SP Angel . Morning View . Thursday 10 09 20
Gold picks up ahead of the ECB meeting
Arkle Resources* (LON:ARK) – Mine River soil sampling
Bacanora Lithium (LON:BCN) – Operational update at Sonora Project in Mexico
BlueRock Diamonds (LON:BRD) — BlueRock recovers 9.7ct diamond
Cornish Metals* (CVE:CUSN) — First results from drilling at South Crofty in Cornwall
Greatland Gold (LON:GGP) – Recent drilling expands northern breccia zone at Havieron as WA grants Mining Lease
Predictive Discovery (ASX:PDI) – Results of further drilling at Bankan
Strategic Minerals* (LON:SML) – Confirmation of Leigh Creek environmental submission
Sunstone Metals (ASX:STM) – Drilling starts at Espiritu gold-silver prospect in Ecuador
Global ETF and ETP assets reach $7tn following $428bn of inflows into ETFS in 2020
Cash held in exchange-traded funds has ballooned to $7tn, as investors have ploughed $428bn into such products so far this year, the FT reports.
ETFs saw positive inflows for the past 15 months with inflows in February and March when markets were pulling back according to ETFGI.
Investors piled into gold for safety and into ETF trackers which buy baskets of stocks in certain sectors.
Global policymakers have so far announced $20tn worth of stimulus measures in response to the coronavirus pandemic, which has encouraged investors to plough money into ETFs at a rate 57% greater than the same period last year.
Strong ETF buying has supported the gold price this year, with investors buying $51.2bn of gold ETFs so far this year, pushing the asset value of these vehicles to $241bn, according to the World Gold Council.
A broad range of ETFs track precious and base metals with basket specific metal ETF funds.
While some ETFs like SPDR hold the underlying physical metal investors should be aware that some others do not.
Dow Jones Industrials +1.60% at 27,940
Nikkei 225 +0.88% at 23,235
HK Hang Seng +0.01% at 24,471
Shanghai Composite -0.61% at 3,235
Japan – Machinery orders rebounded in July following a sharp drop in the previous month although the outlook for capital spending remains uncertain amid fragile global business conditions, Reuters reports.
Core machinery orders viewed as an indicator of capital spending in the coming six to nine months climbed 6.3%mom in July after a 7.6%mom decline in June.
In particular, overseas orders posted an increase for the first time in five months climbing 13.8%mom in July highlighting a pickup in external demand.
Data released yesterday showed machine tool orders were 23.3% lower yoy in August.
ECB – The central bank to hold the monetary policy press conference and to release new economic projections later today.
The ECB is forecast to keep its EUR1.35tn euro emergency bond-buying programme and record-low interest rates unchanged for now.
Bloomberg citing majority of economists surveyed expect the central bank to boost emergency bond buying by EUR350bn by the end of the year and extend purchases by another six months.
UK – EU considers legal action against the UK over plan to undermine Brexit deal.
Separately, House Speaker Nancy Pelosi said that the US Congress would not pass any potential US-UK trade deal should the UK undermine the Good Friday peace agreement.
“If the UK violates that international treaty and Brexit undermines the Good Friday accord, there with absolutely no chance of a US-UK trade agreement passing the Congress,” Pelosi said.
UK – COVID-19 – meetings of no more than six people starts Monday
Christmas may also be cancelled from a family gathering perspective.
BBC Christmas TV Schedule: A COVID Carol, Come Socially-distanced Dancing, Coronavirus-Street…
India – Daily new cases hit an all time high of 95,500 highlighting the spread of the infection as well as more testing efforts.
India has so far detected a total of 4.4m Covid-19 cases, second only to the US.
The nation has significantly ramped up testing to more than 1m per day.
Concerns over further acceleration in infection rates are rising as annual religious festival season is nearing.
Despite a rapid increase in new cases, authorities have been advising for a return to normality amid a sharp drop in economic growth rates with GDP posting a 24%yoy drop in Q2.
US$1.1828/eur vs 1.1776/eur yesterday. Yen 106.07/$ vs 105.92/$. SAr 16.650/$ vs 16.889/$. $1.302/gbp vs $1.294/gbp. 0.727/aud vs 0.722/aud. CNY 6.838/$ vs 6.848/$.
Gold US$1,945/oz vs US$1,928/oz yesterday
Gold ETFs 109.7moz vs US$109.6moz yesterday
Platinum US$924/oz vs US$905/oz yesterday
Palladium US$2,293/oz vs US$2,301/oz yesterday
Silver US$26.96/oz vs US$26.66/oz yesterday
Copper US$ 6,652/t vs US$6,694/t yesterday – Copper prices fall ahead of ECB policy meeting amid sizeable inventory inflow at Rotterdam
Copper prices fell on Thursday, as tension builds ahead of the European Central Bank policy meeting scheduled for later today.
Three-month base metals were for the most part weaker this morning, with the complex down an average of 0.4% and copper down by 0.6% at $6,716/t (Fastmarkets MB).
Copper stockpiles rose this morning driven by deliveries into Rotterdam, after 20 days of declines that took LME stocks to their lowest level since 2005.
Inflows into Rotterdam amounted to 2,550 tonnes this morning, an increase of 3.5% of total LME copper stocks and took total copper inventories to 75,975 tonnes (Bloomberg).
Aluminium US$ 1,775/t vs US$1,784/t yesterday
Nickel US$ 14,830/t vs US$14,755/t yesterday
Zinc US$ 2,396/t vs US$2,414/t yesterday
Lead US$ 1,882/t vs US$1,910/t yesterday
Tin US$ 17,860/t vs US$18,025/t yesterday
Oil US$40.7/bbl vs US$39.7/bbl yesterday
Natural Gas US$2.395/mmbtu vs US$2.369/mmbtu yesterday
Iron ore 62% Fe spot (cfr Tianjin) US$121.5/t vs US$123.3/t
Chinese steel rebar 25mm US$551.9/t vs US$553.3/t
Thermal coal (1st year forward cif ARA) US$56.8/t vs US$56.6/t
Coking coal swap Australia FOB US$136.0/t vs US$136.0/t – Coal India to reopen 12 underground coal mines
The state-run coal miner plans to restart 12 mines that have been previously closed in an effort to increase production from domestic sources.
The 12 mines have mineable reserves of 1,060mt and are spread over the states of West Bengal and Jharkhand (Economic Times of India).
Cobalt LME 3m US$33,200/t vs US$33,200/t
NdPr Rare Earth Oxide (China) US$49,720/t vs US$49,649/t – Tin mining tailings in Indonesia could contain commercial quantities of rare earths
Initial lab results have shown that tailings at the state-owned Tambang Timah’s tin sands contain significant quantities of neodymium and praseodymium (Asia Times).
Whilst many rare earth projects are proven to be uneconomic due to high mining costs associated with such projects, tailings have the advantage of being in sand form and therefore do not require crushing and grinding.
If such tailings can be mined for their rare earth potential, it could be of great interest to the US, who are determined to find suppliers of REE outside of China, who currently control 80% of world supply.
Future prospects depend on the government’s policy and regulation regarding rare earths, including incentives for downstream and upstream industry- although they are currently “passive and unassertive to the viable options” according to a paper from the Colorado School of Mines.
Lithium carbonate 99% (China) US$4,972/t vs US$4,965/t
Ferro Vanadium 80% FOB (China) US$30.5/kg vs US$30.5/kg
Antimony Trioxide 99.5% EU (China) US$5.2/kg vs US$5.2/kg
Tungsten APT European US$212-220/mtu vs US$210-215/mtu
Graphite flake 94% C, -100 mesh, fob China US$430/t vs US$430/t
Graphite spherical 99.95% C, 15 microns, fob China US$2,275/t vs US$2,275/t
Norway trials wireless EV charging
Taxis in Norway’s capital will be fitted with under vehicle charging technology next year.
The trial will make use of a fleet of Jaguar I-Pace vehicles and it is hoped it will be the first step in a nationwide roll out of wireless EV charging.
Taxi fleets make the ideal test subjects for wireless trials as they have reliable routes and charging spots via taxi ranks.
Momentum Dynamics will be providing the test charging systems.
A similar trial was carried out earlier this year in Nottingham, UK where 5 pads were laid outside the main station for use by 10 taxis, a mixture of LEVC TX black cabs and Nissan e-NV200s.
The idea of wireless charging has been around for at least a decade with Delphi Automotive and WiTricity collaborating in 2010 to work on a wireless charging system.
Today the downside to wireless charging are the difficulty and cost of installation of the charging system and locations for the facilities, as vehicles have to be able to park on the exact spot of the pad.
Wireless charging on the go could be the holy grail for EVs, a scenario where charging pads are installed at junctions, parking areas and even highways would suspend any concerns potential consumer have about charging infrastructure and charging speeds at the vehicles is constantly topped up on the move.
Additional UK Government funding for EV and interest might be wavering
The UK Government has announced GBP12m of additional funding to support EV research projects.
A further GBP9.3m is to be available by Highway England to enable UK businesses to trial EVs before purchase. Businesses will be offered a 2-month free trial.
The funding comes at a time when there are some reports of consumer interest in EVs wavering compared to pre-lockdown.
A recent Uswitch report found 30% of the 2000 UK adults surveyed were considering an EV in the next 2yrs, 1 in 10 suggested they would be buying an EV in that time.
An AA survey in February of 17,000 motorists however found that 47% would consider an electric vehicle. Auto Trader has suggested searches for EVs on its site has declined as well with just 4% looking for an EV in August vs 16% pre-lockdown.
The primary concerns for those considering an EV are price and the density of charging infrastructure.
The surveys contradict EV sales data for the UK which has seen a considerable uptick this year.
BEV registrations were up 78% YoY and PHEV registrations were up 222% in August. 74,585 new energy vehicles have been sold in the UK this year, up 139% YoY. The market share of these vehicles is 8.2% of the total auto market.
The improving registrations and sales numbers and further government funding alongside regulations to halt the sale of petrol and diesel vehicles by 2035 would suggest the revolution should continue despite the surveys.
Arkle Resources* (LON:ARK) 0.98p, mkt cap GBP2.8m – Mine River soil sampling
Yesterday Arkle Resources reported the results of soil sampling over a 5km2 area of its Mine River gold project in south east Ireland.
Samples were taken every 20m along 100m spaced lines using hand-held XRF equipment and have identified “Five strong gold indicator anomalies”.
The company says that two of these anomalies contained “blue quartz boulders with sulphide minerals similar to that at Tombreen were noted and collected for analysis. Results are expected within three weeks”.
Another of the anomalous areas “was centred around historic finds of gold bearing quartz grading up to 4.1g/t found by RTZ (Rio Tinto Zinc Corp) in the 1980s” and the remaining two areas extend “south of the sample area … [and] … will be followed up”. Arkle Resources says that one of these two areas “trends in the same orientation as the Tombreen soil anomaly announced in July 2019 and is of a similar size” and that it plans additional soil sampling to extend and define the anomalous areas more accurately.
Chairman, John Teeling, commented that “Initial results from our ongoing work at Mine River are promising. Sampling, every 20m, using a new technique has, to date, verified two new areas of mineralisation. Ongoing analysis is expected to identify additional areas. The next steps are to drill and/or trench the anomalies”.
Conclusion: Additional soil-sampling within the Mine River licence areas has verified previously known geochemical anomalies and identified additional areas of interest for future exploration which may include trenching and/or drilling. We await the follow up results from this initial exploration with interest.
*SP Angel are Nomad and broker to Arkle Resources
Bacanora Lithium (LON:BCN) 22p, Mkt Cap GBP49.1m – Operational update at Sonora Project in Mexico
The company has announced this morning that the pilot plant at Sonora has completed the bulk sampling required for the plant, along with the necessary engineering designs. These samples have been sent to the Company’s partners in the USA and China for optimisation of the final designs.
Contractor GR Engineering has completed its concentrator design work and will integrate this into the overall project scope, whilst Bacanora’s JV partner Ganfeng Lithium has also completed its flow sheet design test work for the production of battery grade lithium from the samples provided by the Pilot Plant.
Ganfeng is now integrating these results into a larger scale design, and remains on schedule to deliver its final engineering packages at the end of Q4 2020, whilst a working with its equipment suppliers to determine equipment delivery times and process guarantees.
Bacanora therefore remains on schedule to commence initial site works at Sonora in H1 2021, subject to completion of financing, which would enable commencement of production at the plant in 2023.
The Company has also updated the market on Covid-19 in the Sonora district, saying cases continues to fall in the Sonora district of Mexico and lockdown restrictions are slowly being lifted as the company continues to remain vigilant.
New health and safety protocols and social distancing will remain in place at the Pilot Plant for the foreseeable future but will not impact the Company’s ability to continue to work on site.
BlueRock Diamonds (LON:BRD) – 51.21p, Mkt cap GBP4.64p – BlueRock recovers 9.7ct diamond
BlueRock Diamonds reports the recovery of a 9.7ct diamond from the Kareevlei diamond mine in South Africa.
An initial independent valuation give a $75,000 estimate value making this the mines’ second highest value stone recovered at Kareevlei.
Mike Houston, exec Chairman also reports the recovery of high quality run of mine diamonds in addition to this high-value stone.
Houston expects the frequency of recovery of high value stones to continue to improve.
BlueRock recently recovered a 12.1ct stone valued at >$100,000 equivalent to $8,600/ct.
A recent sale of 3,805cts of diamonds from Kareevlei in South Africa fetched $330/ct reflecting depressed local prices due to international travel restrictions and lower diamond prices in the market as a whole.
Rapaport News, a specialist diamond news service reports Jewelry was one of the top-selling categories at Macy’s during the second fiscal quarter.
This indicates to us that diamonds and jewellery should post good recovery in terms of sales volumes and value as the world recovers from the lockdown and restrictions imposed to restrict the spread of the Coronavirus.
BlueRock has made arrangements to sell Kareevlei diamonds in Antwerp through Bonas-Couzyn, the world’s oldest diamond brokerage and will use the Delgatto Diamond Finance Fund, the largest non-bank lender to the diamond and jewellery industry, to provide pre-sales finance.
Conclusion: This is great news for BlueRock and its loyal investor base. Today’s news following hot on the heals of the 12.1ct stone demonstrates the mine and diamond recovery plant are working well. We look forward to further news of large stone recovery as well as rising grades and sales values towards the year end.
*SP Angel act as nomad and broker to BlueRok Diamonds
Cornish Metals* (CVE:CUSN) – C$0.085, Mkt cap C$11m – First results from drilling at South Crofty in Cornwall
Cornish Metals report the first batch of results from drilling at the South Crofty tin mine in Cornwall.
The mine has produced >100,000t of tin between 1906 and 1998.
The first drill hole shows 2.22m of tin from 376m depth offering a true width of 1.15m grading 0.77% tin, 2.69% copper
The results give 1.73% tin equivalent using current metal prices of $18,400 / t for Sn and $6,600 / t for Cu.
*SP Angel have two mining analysts/engineers who previously worked in tin mines in Cornwall. The author of this comment previously worked in the South Crofty tin mine, rock drilling, shovelling, tramming etc…
Greatland Gold (LON:GGP) 17.3p, Mkt Cap GBP656m – Recent drilling expands northern breccia zone at Havieron as WA grants Mining Lease
Greatland Gold reports recent drilling results from Newcrest’s exploration of the Havieron project in the Paterson Region of W Australia where Newcrest is committed to spending US$65m in order to earn a a 70% interest.
The latest results, which come from a further 22,155m of drilling completed since 30th June 2020, extend the recently discovered northern breccia zone and brings the overall footprint of mineralisation at Havieron to “a 650m x 350m NW trending ovoid shaped variably mineralised breccia” and includes a higher grade sulphide zone along the margins of the breccia.
Greatland Gold says that “Mineralisation at the Havieron deposit remains open to the north-west, has been observed to over 1,000m below post mineral cover, and remains open at depth. The extents of the Havieron system are still to be defined”.
The northern breccia zone is now known to cover “a footprint of ~300m x 100m x 300m open at depth and highlights a broad bulk tonnage target”. Mineralisation remains open towards the north-west and at depth.
Among the new results highlighted today are:
An intersection of 116.2m averaging 2.6g/t gold and 0.65% copper from a depth of 507m in hole HAD043W2 including a higher grade section of 18m at an average grade of 6.3g/t gold and 0.92% copper from 671m depth; and
An intersection of 309m at an average grade of 0.99g/t gold and 0.07% copper from a depth of 915m in hole HAD047 and including 44m averaging 3.3g/t gold and 0.15% copper from 1,157m; and
An intersection of 171m at an average grade of 1.5g/t gold and 0.10% copper from a depth of 890m in hole HAD055W1 and including 12.1m averaging 4.5g/t gold and 0.04% copper from 984.9m; and
An intersection of 127.6m at an average grade of 2.0g/t gold and 0.33% copper from a depth of 551m in hole HAD077 and including 29.8m averaging 6.7g/t gold and 0.86% copper from 616m; and
An intersection of 208.6m at an average grade of 1.2g/t gold and 0.22% copper from a depth of 832.4m in hole HAD078 and including 10.4m averaging 4.0g/t gold and 0.11% copper from 1,002.6m
The latest results bring the total drilling to date at Havieron to 98,698m and keep the project on track to deliver an initial mineral resources estimate during Q4 2020.
The continuing drilling will be supplemented by “by surface exploration activities including ground and airborne geophysics. A 31 line kilometre seismic survey has recently been completed to de-risk development activities and provide a better understanding of the regional geological and mine scale structural setting”.
CEO, Gervaise Heddle, described the “expansion of the new Northern Breccia zone … [as] … an important development that highlights the potential for a bulk tonnage mining operation at Havieron. Significantly, excellent results from step out drilling to date indicate the presence of higher-grade, massive sulphide mineralisation within the breccia bodies, which are yet to be fully defined by drilling and remain open at depth”.
In a separate announcement issued this morning Greatland Gold confirms that the WA Department of Mines “has granted Mining Lease application 45/1287 for the Havieron gold-copper deposit” clearing the way for the imminent submission of a “Mining Proposal for early works activities, including the construction of a boxcut and decline at the Havieron deposit, is expected to be lodged with DMIRS”.
Conclusion: As drilling proceeds towards an initial mineral resources estimate for Havieron later this year, the overall lateral and depth extent of the mineralisation has yet to be fully defined with recent results continuing to expand the known extent of the deposit. We look forward to publication of the mineral resource.
Predictive Discovery (ASX:PDI) A$0.068, mkt cap A$56.0m – Results of further drilling at Bankan
The Company announces this morning that it has received assay results from a further 5 diamond drilling holes and 6 reverse circulation holes at its Bankan project.
Diamond Drilling re-confirmed the large mineralised system at NE Bankan, with significant intersections including:
Hole KKODD011: 55m at 2.94g/t gold from 97m, including 1m at 46.5g/t gold.
Hole KKODD009: 30m at 2.65g/t gold from 101m, including 6m at 9.4g/t gold, 17m at 0.97g/t gold from 81m and 19m at 1.36g/t from 149m.
Hole KKODD010: 3m at 5.33g/t gold from 88m, including 1m at 15.2g/t gold.
Holes KKODD009 and KKODD011 obtained multiple reportable gold intercepts across broad widths in fresh rock, with the drill results showing 8 intercepts exceeding 0.5g/t and 4 intercepts exceeding 0.5g/t respectively.
Assays from a further six RC holes at NE Bankan were encouraging, with results including:
Hole KKORC046: 59m at 0.7g/t gold from 3m, including 1m at 11.4g/t gold.
Hole KKORC051: 15m at 0.9g/t gold from 7m.
Managing Director Paul Roberts said: “We are very pleased with these first results from the west to east diamond drilling program at NE Bankan. We now believe that the main zone of gold mineralisation dips about 60 degrees towards the west, meaning that these new drill holes have intersected the mineralisation almost at right angles” and “Drill results to date have also highlighted the generally strong continuity of gold mineralisation at NE Bankan, both down-dip and across-dip. We are seeing long runs of good gold grades in both directions, suggesting excellent gold mineralisation continuity, which bodes well for the planned Maiden Resource Estimate.”
Next steps for Predictive include further drilling at Bankan until mid-September, before compiling results to undertake a geological review to guide a second drilling programme, to help drive towards the Company’s planned Maiden Resource Estimate targeted for Q2 2021.
Strategic Minerals* (LON:SML) 0.43p, Mkt Cap GBP7.4m – Confirmation of Leigh Creek environmental submission
Strategic Minerals confirms that, in line with its previously announced plan, it has now submitted its Programme for Environmental Protection and Rehabilitation (PEPR) for the Paltridge North deposit at its Leigh Creek Copper Project with the relevant authorities in South Australia.
The company comments that “Given the level of detail reviewed in the draft submission and the encouragement received to date by the South Australian government, the Company feels confident that an approval will be forthcoming before the year end, paving the way for full scale operations to commence in 2021, subject to finance”.
Strategic Minerals also says that a review and update of the likely capital cost to develop the Lynda/Lorna Doone deposits, located approximately 70km north of Paltridge North, is underway conducted by “PPM Global, who have operated the Mountain of Light plant for both the Company and the previous owners, Phoenix Copper“.
The announcement reconfirms that the “proposed funding of the development of Lynda/Lorna Doone is intended to be sourced out of project cash flows from the LCCM mine subject to the recommencement of production”.
Strategic Minerals also draws attention to the current copper price levels and points out that “with many of the market commentators indicating further upward pressure on prices, the Project’s anticipated economics have become more robust”.
Managing Director, John Peters underlined the company’s commitment to develop a second income stream in order to build “long term wealth within the Company” and explained that submitting the PEPR “and the strong recovery in copper prices increases the likelihood that 2021 will see the full-scale re-commencement of operations at Leigh Creek”.
Conclusion: Submission of the PEPR provides a reasonable expectation of formal approval by the end of 2020 and a resumption of full scale operations during 2021. A review of capital development costs for the Lynda and Lorna Doone deposits currently underway should help to reduce project development risks further while the current robust copper price environment should benefit overall project economics. We look forward to further details on these economic aspects by the end of September.
*SP Angel acts as Nomad and Broker to Strategic Minerals
Sunstone Metals (ASX:STM) A$0.014c, Mkt cap A$12m – Drilling starts at Espiritu gold-silver prospect in Ecuador
Sunstone Metals reports the start of drilling at its Espiritu gold-silver target at Bramaderos in Ecuador.
The first hole is to test the depth and continuity of high grade silver seen in trenching on the projects.
Trench assays: 21m at 82.4g/t silver, 0.3g/t gold, 1.4% zinc and 1.2% lead
Inc. 4m at 415g/t silver, 0.9g/t gold, 6.9% zinc and 6% lead
Surface rock chip samples:
4.2g/t gold and 101g/t silver, 11.9g/t gold and 175g/t silver, and 11.6g/t gold and 2,962g/t silver.
The team have planned 2,000m of drilling at Espiritu and at Brama within the Bramaderos project area with the first 600m Espiritu
Assay results from the five-hole program are due mid-October.
E-1 target: The team have also defined a gold-silver-zinc anomaly measuring 300m x 100m
Conclusion: Ecuador is highly prospective for copper, gold and silver with a significant number of copper porphyries identified and still to be found.
It is geologically reasonable to assume the volcanism and subduction processes which led to the formation of so many mineralised orebodies in Chile and Peru also extended through Ecuador, Colombia and Panama where relatively little exploration has been done.
BHP, Newcrest, Lundin, Solgold and a host of smaller players have moved into Ecuador for exploration in recent years since changes in government made exploration in the country more attractive.
Vast Resources* (LON:VAST) 0.16p, MKt Cap GBP20m – GBP1.7m equity raise and asset backed funding update
The Company raised GBP1.7m by issuing 1,121m shares at 0.15p.
Proceeds will cover additional working capital requirements following delays to cash flows due to a replacement of the railway bridge as well as underground development works.
Additional shares account for around 9% of the enlarged share capital.
The cash raised will also be applied to cover due diligence and legal costs associated with the progression of the debt finance.
On the latter, the Company has reached initial credit committee approval following a period of detailed due diligence with an international banking institution.
The team is now expecting to enter into a formal agreement with the lender as to the process of finalising terms and completing due diligence with a view to concluding the financing facility and receiving final credit committee approval.
*SP Angel acts as Broker to Vast Resources
John Meyer – [email protected] – 0203 470 0490
Simon Beardsmore – [email protected] – 0203 470 0484
Sergey Raevskiy –[email protected] – 0203 470 0474
Richard Parlons –[email protected] – 0203 470 0472
Abigail Wayne – [email protected] – 0203 470 0534
Rob Rees – [email protected] – 0203 470 0535
Prince Frederick House
35-39 Maddox Street London
*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
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