Basic Materials

Juniors on Radar: 5 ASX Explorers to Watch

Fri 24 Dec 21, 10:36am (AEST)
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Key Points

  • Five Junior Miners With Interesting Results Today
  • Cokal Limited, Resolution Minerals, Focus Minerals, Tombador Iron, and OreCorp

Cokal to amend marketing agreement

Cokal Limited (ASX: CKA) has announce that it’s 60% owned subsidiary and owner of the BBM Project, PT Bumi Barito Mineral (“BBM”), has executed a conditional amendment to the International Coal Marketing Agreement (as announced on 14 July 2021), subject to shareholder approval, providing further certainty of coal sales and assisting in the funding of the Company’s working capital.

The binding International Coal Marketing Agreement entered into with International Commodity Trade Pte Ltd (“ICT”) in July 2021 provides support for BBM to market its coal to the international market and assists BBM in financing its coal stockpile at the river jetty.

In return, BBM agreed to provide international coal marketing rights to ICT for the marketing of BBM’s coal for its overseas markets.

Resolution Minerals Updates 64North Project

Resolution Minerals (ASX: RML) advises that, assay results from the trenching program at the Tourmaline Ridge Prospect at the 64North Project are now expected in early 2022.

Resolution remains confident that the assays results will be available in time to prepare for the 2022 field season.

The reasons for the delay to the Tourmaline Ridge Prospect assays are two-fold:

1. Massive increase in exploration activities in North America have swamped the laboratories.

2. An ill-timed cyber-attack has necessitated the company’s service provider to revert to a paper-based system and this has slowed the processing of samples considerably - no impact on data accuracy and integrity.

Focus Minerals Closes Non-Renounceable Entitlement Offer

Focus Minerals (ASX: FML) advises that the non-renounceable entitlement offer of new Focus shares at an issue price of $0.25 per New Share (Entitlement Offer) announced on 3 December 2021 has now closed.

The Company will provide shareholders a further update on the amount raised under the Entitlement Offer in due course.

The Company refers to the announcement by Theta Gold Mines Limited (ASX: TGM) (TGM) on 20 December 2021, which included a copy of TGM's bidder's statement (Bidder's Statement) relating to its off-market takeover offer for all of the issued shares in the Company (TGM Offer).

Tombador Iron Mineral Resources Update: Iron ore project in Bahia State, Brazil.

Tombador Iron (TI1: ASX) is pleased to advise an updated JORC Mineral Resource Estimate has been completed following the 2020/2021 infill drilling program.

The Mineral Resource is comprised of:

• 8.92Mt of high-grade DSO hematite, which the Company is currently mining, and

• 39.24Mt of itabirites and talus, part of which the Company is studying the suitability for beneficiating to high-grade lump product.

Tombador Iron CEO, Gabriel Oliva noted:

“It is pleasing that the results of the recent drilling campaign have confirmed the quality and quantity of the high-grade DSO mineral resource at the Tombador project, with the ore body remaining open to the north-east and south-east.”

“It is also pleasing that the drilling campaign identified talus and itabirites resources that have the potential to be beneficiated into high grade ore, and which is the subject of our current beneficiation study”.

OreCorp: Final Nyanzaga payment made to Barrick Gold Corporation

As announced by OreCorp Limited (ASX: ORE) on 13 December 2021, the Special Mining Licence (SML) for the Nyanzaga Gold Project (Project) has now been granted to Sotta Mining Corporation Limited, the joint venture company in which OreCorp’s subsidiary, Nyanzaga Mining Company Limited holds an 84% interest and the Government of Tanzania (GoT) holds a 16% free carried interest.

In accordance with the documentation executed in 2019 for the acquisition of the Project from Barrick Gold Corporation (Barrick), OreCorp has now made the final payment of US$ 8,050,000 to a subsidiary of Barrick.

Written By

Mark Story

Editor

Mark is an award-winning investigative financial journalist and editor who started his career working for Marathon Oil in London. He has a degree in politics/economics, a diploma in journalism and has completed the Institute of Directors course. Mark has worked on 70-plus newspapers and financial publications across Australia, NZ, the US, and Asia including: The Australian Financial Review, Money Magazine, Australian Property Investor and Finance Asia. Mark is passionate about improving the financial literacy of all Australians through the highest quality content.

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