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Anglo Asian Mining was buoyed by a new copper sales contract with Glencore International, while Aurum Mining announced encouraging drilling results.
Anglo Asian signs Glencore sales agreementShares in Anglo Asian Mining (AAZ) gained 4.5% on the news that it has signed a contract with Glencore International (GLEN) for the sale of 2,500 wet metric tonnes (WMT) and 550 dry metric tonnes of copper concentrate, when available, from its Gedabek gold/copper/silver mine in Azerbaijan.
Under the terms of the sales agreement, which is due to commence before the end of the current year, Glencore will purchase 250 WMT per month of copper concentrate product.
There is also an option for Anglo Asian to stop selling copper concentrate product to Glencore after 1,500 WMT has been sold.
Further positive results for Aurum and OrmondeAurum Mining (AUR) and Ormonde Mining (ORM) have reported further encouraging results from a trenching programme at their joint venture, the Cabeza de Caballo Gold Prospect in Spain.
Results received from samples collected in the latest two trenches excavated on an extensive gold-in-soil anomaly have encountered gold mineralisation over wide zones of good grade. The results came from two trenches and followed initial results that encountered similar gold mineralisation.
Trench CABTR004 encountered two main zones of veining and mineralisation of 19 metres and 30 metres width. The best interval within the two mineralised zones included four metres at 8.17 grams per tonne (g/t) gold, and one metre at 14 g/t.
If zero gold grade is assigned to the intervals that were not sampled in this zone, then this gives an average grade of 0.97 g/t over the 30 metres.
Trench CABTR006, located approximately 90 metres south of the first, returned 21 metres grading at 3.71 g/t from a similar zone of quartz-sulphide veining.
These trenches are located on a gold-in-soil anomaly, which has a strike length of 800 metres.
Shares in Ormonde gained 7.8% on Monday morning, while Aurum moved up 3%.
Stellar Diamonds ups Droujba resourceStellar Diamonds (STEL) has increased the resource estimate at its Droujba Kimberlite Project, Guinea.
A 475-metre long section of Katcha dyke has added a further 446,500 carats to the resource, increasing the total Joint Ore Reserves Committee-compliant resource increased to 2.9 million carats.
Katcha remains open with an estimated strike length of five kilometres based on field mapping. An economic scoping study is planned for the first quarter of 2013.
Despite the upgrade, shares in the firm lost 4.5% on Monday morning.
Afferro unveils testing resultsAfferro Mining (AFF) has released the results from the direct shipping ore bulk metallurgical testing conducted on material from the Nkout project in Cameroon.
Over five tonnes of potential ore material was tested from 12 representative holes across the Nkout deposit, with the fines product achieved with a 63.4% iron grade and low-deleterious materials, using simple attrition scrubbing.
Low-cost crushing was implied, due to the soft, incompetent rock with a very low bond work index of 2,600 kilowatt hours per tonne.
Saprolite and magnetite bulk metallurgical testing is expected to be delivered in January 2013.
Amur drilling doubles mineralisation lengthAmur Minerals (AMC) has doubled the strike length of mineralisation at its Maly Kurumkon nickel-copper sulphide project in Russia as a result of its 2012 drilling programme.
A total of 4,149 metres of drilling in 23 holes were completed in a 1.5 kilometre-long area immediately east of Maly Kurumkon. Results confirmed the mineralisation extends eastward along strike for a total of two kilometres, doubling the previous drill-defined length within the 2007 pre-feasibility study.
Historical and 2012 drill results indicated that that mineralisation at Maly Kurumkon remains open along strike in both directions and at depth, providing the company with the potential to further increase the resource at this deposit.
Red Rock raisesView the Original article
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