Hummingbird Resources plc has completed converting its 51% holding in the Dugbe gold project into a 51% interest in Canadian joint venture partner Pasofino Gold Ltd. STRUCTURE The company said that it now had “clear visibility and control” for more efficient decision-making and project advancement”. The agreement results in Pasofino now owning 100% of Dugbe, […]
Day: 11 November 2024
Power Metal to drill test Molopo in new year
Power Metal Resources plc expects to drill test an identified high priority target in January 2024 at Molopo Farms Complex in southwestern Botswana. TWO AREAS The company has signed a drilling contract with Discovery Drilling Contractors Africa, which completed the 2021 drilling campaign on Molopo. Operations will focus on the “very strong, steeply dipping multi-kilometre” conductor, co-incident […]
Beacon commercial production lower than expected
Beacon Energy plc began commercial production at lower than expected rates following installation of a rod pump on the Schwarzbach-2(2.) well in the Erfelden field, Hessen. STIMULATION Initial rates fell, indicating legacy drilling fluids had invaded the reservoir less than three metres around the wellbore restricting flow rates, said the company. The well has now […]
Red Rock raises £500,000 via placing
Red Rock Resources plc has raised £500,000 by placing 666,666,667 new ordinary shares each at 0.075 pence. DRC ARBITRATION Proceeds will be used for the company’s lithium production and export operations in Zimbabwe, gold studies and development in Burkina Faso, accounting and audit costs, and working capital. Following the issue of the placing shares, Red […]
Altona applies for 25-year mining licence
Altona Rare Earths plc has applied for 25-year mining licence for its majority owned Monte Muambe project in northwest Mozambique. PIVOTAL The company acquired the project in June 2021 and currently holds 51%. Altona has so far drilled more than 7,800m, and defined an inaugural JORC mineral resource estimate of 13.6 million tons at 2.42% total […]