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Real-Time news about Minerva Res (London Stock Exchange): 0 recent articles
|anna faelten: GECR Note out on Minerva:
Minerva Resources* Exciting Tulu Kapi Gold Assay Results, Reiterate Speculative Buy with 5.7p Target.
Total no of shares
12 Month Range
£0.7 million (est)
Terry Ward, Managing Director,
Tel: +44 (0)20 7379 5012
On the 3rd of November, Minerva Resources announced the latest assays from its Tulu Kapi gold project with excellent results confirming the depth and strike extension of previous drill holes. The Ethiopian focused gold explorer reported near-surface and high grade mineralization from the latest 3 drill assay results in its 25 hole diamond drill programme. This initial drill programme is now complete, but excessive demand on the analysing laboratories, and the need to check some of the high-grade intersections, means Minerva has experienced delays in receiving its full drill results. The remaining assays from the 25 drill hole programme are expected to be released during November.
The latest assay results are from drill holes TKBH-16, 19 and 21 with the respective highlights being 0.6 metres at 11.2 g/t from 35.5 metres in depth, 1.3 metres at 9.8 g/t from 89.6 metres in depth and 15.3 metres at 7.3 g/t from 16 metres in depth. The initial 25 holes were drilled 40-80 metres apart along a 600 metre strike length within a 1.5 kilometre geochemical gold anomaly to confirm the grade, and depth and strike continuity of earlier preliminary drilling.
The Tulu Kapi deposit is located on a large hill 570 metres north of where a United Nations Development Programme (UNDP) borehole drilled in the 1970's intersected 0.7 metres at 27 g/t gold. Minerva holds a number of nearby gold prospective licences at Gudeya-Guji, Guji and Dina and it is hoped that a single treatment plant could service them all eventually.
Highlights from the other assay results of the same initial 25 hole drill programme include 20.7 metres at 4.8 g/t gold from 28 metres in depth, 18.5 metres at 4.3 g/t gold from 0.5 metres in depth and 4 metres at 10.2 g/t gold from 59 metres in depth. The near-surface and high grade results give optimism to the development of an open pit mine in the mid-low end of the operating cost spectrum.
The excellent drill hole results so far have given Minerva every right to believe an economic mineralization exists at Tulu Kapi. However, with the nearby Dina site having also shown good results (eg 7.1m at 9.4 g/t Au), a stand-alone operation at Tulu Kapi is not a necessity to develop a mine and build a treatment facility. Despite the frustrations of delays in receiving assay results, Minerva is progressing well at its Ethiopian exploration sites and is confident that a JORC compliant resource can be defined in the medium term. It is our belief that the gold price will rise sharply during 2009 and that further underpins our confidence in Minerva. We maintain our target price at 5.7p and our recommendation remains speculative buy.
*Minerva Resources is a corporate client of Bishopsgate Communications which is owned by RSH the ultimate owner of GE&CR. The t1ps SF Fund which is managed by TIM, another subsidiary of RSH, holds shares in Minerva.
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I should declare that Minerva is a corporate client of Rivington Street Holdings for whom I work.
Rivington Street Holdings|
|ghhghh: The story with MVA is how good will the long awaited assay results for Tuli Capi be.
There are a stack of them piled up at the labs from drilling late last year through to current.
If a large batch come through together and if they are as good as MVA imply, we will see instant re-rating of share price.
The next MVA drilling update should be very revealing - in view of long long wait there should be numerous assay results
Fair point on the shaes in issue. Sloth encouraged me to use the ADVFN data.
Even so, 111.7m at 3.5p (I prefer to take the bid) is value if c£3.85M
Add c£1m from today's sale to the £1.3m in cash on hand at the end of September to give c£2.3M gives mining licences of £1.5m.
Not sure whether the licences are worth it or not, but c2.5p of the share price is 'underpinned' by cash.|
|pugugly: this news must have leaked - Look at share price movement before rns,
SFA please note and investigate.|
|shorttrader: Incredible - the investment in Saddleback wasn't even on the Palladex Balance Sheet.
Does anyone know know much Palladex invested in Saddleback to get the 2,400,000 shares?
Its dissapointing the share price has gone down - 158,362 shares sold & only 20,036 bought.
Good time to buy!|
Minerva Res share price data is direct from the London Stock Exchange