TRADING UPDATES: Golden Metal eyes garnet, Xtract makes JV progress

Thu, 08th Feb 2024 17:43

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

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Xtract Resources PLC - London-based diversified metals and minerals producer - Announces progress in Zambia on copper exploration joint venture agreement with Cooperlemon Consultancy Ltd. JV is focused on "highly prospective" exploration licences 29123-HQ-LEL and 30459-HQ-LEL in northwest Zambia. Licences are located in the Western Foreland district, which hosts the Kamoa-Kakula deposit. Company believes the licences hold scope for discovery of potentially high-grade Kamoa-style mineralisation at depth, and lower grade Kolwezi-type mineralisation at or near the surface. Xtract recently acquired a "major historic database" from Anglo American PLC, "enabling a cost-effective and fast-track programme".

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Block Energy PLC - Georgia-focused exploration and production company - Announces independent engineering report indicating over 1 trillion cubic feet of 2C contingent fas resources in the Patardzueli and Samgori fields in licence XIB, with a net present value of over USD500 million. Says this validates its subsurface work and proposed development plan. Believes there is prospect of increased contingent resources in proven gas resources in the same reservoir sequences across additional fields in licences XIB and XIF. Says report serves as cornerstone document for Project III farm-out process. Project III, which covers the Patardzueli-Samgori, Teleti and Rustavi fields, is on the appraisal and development of gas resources within the Lower Eocene and Upper Cretaceous reservoirs.

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Westmount Energy Ltd - oil and gas investment firm focused on high impact drilling outcomes in emerging basins - Investee company Africa Oil Corp issues update on exploration and appraisal activities on Block 2913B in the Orange Basin, offshore Namibia. AOC highlights "the prolific nature of the Orange Basin hydrocarbon system with hydrocarbons now demonstrated to be present at two separate stratigraphic levels". Exploration and appraisal well Mangetti-1X encountered hydrocarbon-bearing intervals in the shallower Mangetti Fan prospect, and "has the potential to boost the [block's] existing recoverable resource base". AOC also confirms that drilling of fourth appraisal well on Venus discovery is underway, and its acquisition of a 3D seismic programme in the south of Block 2913B, which could highgrade additional exploration targets, is progressing.

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Golden Metal Resources PLC - strategic mineral exploration and development company focused on Nevada, US - Says exploration work at its flagship Pilot Mountain project in the Walker Lake Mineral Belt has identified five compelling target areas. These "show potential for significantly greater in-ground resources than currently stated". Industrial mineral garnet comprises around 40% of mineralised intervals across known deposit areas, meaning that "a significant quantity of garnet likely exists at Pilot Mountain". Company is now seeking to appoint a garnet specialist for detailed market and project-specific analysis. Adds that drill permit applications are being finalised and will be submitted to the local Bureau of Land Mangement office soon.

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Light Science Technologies Holdings PLC - Derby, England-based plant monitoring solutions developer - Announces that its contract electronics manufacturing division, UK Circuits & Electronics Solutions Ltd or UKC, has received an order from a new client in the sports entertainment market segment. Deal is valued at GBP130,000 with delivery to the customer expected in April. UKC has secured orders totalling approximately GBP1.4 million in the pest control sector since the start of the current financial year, with delivery due mainly in the second quarter. Division's forward order book stands at around GBP4.1 million, putting it on track to meet internal sales expectations for the first half year.

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By Emma Curzon, Alliance News reporter

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