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TRADING UPDATES: Amaroq wins two new exploration licences in Greenland

Tue, 31st Oct 2023 14:23

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Quadrise PLC - London-based residual oil technology company, which produces the synthetic heavy fuel oil MSAR - Says trial at client site in Morocco is progressing well. Adds that the replacement pump has been installed, commissioned and is performing "as designed." Expects trial to finish in November and will provide an update with the results nefpre its annual general meeting on November 27.

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European Metals Holdings Ltd - Czechia-focused mineral exploration and development company - Expects a definitive feasibility study for the Cinovec project, which is located around 100 kilometres outside of Prague. Says the DFS is on track for completion in the fourth quarter of 2023. Says net cash at September 30 was AUD1.5 million, or GBP782,416.82.

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ECR Minerals PLC - Australia-focused mineral exploration and development company - Discovers gold bearing quartz veins at the Lolworth project in Queensland, Australia. The project consists of three exploration tenements (EPM27901, EPM27902 and EPM27903) which are operated by LUX Exploration Pty Ltd, a wholly owned subsidiary of ECR. Says "numerous" gold, biobium and REE anomalies have been identified. Adds that a sampling project has just been completed over the ridgelines in Flaggy Creek ridge in Victoria.

Technical Director Adam Jones comments: "The veinlet gold system we have now identified at Flaggy Creek has come about through our systematic approach to the groundwork... We are confident that we have potentially identified a style of gold bearing vein system that we can expect to find throughout the region, and furthermore, we have identified other gold bearing creeks from our stream sampling programme that are in close proximity to and show very similar geological features to the Flaggy Creek area. Coupled with the major soil sampling work completed along strike at the Flaggy Creek outcrop, we are hoping the results from this work may show a much larger system than currently mapped."

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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Notes PT Astra TBK's net asset value to September 30 of IDR4,713 or 0.24 pence, down 0.7% from IDR4,746 a year ago. Notes PT Astra's net profit for the third quarter of 2023 of IDR25.691 trillion, up 10% from 23.330 trillion the year before. Says net revenue in the third quarter for PT Astra multiplied to IDR240.91 trillion from 22.354 trillion in the corresponding quarter in 2022. Adds that PT Astra is 50% owned by its subsidiary Jardine Cycle & Carriage. Says PT Astra is expecting to remain resilient despite challenges.

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Sunrise Resources PLC - Cheshire, England-based company focused on industrial mineral projects in Nevada - Notes positive results from evaluation work at its Reese Ridge project in Nevada. Says it has sourced ZTEM airborne electromagnetic data and commissioned Canadian geophysical company, Geotech Ltd to carry out further processing and 2D and 3D inversions on the ZTEM data. Is now planning a follow-up exploration programme to include drill testing. Executive Chair Patrick Cheetham says: "We are fortunate to have secured access to the airborne ZTEM data for this project at no cost to the company. The results from 3D conductivity modelling are impressive, with exciting targets now defined."

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Amaroq Minerals Ltd - Greenland-focused mine development company said a discovery of a new high-grade vein significantly increased Nalunaq's resource potential - Granted two further mineral exploration licences in south Greenland. Says its mineral exploration licences now total 1,916.81 kilometres squared, while its total land package increases to 9,785.56 kilometres squared.

Chief Executive Officer Eldur Olafsson says: "The exciting award of two new, highly prospective mineral licenses is further evidence of our continued long term vision for the Greenlandic mining sector and commitment to Greenland as a strategic supplier of essential critical minerals. I am very pleased to confirm Amaroq's status as Greenland's largest license holder, now holding under concession the majority of the region's emerging IOCG and copper belt.

This development is fully aligned to our strategy of securing exploration rights across South Greenland's gold and critical mineral belts, complementing our existing portfolio. We intend to pursue new significant copper and critical mineral discoveries across these licenses with our joint venture partner, GCAM."

By Sabrina Penty, Alliance News reporter

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