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Chesser Resources' (CHZ) latest drilling results have confirmed high-grade gold at the Diamba Sud Gold Project in Senegal, West Africa.
The company has received results from four diamond drill holes and 16 reverse circulation (RC) drill holes across Area A and Area D at the project. Promisingly, the diamond holes have confirmed the thickness and grade of oxide mineralisation in Area D, as well as deeper high-grade intercepts.
Drilling has now been completed over Area A and Area D, with the drill rigs moved to the Western Splay and Southern Arc assets.
The company has received results from four diamond drill holes for 605 metres and 16 reverse circulation (RC) drill holes for 2216 metres.
All holes were drilled at Area D, except for four RC holes which represent the latest results from Area A.
Area D
The Area D drill program was designed to target the extent of the high-grade flat-lying oxide zone and the underlying fresh rock sulphide mineralisation in Area D.
Diamond drilling has confirmed thick, shallow, high-grade oxide gold mineralisation, and results include 41.5 metres at 6.77g/t of gold from 17 metres.
Drilling has also intersected high-grade mineralisation below the oxide at 9.47 metres at 3.61g/t gold from 145 metres.
CEO Andrew Grove is pleased with the high-grade gold oxide and sulphide drilling results at Area D.
"The diamond holes not only confirmed the thickness and grade of oxide mineralisation but importantly the deeper high-grade intercepts will aid our understanding and targeting of the deeper feeder mineralisation below the high-grade oxide mineralisation in Area D," he said.
Area A
The final results from Area A show Chesser intersected mineralisation around 50 vertical metres below a previously reported intercept. Results include 19 metres at 1.73g/t from 165 metres.
Additionally, the results continue to represent priority exploration targets and indicate there's potential for wider and higher-grade mineralisation to exist along strike.
https://themarketherald.com.au/chesser-resources-asxchz-confirms-gold-at-diamba-sud-2021-03-02/
Oriole Resources PLC
@OrioleResources
#WestAfrica has more potential than any other region in the world”. Canadian miners, including IAMGOLD, partner on our Senala project in #Senegal, are moving fast to expand operations in the underexplored and booming $gold-mining areas of West Africa https://bit.ly/3swvAXP $ORR
https://twitter.com/OrioleResources
https://www.theafricareport.com/68462/canadian-miners-dig-deeper-in-west-africa/
Mentioned in passing, but every little helps
posted to quickly...
normally as the MMs have had a run of buys or sells and need to settle things down a bit. As many have said, NT to buy for example, means that you can't buy with an automated quote. Means they're short of stock. Also indicates not a good time to sell as the price will usually tick up soon.
Would be nice to see the welcome return of buying pressure continue into the afternoon and push through 1.4p. Definitely seems like the pendulum is swinging back towards upwards momentum.
I'll go and get a cuppa, but it might be the 3pm one that does that business :)
GLA
Cekim,
They have issued warrants (i.e. the ability to buy shares from the company in the future at a predetermined price) to various holders (could be individuals or organisations). Typically these are issued to shareholders as part of a fund-raising, but can be issued to brokers as a quasi-fee.
Warrants holders can, to some extent, decide when to exercise (ie convert the right to buy shares into the shares).
As an example - ORR has issued warrants at 0.68p to those who funded the company at 0.34p on a 1 for 2 basis (IIRC). The SP at the time was 0.4p, ie the warrant at the time was out of the money i.e. not worth anything.
Now that the price has risen above 0.68p (yay!). The warrant holders are choosing to pay the company 0.68p for each warrant and they get 1 share in return. In practice, you will get holders exercising in blocks, but as and when those holders want to.
To confuse things a little, ORR does holder an "accelerator" that is now active, which means that they could force the warrant holders to exercise or lose their warrants.
HTH
GLA
Dogstar, I'm at 1 tea and 2 coffees (fresh not instant - more caffeine!). Will be ready for another coffee at 11am so what out for a spike then....
Personally, I'm not really a fan of TA on small caps awaiting news - but each to their own. In any event, very happy to hear any indication of sellers dwindling!
ATB and GLA
Cekim, not sure I understand your question as the RNS gives how many more:
"Following Admission, a total of 232,405,020 warrants and 82,309,579 options over Ordinary Shares (representing approximately 20.3 per cent. of the Company's enlarged issued share capital) remain outstanding."
All nice cash coming into the business, lowering need to raise cash by other means. Build it in to your research, but not a bad thing IMO plus it is now a known factor.
This type of drip-drip exercise of warrants will have no impact on the SP I think. Holders will either have already sold some existing shares to pay for the exercise or will sell/hold in due course. Either way not enough to move the needle when compared against the volumes we see on news (eg 500m traded in one day not too long ago).
GLA
Trades have slowed down a lot - looks like those wanting to sell at 1.45 may have done so?
Volumes very thin this morning, so perhaps everyone is happy with their holdings...
Let's have a tweet from the company perhaps reminding everyone of Senala's possibilities and incoming news.
GLA