resources (LON:CGNR) (CGNR LN, 3.88p, ? 6.9%) released its half yearly results this morning. The Company highlighted its updated resource for the Clontibret gold project, which increased contained gold to 600koz of gold, 250koz of which falls in the Indicated category. This has made the future economics of the project more attractive, reducing operating costs and increasing mine life to 11 yrs.
Hummingbird Resources (LON:HUM) (HUM LN, 150.0p, ? 0.33%) has conditionally agreed to acquire the remaining 20% interest in the Joe Village licence, which hosts the Dugbe F Deposit, for 103,225 ordinary shares in the Company. This will increase the NI 43-101 compliant resource attributable to Hummingbird by 73,000oz Indicated and 15,000oz Inferred, representing an acquisition cost of under $3/oz. The Company is confident in the strategic benefits of this acquisition; the Joe Village extension of mineralization is the shallowest portion of deposit and would most likely be targeted first as part of a potential open pit mine. The acquisition also results in any future discoveries being 100% owned by Hummingbird.
Ormonde Mining (LON:ORM) (ORM LN, 12.5p, ? 4.2%) has released the results of its Definitive Feasibility Study, DFS, for its Barruecopardo Tungsten project in Salamanca, Spain. The Mineral resource is estimated at 27.4Mt @ 0.26% WO3 and an open pit mining project over 9 years to produce an average 227,000 mtus pa has been outlined. The DFS used relatively conservative economic parameters with an APT price of $350/mtu ? the current price sits at $437/mtu - which gave average annual pre-tax net operating cash flows…
