Public Company News

MGC Pharmaceuticals has received the green light to start construction of its large scale, GMP compliant medical cannabis production facility in Malta that will increase its existing production capacity after signing a long-term lease agreement for the 6,000 square metre site. The site works for the facility will commence immediately and the company plans to start construction of the multi-storey building during the current quarter.

Buru Energy has observed hydrocarbon shows after intersecting the secondary target Anderson Formation at its Adoxa-1 conventional oil exploration well in the Canning Basin, Western Australia. The significance of these individual sand bodies with hydrocarbon shows in cuttings samples will be evaluated with wireline logs once the well is completed to its total planned depth of 2,200m.

Sovereign Metals’ new Wofiira rutile prospect in Malawi just got interesting, with analyses of the titanium-rich ore concentrate showing the products are likely suitable for all major markets, including the chloride pigment, titanium metal and welding flux sectors. Metallurgical studies show that the ores have a favourable particle grain size distribution, comparable to other leading natural rutile products in the market.

MGC Pharmaceuticals and Chinese e-commerce marketplace YuShop Global have kicked off a full marketing and sales campaign for MGC’s cannabis-based nutraceuticals following a successful eight-week test campaign. Under the distribution agreement between the two companies, YuShop will sell MGC’s nutraceutical products to consumers via its online platform and network of retail channel partners, which include 1,500 luxury spas.

Geopacific Resources is free to advance the financing stage for the construction of its Woodlark gold project in PNG, after concluding its independent due diligence technical work programs and reporting, which showed no “fatal flaws” to its development. The review was commissioned by a group of potential lenders for the project, who have signed non-binding term sheets to finance operational start-up.

Infinity Lithium has hit a milestone with the successful production of lithium hydroxide using recycled reagents, a feat that the company said proves the viability of its processing flowsheet for the San José project in Spain. The company now expects to finalise the capital and operating costs within the next week, which will lead to the completion and release of the project’s pre-feasibility study.

Coziron Resources is gearing up to start a 12,500m infill and extensional drilling campaign at its exciting Ashburton magnetite iron project in the west Pilbara, WA, after receiving firm commitments for a $3 million placement. The program is aimed at facilitating the development of a maiden JORC-compliant mineral resource estimate extending over about 1.5 kilometres of strike.

PolarX has delineated large chargeable anomalies using data from a recent geophysical survey and commenced diamond drilling at the Saturn porphyry copper-gold target within its Alaska Range project in the US. The company said that the data returned from Saturn is consistent with porphyry copper exploration models worldwide and shows potential prospectivity for disseminated sulphides and a quartz-veined stockwork ore system.

Blackstone Minerals’ targeting appears spot on with its maiden drilling program at the Ta Khoa nickel project in northern Vietnam intersecting substantial disseminated nickel sulphide mineralisation. The first three holes at the Ban Phuc prospect returned wide intervals including 45.5m @ 1.2% nickel from 56.5m down-hole, 17.8m @ 1% nickel from 106.6m and 22m @ 0.8% nickel from 138m respectively.

Hot Chili has commenced a second phase of diamond drilling aimed at expanding the prospective, higher-grade zone of the Cuerpo 3 porphyry copper-gold ore system within its Cortadera project in central Chile. The company said results from the first phase had exceeded expectations and re-shaped its view of the potential size and grade of the Cortadera discovery.

Anglo Australian Resources is set to ramp up exploration of its Mandilla gold project south of Kalgoorlie, Western Australia, after securing commitments for a $1.4 million share placement priced at 6.5 cents. Proceeds from the placement will also be used for further infill drilling and ongoing feasibility study work for the company’s flagship Feysville gold project also near Kalgoorlie.

88 Energy and partner Burgundy Xploration have signed an exclusivity agreement with the preferred bidder for the farmout of the conventional rights for their project known as “Project Icewine” in Alaska’s North Slope oil province. The bidder will pay USD$500,000 for initial agreed costs relating to the 2020 drilling program to secure exclusivity over the rights to 31 August 2019.