' () chief executive David Archer declared himself 'delighted' this week with the results of a scout drilling programme at the group's Jangamo heavy mineral sands (HMS) project in Mozambique.
The company said the assays from the 96 hole programme showed good grades of mineralisation near surface and excellent strike lengths.
The firm added it was on track to potentially define a JORC-compliant mineral resource estimate later this year.
Drilling confirmed five heavy mineral sands zones and the potential for higher grade mineralisation ranging from between 2km and 15km in strike length.
Speaking to Proactive Archer reiterated the significance of the fact a lot of the mineralisation was found not only near but at the surface.
"In two of the zones we had heavy minerals literally from surface - zero metres" he said.
"It will have a very minimal waste - to- one ratio so that will really enhance the economics but also a lot of the mineralisation sits above the water table so that's really good.
"It allows us to dry mine. Dry mining is a much more controllable technique of controlling your head grade."
He added: "That (dry mining) is a really good outcome and significantly lessens the capex and the operational complexity so we see that as being pretty good.
Meanwhile () surged more than 50% on Thursday after the group sealed a savvy acquisition that takes it into Turkey and partners it with one of the big shots of the mining sector .
It is buying Aegean Metals Group (CVE:AGN) in an all-paper deal that values the Toronto-listed explorer at 6.25 cents a share or C$2.4mln in total.
As a result Mariana will take control of four “highly prospective” gold copper and silver projects including Ergama and Hot Maden on the Tethyan Porphyry-Epithermal Belt of Turkey.
The two are currently optioned to strong fundingjoint-venture partners: Teck and Turkish group Lidya Madencilik respectively.
This week also saw () report a “significant increase” in the resource at Namib its flagship lead-zinc project in Namibia thanks to an extensive underground drilling programme.
The total resource has grown by 36% to 1.25mln tonnes with zinc and lead grades 6.5% and 2.5% - a rise of 13% and 4% respectively.
North River said it hoped to add further to the resource as exploration work continued underground and it confirmed a maiden ore reserve is set to be published in the coming weeks.
Wolf Minerals () has leapt to the head of the pack and is a ‘buy’ according to City broker finnCap which has begun covering the British mine developer.
The group’s Hemerdon tungsten mine in Devon is host to the world’s fourth largest resource in the world and when it comes online in the second half of next year it will be the UK’s first new mine opening for 33 years.
Crucially in terms of its strategic significance the project will be just one of a few large tungsten mines outside of China.
Hemerdon is predicted to be producing 345000 tonnes of tungsten product per year which would generate annual metal sales revenues of around US$100mln – based on an anticipated sales price of 284 per tonne.
On Monday coloured gemstone specialist () has broadened its portfolio to include sapphires from Sri Lanka.
which already mines and markets emeralds and rubies has set up a joint venture with East West Gem Investments that will see it acquire 75% of sixteen exploration licences in Sri Lanka for US$400000.
said it wants to apply in Sri Lanka the exploration and mining knowledge gleaned from its operationsZambia (emeralds) and Mozambique (rubies).
The joint venture partners will also set up a gemstone trading company Ratnapura Lanka Gemstones which will source rough sapphires in the local market and where will apply its proprietary gemstone grading systems and marketing nous.
This week also saw Canada-listed gold explorer Ximen Mining () acquire six Crown Grants near Greenwood British Columbia.
The family-owned lots are south and adjacent to the Dentonia Mine property which hosts a strong northeast-trending east-dipping gold-bearing quartz vein that has been explored and developed intermittently since the late 1890s.
() has raised £167325 through a placing and updated on exploration in the Ivory Coast.
The firm issued around 76mln shares at 0.22p a share (current price 0.23p) in the fundraise which will be used to advance its gold exploration projects in Ivory Coast and for working capital.
Further to its application for licenses in the Ivory Coast in April Red Rock has now entered into an agreement whereby it has the right to buy the IC Companies for £140000 in cash.
The IC Companies are special purpose vehicles which own three exploration licences totalling 1200 sq km - Dabakala Abengourou and Alepe - and four exploration permits in the Ivory Coast.
Elsewhere ’s () San Gregorio mine in Uruguay produced at the top end of forecasts in its latest quarter though costs rose as the miner developed a new underground zone.
Output in the three months to August was 13684 oz (16851oz) in line with the top end of annual guidance of 50000–55000 oz Orosur said.
Cash operating costs were US$945/oz compared with US$755/oz in same period a year ago.
The miner added it expects higher cost to persist into the second quarter as work continues to open up the new underground area Arenal Deeps after which costs should start to decline as it hits higher grades.
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