A number of companies have provided progress reports in the last week on their plans to develop potential new mines. Some short notes on five Australian Stock Exchange (ASX) listed companies covering activity in Australia, Morocco, the UK and DR Congo follow.
Kasbah Resources reported latest exploration drilling results from its Achmmach project in Morocco on Monday. The company currently has five rigs in operation and is focussed on the Gap zone between the two main areas of mineralisation that make up the resource of 7 million tonnes of ore at 0.8% Sn reported in 2010. Latest results (with tin grades ranging from 0.34% to 1.63% Sn) indicate continuity of mineralisation between the Meknes and Eastern zones and suggest the potential for delineating another zone of tin mineralization below the Meknes Zone.
Venture Minerals, which is due to complete a bankable feasibility study on the Mount Lindsay tin-tungsten-magnetite project in Tasmania in Q2, reported that an un-named New York-based investment fund had taken an equity stake of some 5% in the company. This will boost its cash reserves by some A$3 million and allow it to continue fast tracking nearby direct shipping iron ore projects which have the potential to deliver significant early cash flow to support mine development.
Monto Minerals announced a revised resource estimate for the Baal Gammon mine in Queensland, which is primarily an open pit copper operation but also contains significant quantities of tin. The new resource figure is 2.8 million tonnes at 1% Cu and 0.2% Sn, as well as silver and indium. A higher grade area of the deposit has 2.5% Cu and 0.4% Sn ore. Ore is being mined and processed by Kagara Limited, although tin is not being currently recovered at its Mount Garnet plant. Monto continues to explore for tin in the Herberton area.
Wolf Minerals said that it has received the backing of the UK Minister of State for Trade for its Hemerdon tungsten and tin project in Devon, south west England. Following the completion of a definitive feasibility study on an open pit mine in May last year, the company embarked on a UK£55 million capital raising in December to fund construction of the mine and a new link road to the site.
Finally, Erongo Energy released drilling results from its Maniema Gold and Tin project in DR Congo. The project covers 1,800 square kilometres, and initial exploration has focussed on areas potentially suitable for low grade open pit gold mining. In 2012 Erongo also plans to explore the Kalulu prospect, a tin soil anomaly surrounded by extensive artisanal workings.
