Mining stocks have pulled the All Ords down 0.1% to 5,369.9 points despite Chinese manufacturing data rising to a three month high in October. The Shanghai Stock Exchange Composite Index is down 0.89% to 2,305.8 points while in pre-open markets the Dow Mini is up 19 points to 16,444. Which graphite stock rose 28.3% with more than 5.6 million shares trading hands?
The Mining Licence allows Cape Lambert Resources to start negotiations with the Sierra Leone Ministry of Mineral Resources for a mine lease agreement over the Marampa Iron Ore Project. This progression should assist with attaining potential investors.
Infill drilling has intersected gold at Silver Lake Resources’ Lorna Doone and Spinifex deposits in Western Australia. The results will be incorporated into a mining study that is progress. An update to Resources and Reserves of the deposits is also underway.
KGL Resources has discovered copper sulphide mineralisation in the first deep diamond hole at Jervois. The intersection brings with it the potential to increase the resource below 500 metres. Shallow drilling has been ongoing at Jervois, with results expected within days.
Kibaran Resources is developing an offtake agreement with ThyssenKrupp Metallurgical Products GmbH for an initial 20,000 tonnes per annum of natural flake graphite products from the Epanko Project in Tanzania. This is half the planned 40,000tpa production.
Metallurgical testing of bulk samples from MRL Corporation’s Aluketiya and Pandeniya high-grade graphite projects is now underway at China’s Wuhan University of Technology. Positive results could position the company to start ramping up commercial production of spherical graphite later next year.
The agreements with Timis Mining includes the US$12 million purchase of a royalty. This provides Cape Lambert with potential payments of up to US$56 million over four years. The first royalty payment could be made within the next three months. Timis will also have the exclusive right to purchase oxide material from CFE’s Sierra Leone Projects.
Strong support has been received for Tiaro Coal’s fully underwritten rights issue to raise $1.3 million. Shareholders who hold 42% of its share capital have already agreed to take up their rights. This will retire an existing loan to subsidiary Paragon Coal and fund resource upgrade work.
There is much for Pura Vida and investors to discuss with a free carried deepwater drilling campaign targeting oil in the Mazagan permit offshore Morocco due to begin in January 2015. MD Damon Neaves will update investors at the Melbourne and Sydney Investor Luncheons.
The Blue Gum Gas Project in Queensland continues to march closer towards commercialisation. Carbon Energy is awaiting state government approvals to commence approvals process for the Blue Gum Gas Project. This will move it closer toward unlocking Queensland’s fifth largest 2P Reserve of 1,128PJ, which could produce 25PJ of gas from around 2017.
Assays from the first drill hole at Talc Lake confirms the Massive Nickel Sulphide intersection returning 4.3m at 0.53% nickel from 211.1m, including 0.2m at 2.66% nickel. This is a strong start to MPJ's drill hole targeting and exploration strategy.
Drilling at White Cliff Minerals’ Aucu prospect in the Kyrgyz Republic has intersected further high grade gold mineralisation along strike from previously reported high grade zones.