Proactive weekly mining news highlights: Stratex International, Connemara Mining Company, Bushveld Minerals ...

By Calum Muirhead / March 31, 2018 / www.proactiveinvestors.co.uk / Article Link

Stratex International plc (LON:STI) shares surged 33% higher on Monday after revealing it had received approval from the Senegalese government regarding its Dalafin gold project.

The AIM-listed gold exploration group said the approval related to its Option Agreement with AGEM Senegal Exploration Suarl (AGEM), a subsidiary of IAMGOLD Corp (IAMGOLD).

Meanwhile, a strategic update from Connemara Mining Company PLC (LON:CON) this week outlined the company's key goals for the future, arguing that its portfolio is likely to attract major interest from investors, given current positive sentiment towards Ireland.

Connemara has interests in 41 exploration licences in Ireland and is specifically focused on gold and zinc opportunities.

Elsewhere, Bushveld Minerals Limited (LON:BMN) announced a US$22.2mln equity funding to support the group's vanadium expansion programme.

The funding was backed by a consortium of cornerstone investors, including the original founders of Mimosa Platinum and LionOre Mining International, and key investors in Mantra Resources.

Down under, Strategic Minerals Plc (LON:SML) said it plans to carry out an initial exploration drilling programme at the Mount Weld tenements in Western Australia.

The company said a technical review of the tenements, which are held by its wholly-owned subsidiary Central Australian Rare Earths, had identified a number of early targets considered to have good potential for gold and rare earth element mineralisation.

In Europe, W Resources PLC (LON:WRES) said its subsidiary, Iberian Resources Spain SL (IRS), was awarded a ?,?5.3mln grant by the government of the Extremadura region of Spain.

The AIM-listed tungsten-focused miner said the grant was for IRS's La Parrilla tungsten and tin project in the region and equated to 32% of the ?,?16.6mln plant and facilities package that qualified for grant contribution.

In other news, a huge increase in the contribution from its Kestrel coal royalty in Australia helped Anglo Pacific Holdings PLC (LON:APF) to record revenues.

Total royalty income in 2017 rose by 90% to ?37.4mln, but it was Kestrel, mined by Rio Tinto PLC (LON:RIO), that stood out.

Higher coal prices and more mining on Anglo's royalty area saw Kestrel's income rise 115% to ?28.8mln.

Sirius Minerals PLC (LON:SXX) told investors it remains on track deliver first polyhalite and commercial production on time and on budget.

The Yorkshire-based underground mine developer, which released a quarterly progress update this week, revealed that it continues to tick work items off the checklist as it moves the project towards production.

Elsewhere, Sunrise Resources Plc (LON:SRES) shares were higher on Tuesday, helped by news it had submitted 120 composite drill samples from its CS pozzolan-perlite project in Nevada for testing.

Eighty are being tested for pozzolan and 40 for perlite. The tests follow on from the intersection of thick zones of tephra pozzolan from bedrock surface in step-out holes in the Main and Northeast Zones earlier in the year.

And ECR Minerals PLC (LON:ECR) reiterated its focus on gold exploration in Victoria, Australia, one of the world's major gold producing areas, with a drilling programme due to commence in the first half of 2018 being planned, which will include multiple target areas.

Reporting its results for the year to 30 September 2017, the AIM-listed minerals and exploration company reported an increase in net assets to ?3.7mln, up from ?2.7mln in 2016, due to the capitalisation of exploration expenditure during the year.

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