Galileo Resources (GLR) said that exploration over the Kamativi Licence has led to the delineation of a number of significant lithium, tin and rare earth element anomalies all of which warrant further immediate investigation. The company this programme has identified several significant targets in a number of areas within the Licence where the peak analytical values, metal associations and continuity are sufficiently coherent to allow us to plan an early follow up programme including trenching and, where warranted, drilling, with the programme to be guided by CSA’s assessment.
Comment: Galileo is serving up the kind of newsflow which underlines that recent weakness towards the 1p level has been overdone.
Conroy Gold and Natural Resources (CGNR), the gold exploration and development company, announced assay results from an extensive deep overburden geochemical sampling programme in the company’s Slieve Glah Gold Target. The results included values up to 3,460 ppb Au (3.46 g/t Au) and 1,425 ppb Au (1.425 g/t Au). High zinc values were returned in one area. The programme was carried out in association with the Company’s joint venture partner, Demir Export A.? The company said the deep overburden sampling programme has proven its value, yielding results which pinpoint additional gold targets for follow up trenching and drilling.
Comment: CGNR shares have been in recovery mode since the beginning of last month. Today’s announcement could be enough to revive the stock further.
88 Energy (88E) reported that the Hickory-1 surface hole was successfully drilled to 3,570 feet, the surface casing installed and cemented and the Blow Out Preventer (BOP) system tested successfully. The company said it anticipates the primary and secondary target zones to be intersected within the next two weeks, before determining whether to drill ahead to the tertiary target and reaching permitted Total Depth (TD) of approximately 12,500 feet.
Comment: 88 Energy has been regrouping since the big breakdown this time last year. The company has made sure that the newsflow continues to reassure the market.
Dial Square, a London Stock Exchange traded SPAC, has entered into Heads of Terms to acquire 100% of the issued and to be issued share capital of EnergyPathways Ltd, an English private company. EnergyPathways is an energy transition company, targeting UK gas assets, with the aim of bringing into production, in the near-term, low emission energy solutions to assist with the UK’s transition to Net Zero while also providing critical supply to ensure domestic energy security. Upon completion of the Transaction, the company will be seeking admission of its shares to trading on AIM.
Comment: The green lobby has obviously totally ruined this country’s energy security. Hopefully EnergyPathways will do something to turn the tide.
Audioboom (BOOM), the podcast company, announced its final audited results for the year ended 31 December 2022. The company said 2023 has started well, focusing on strengthening its fundamentals to ensure the business is primed for success as the advertising market improves and, as ever, being strict with our cost controls in order to maximise profitability. Already in Q1 it has delivered record audience and record ad inventory levels.
Comment: Positive talk from Audioboom, but one would imagine that most investors here are just looking at the share price chart of the past year.
Panther Metals (PALM) the company focused on mineral exploration in Canada, noted that Fulcrum Metals (FMET) have announced the results of a regional structural study based on satellite data over their Big Bear and Jackfish Properties, part of Fulcrum’s Schreiber – Hemlo Project, in Ontario, Canada. Fulcrum said the correlation of these targets validates the work undertaken by Fulcrum at the Jackfish property, which also returned several high-grade gold in rock samples of up to 39.8g/t. This increases our confidence in the potential of those priority targets identified by the structural survey and endorses our belief that the Schreiber-Hemlo properties are highly prospective. It looks forward to informing the market of follow-up exploration fieldwork for 2023 in due course.
Comment: Once again newly listed Fulcrum is showing itself to be a dynamic company, keen to prove up assets in the Schreiber – Hemlo Project as quickly as possible.
Bens Creek Group (BEN), the owner of a metallurgical coal mine in North America, announced that, all components for a second highwall miner, unit 77 from Bens Creek’s highwall mining contractor Mega Highwall Mining LLC, have now arrived on site following a short delay. The HWM has been assembled and is now only awaiting completion of its electrical fit out and testing before deployment at the mine. The company said the delays in getting the equipment on site has been disappointing, however all components have now been delivered and the HWM has been re-assembled on site. It is looking forward to having two highwall miners up and running in the near future and remains very confident about the future prospects of the business.
Comment: We await the big inflection point for Bens Creek, once the two highwall miners are up and running.
Osirium Technologies (OSI), a vendor of cloud-based cybersecurity and IT automation software, announces its final results for the year ended 31 December 2022. The company said it has been another year of significant progress for Osirium in which it has achieved record levels in bookings and revenue and further grown our customer base while also taking substantial steps to reach cash breakeven and beyond.
Comment: Great improved metrics from Osirium, but basically the same operating loss as 2021.
Empire Metals (EEE), the AIM-quoted resource exploration and development company, announced that the company’s maiden drill programme is scheduled to commence by 31 March at the Pitfield Copper Project located in Western Australia, with a total of 3,100 metres of Reverse Circulation drilling planned. The company said he objective of this maiden drill programme is to better understand the geology and to determine the significance of the highly chargeable-highly resistive zones identified from the DD-IP survey.
Comment: Shaun Bunn has maintained great newsflow momentum at Empire since he arrived as MD.
UK Oil & Gas (UKOG) announced that a new Competent Person’s Report has been completed on the Horndean field (UKOG 10% non-operated interest) by Dallas, Texas based DeGolyer & MacNaughton. The company said although UKOG has a modest interest in Horndean, the CPR amply demonstrates that it continues to provide valuable earnings for the company. It concurs with the operator that the new pump upgrade should improve production rates, lower operating costs and, if oil prices remain around their current levels, potentially make Horndean more profitable than in 2022.
Comment: It would appear that with Horndean it can be said that UKOG has at least a meaningful additional string to its bow in terms of its portfolio.
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