TRADING UPDATES: IronRidge hits gold; Symphony's plastic biodegrades

(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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IronRidge Resources Ltd - Australia-based minerals exploration company - Reports additional high-grade drill intersections at the Zaranou project in Cote d'Ivoire, West Africa. The license borders with Ghana and is along strike from operating gold mines, including Chirano, Bibiani and Ahafo. Says significant mineralisation potential confirmed at the Mbasso target in initial aircore results, as well as in ongoing results received at the Ehuasso and Yakasse targets.

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Hummingbird Resources PLC - UK-based gold ore mining company - Reports internal mineral resource estimate update for Yanfolila mine in Mali. Says a total of 255,600 ounces of gold were discovered during the USD5 million 2020 exploration programme across three key deposits. The 2021 exploration budget has been doubled, to USD10 million, and will focus on the three key deposits and greenfield targets. Total project mineral resources as at the end of 2020 are 1.9 million ounces of gold compared with 2.0 million ounces of gold published in March 2019. "The focus in 2021 will be more towards increasing resources as opposed to infill drilling," says Chief Executive Dan Betts.

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Union Jack Oil PLC - UK focused onshore hydrocarbon production, development and exploration company - and Reabold Resources PLC - investor in upstream oil & gas projects - Provide update on future planned test programmes at West Newton, onshore UK, north of the river Humber. Union Jack and Reabold each hold about 17% stake in the licence. Note that the operator of PEDL183, Rathlin Energy (UK) Ltd, applied to vary the West Newton B Wellsite permit and has received a draft of the varied permit from the environmental agency that will accommodate completion, well clean-up, and extended well test operations. Therefore, the first phase of the evaluation programme on the WNB-1Z discovery well is planned to start in April.

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Power Metal Resources PLC - UK-based metal exploration and development company - Reports an exploration update at the Kalahari Key Mineral Exploration Pty Ltd Molopo Farms complex project, which is targeting prospective massive nickel sulphide and platinum-group element mineralisation in Botswana. The company says selected quarter core samples were sent to the geology department of the University of Witwatersrand in Johannesburg for thin section mineralogical analysis. Nickel sulphides have been identified in three core samples containing visible sulphide grains taken from the drill hole KKME 1-6. "The confirmation of nickel sulphides in the core from drill hole KKME 1-6 is a very positive outcome and adds yet more weight to the geological proposition being tested at the Molopo Farms complex project," says Chief Executive Paul Johnson.

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Trident Royalties PLC - UK-based mining royalty and streaming company - Says all pre-conditions to the Talga gold royalty package acquisition have now been satisfied, and completion will occur automatically on admission of the consideration shares. In August 2020, the company agreed to acquire a package of existing gold royalties covering four projects located in the Pilbara and Yilgarn regions of Western Australia. The royalty package was acquired for AUD800,000, about GBP443,301, of which AUD250,000 was payable in cash and AUD550,000 to be satisfied by the issue of 848,059 new shares at 35.98 pence each. Trident closed at 36.00p on Tuesday.

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Symphony Environmental Technologies PLC - UK-based plastic technologies provider - Reports conclusion of five-year Oxomar study, sponsored by the French Agence National de Recherche. The company says the study provides it with further scientific data on the performance of d2w technology in the oceans. The study had a multidisciplinary approach, including physics, chemistry, and biology. It shows that d2w technology is non-toxic to marine creatures. The study also has proved that plastic biodegradation processes observed in laboratory conditions are transferable to real life marine conditions. Chief Executive Michael Laurier says: "No government can now be in any doubt that oxo-biodegradable plastic (as distinct from oxo-degradable plastic) does properly biodegrade in the open environment, and is not toxic."

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RUA Life Sciences PLC - AIM-listed company which invests in medical device businesses - Reports recent progress at its subsidiary RUA Vascular, which is developing Elast-Eon sealed vascular grafts and cardiac/vascular patches. The company says it is experiencing delays from packaging suppliers due to coronavirus, which has hurt the timetable for sterilisation and product shelf-life validation testing. Despite this, RUA says it remains on target to submit the 510k during the second quarter of 2021, which is expected to be towards the end of the quarter, and is continuing to manage all residual risks to avoid any further slippage to project timelines. This 510k process is a regulatory path to market medical devices "that does not raise new questions regarding safety or effectiveness". Chair Bill Brown says: "The grafts look to have performed as anticipated and we look forward to completing the regulatory submission in late Q2 which will be a significant milestone for RUA."

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Helios Underwriting PLC - UK-based insurer - Closes open offer, receiving acceptances for 829,262 shares, which includes applications received under the excess application facility. The open offer has raised GBP1.3 million for the company.

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By Evelina Grecenko; evelinagrecenko@alliancenews.com

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