Tombador Iron (ASX: TI1) has soared 17.65% at the open after releasing a pre-feasibility study (PFS) for the Tombador project. The PFS sees a maiden ore reserve of 5.59Mt at 65.5% iron, with a production target of 1.2Mtpa of direct shipping ore over 5 years.
With expected operating costs of $78.00 per dry metric tonne, the company expects average earnings of $53.7m.
CEO Gabriel Oliva commented:
“The PFS confirms we have a great project capable of delivering strong financial returns. The PFS was based on a production target of 1.2Mtpa and the last 5-year average iron ore index price. The project is forecast to generate healthy cashflows on this basis.”
“Now our focus is to increase sales volumes in the domestic and export markets so that our sales volumes equal the production target.”
Valor Resources (ASX: VAL) has jumped 15% at the open after surveys identified a large anomaly at the Picha project in Peru. The anomaly suggests potential sulphide mineralisation at depth. In the wake of this result, Valor will drill to test for copper and silver mineralisation.
Executive Chairman George Bauk said:
“The Picha Project is an exciting copper-silver project in a world class gold-copper-silver province, with Peru being the world’s second largest producer of both copper and silver. The results of the 2021 exploration program completed by our Peruvian team have been exceptional.”
Hexagon Energy Materials (ASX: HXG) has gained 10.42% at the open after completing the pre-feasibility study for the Pedirka clean hydrogen project.
Amongst other findings, the company noted that minimising carbon dioxide (CO2) production is a key profit driver. Hexagon plans to mitigate this by using low-cost renewables as the energy source in the hydrogen conversion and CO2 capture and compression processes. The company is also considering the use of natural gas rather than coal as the hydrocarbon feedstock to further reduce Hexagon’s total carbon capture and storage costs.
In today’s announcement, the company said that these “findings better pave the way for Hexagon to substantially grow as the global clean Hydrogen market emerges.”
PNX Metals (ASX: PNX) has opened 10% higher after announcing that the company will divest the Moline project to Sovereign Metallurgical for a total consideration of up to $3m.
Commenting on the announcement, Managing Director James Fox said:
“The proposed divestment of a non-core asset realises immediate value for PNX and allows the Company to focus on the development of its 100% owned Fountain Head gold, and Hayes Creek gold, silver and zinc projects located in the Pine Creek region of the Northern Territory.”
“PNX will retain significant future value by way of a Net Smelter Returns Royalty of 1% over gold/silver and 2% over any other metals produced, and cash, or shares in any listing transaction of up to a further $2.25 million, at our election, upon transfer of Moline title, which is to occur within the next 18 months.”
Alice Queen (ASX: AQX) has jumped 7.14% at the open after commencing drilling at the Horn Island gold project, located in the Torres Strait, Queensland. In a previous induced polarisation survey, the drilling target was found to be part of a large anomaly that extends over 3.5km.
Managing Director Andrew Buxton commented:
“We are increasingly confident that Horn Island is host to a large Intrusion Related Gold System and has the potential to host multiple gold deposits.”
“All the work and studies we have completed previously, along with the most recent IP survey, gives us great encouragement that this first hole of our new exploration strategy will greatly contribute towards realising the full potential at Horn Island.”
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