Mining News
Connemara (CON LN, 11.25p, ? 0.0%) is continuing exploration on the Stonepark zinc discovery Limerick with its JV partner, Teck Ireland (75% interest.) Three mineralized zones have been identified, Stonepark, Stonepark North and Stonepark West, and these latest released results represent expansion of the zone to the south and north-east. Intersections include 3.85m @ 5.35% Zn and 1.58% Pb from 264.15m at Hole 103.
Discovery Metals (LON:DME) (HOLD, 106p) (DML AU; DME LN, 106.5p, ? 0.5%) has released its half year financial results. Cash position at the end of 2011 was US$98.9M. The Company has reported a loss of US$6.9M in line with the ramp up of activity and associated costs as its Boseto project continues to develop.
Forte Energy (FTE LN, 4.7p, ? 2.17%) has completed its drilling campaign over the Firawa and Bohoduo projects in Guinea. 63 holes were drilled at Firawa and results indicate extensions to the east and west of existing resources. The Company is now preparing for a sampling programme as it aims for a resource upgrade for the project to be released by the end of June; current resource stands at 17.7 Mt at 296 ppm U3O8. At the Bohoduo project, 120 km from Firawa, mineralisation was encountered at 9 of the 17 holes drilled from surface down to 80m.
Paragon Diamonds (LON:PRG) (BUY, 34p) (PRG LN, 31.25p, ? 2.34%) has identified new diamond exploration targets and applied for three further Prospecting Licences in Lesotho to investigate these and consolidate its diamond portfolio. Additionally, a further dyke system has been identified in the Motete licence. The Company is commencing grade modelling over Motete and road construction to allow of bulk samples for testing.
Hummingbird Resources (LON:HUM) (HUM LN, 147.0p? 2.16%) has released its Interim Results for the period to 30 November 2011. The Company?s global resource now stands at 3.8Moz gold, representing an addition of 3Moz during 2011 at a cost of $6/oz. This global resource includes an NI 43-101 resource at its Dugbe F prospect of 1.77 Moz @ 1.28g/t of which 79% qualifies as Indicated; and a post November maiden NI 43-101 Inferred Resource of 2.05Moz @ 1.21g/t at its Turzon project.
Mariana Resources (LON:MARL) (BUY, 22p) (MARL LN, 9.25p,…
