(MENAFN- ProactiveInvestors) There were quite a few developments on the junior mining front. Here are some highlights.
() published a maiden resource for its Picachos project in Chile which it estimates can cover the first 3-5 years of production from an open pit.
The total tonnage is 7.1Mt at 0.85% copper and 7.6 grams per tonne (g/t) silver at a cut-off grade of 0.2% for copper but within this is a high grade zone of 3.4Mt at 1.12% copper.
The company added there is scope to boost the total as the resource only covered a small part of the tenement.
Most of the 36 holes drilled so far were less than 100 metres (m) in depth but the resource is open in all directions and mineralisation extends to over 1200m in length.
Sticking with the South American country () shares soared this week as it brought gold production "back on track" at the Chepica project in Chile and re-negotiated its earn-in option deal for the property.
Only in the last two weeks has the miner hit the reef horizon after two previous attempts failed meaning development has now been re-established.
The miner ran into ground problems at the mine at the end of last year which disrupted production and meant it missed its target to be cash flow positive in January.
But now it is on track to mill 6500 tonnes next month (March) and 8500 tonnes in April and expected to break even in March it said.
Meanwhile ’ () Turkish partner Lidya Madencilik is to launch a substantial drilling campaign at the Hot Maden project after the high grades found in the most recent holes.
Mariana added that Lidya had also now taken a 20% stake in the project after the payment of US$150000 cash.
Lidya can take its stake to 70% if it spends US$1.8 mln on further exploration and pays Mariana a further US$350000.
The new programme will comprise 10000 metres of diamond drilling which will include step-outs to assess the lateral and down dip/plunge extent of the high grade gold-copper zone identified in the first phase.
() had sometihing to cheer this week as the improved operating performance at its Co-O mine in the Philippines meant the gold producer posted better production revenue and profit in its latest half year.
For the six months ended December 31 the miner exceeded guidance and says it's on track to produce 95000 to 100000 ounces of gold for the full year to end-June.
Net profit for the six months was up 90% to US$24.8mln compared to US$13mln in the same period in 2013 on revenues of US$62.2mln compared to US$34mln - an 83% rise.
Production for the period was 83% higher at 47877 ounces with 50683 ounces sold compared to 27334 last year.
To Spain and site operations ahead of the start of mining at EMED's () 's mine are progressing and at lower costs than had been estimated it was revealed last week.
The first stage will see mining operations at a rate of 5mln tonnes per year to produce 30000 tonnes of copper.
In December EMED agreed a US$30mln unsecured bridge loan with its three largest shareholders to allow continued project development while a financingpackage is finalised to complete Phase 1 development.
It currently has cash of €10mln which it presently expects is enough to complete negotiations of the global financing package without delays.
The latest capital forecast to complete Phase 1 development indicates the potential for up to US$50mln of savings are likely to be achieved it said.
To the boardroom and () has appointed geologist and mining veteran Michael Foster to the board as a non-executive director.
Foster is currently a director of CASA Mining Limited a private company with interest in exploration licences in the Democratic Republic of Congo and was previously non-executive chairman of Copperbelt Minerals.
The 63-year-old Foster is also a founding shareholder of AIM-listed and was a director of that company until 2008.
() expects to receive the optimisation study for its Yanfolila open pit mine in Mali shortly and start gold production within 12 months.
Yanfolila acquired from Gold Fields in July 2014 has a current 1.8 Moz gold inventory based on multiple high grade pits and averaging 2.8 g/t gold.
In December Hummingbird said that Komana East the first pit to be mined contained 160000 ounces at a grade of 3.12 grams per tonne up from 132000 ounces while an additional 159000 ounces of gold had been discovered in five other planned starter pits.
Aim-quoted mining group Ferrex () has switched to manganese an anti-rust steel additive through its flagship project in Togo West Africa to offset the iron ore slump.
It secured over £750000 in an equity fundraising this week with the money all focused on Togo.
“The new reality is manganese is our near-term product and iron ore is our blue sky” explained chief executive Dave Reeves.
Like most Reeves sees no sign of iron ore prices picking up anytime soon meaning Ferrex’s iron ore projects in South Africa and Gabon are on hold.
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