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Glenwick share chat (GWIK)

Discussion in 'General share chat (GWIK)' started by Steamy, Mar 10, 2016.

  1. Groucho

    Groucho Member

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  2. Groucho

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    01 March 2021

    Cora Gold Limited ('Cora' or 'the Company')

    Commencement of Significant Drill Programme at Sanankoro and Drill Contract

    Awarded


    Cora Gold Limited, the West African focused gold company, is pleased to announce the commencement of a significant drill campaign at its flagship Sanankoro Gold Project ('Sanankoro' or 'Project') in southern Mali.


    Highlights:

    ● 22,000m initial contract awarded to Capital Drilling Mali SARL ('Capital'), a subsidiary of Capital Limited (LSE: CAPD), for reverse circulation ('RC') and diamond core ('DC') drilling

    o Expectation to drill up to 35,000m by end of July 2021

    o Capital has an excellent track record of delivering quality drill programmes in West Africa

    ● Drilling dual focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated

    ● Rigs arriving at site and drilling due to start within the coming days

    ● During 2019 and 2020 the Company drilled c.18,000m on the Sanankoro permit - this 2021 campaign represents a very significant programme at Cora's flagship asset

    ● Drilling expected to be concluded during July 2021 and an updated resource statement will follow this programme

    ● Circa US$3.7m cash in the bank funds this drill programme

    To view the RNS with illustrative maps and diagrams please use the following link:
    http://www.rns-pdf.londonstockexchange.com/rns/6033Q_1-2021-2-28.pdf


    Bert Monro, CEO of Cora, commented, "This drill programme will be the largest single programme that Cora has ever completed. If expanded to 35,000m it will represent an almost doubling of the drilling on the Sanankoro permit over the previous two years. This is an extremely exciting time for the Company and all the team are fully focussed on delivering this programme. We look forward to updating shareholders with drill results as we start to receive them.

    "During 2020 the Company published a Scoping Study on the Project showing a 107% internal rate of return ('IRR') and US$24m/year annual free cashflow at a US$1,500 gold price. The Company looks forward to this drilling programme both increasing the size of our resources but also increasing their confidence as we aim for maiden Indicated resources."


    Figure 1: Sanankoro Permit Area


    FURTHER DETAILS

    Cora is pleased to announce the commencement of drilling at its flagship Sanankoro Gold Project in southern Mali. An initial 22,000m programme has been planned and this may be expanded to 35,000m as results are received and analysed.

    The drilling is being undertaken by Capital Drilling Mali SARL, a subsidiary of London-quoted Capital Limited, a leading mining services company providing a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the global minerals industry, focusing on the African markets.

    The objective of the drilling campaign is to build on the Mineral Resource Estimate ('MRE'), both from a resource growth perspective and upgrading of existing inferred resources to the indicated category, reported by independent consultants SRK Consulting (UK) Limited in December 2019. The MRE identified a resource of 5.0Mt at 1.6 g/t Au for a contained 265,000 ounces including 4.5Mt of oxide material (comprising hardcap, saprolite and saprock material) at a grade of 1.6 g/t Au, and 0.5Mt of sulphide material at 1.8 g/t Au. Across the deposit, the base of oxidation ranges from 30m-125m, with an average depth below surface of approximately 65m. The open pit shells used to constrain the resource extend to a maximum depth of 130m below surface highlighting the significant potential upside to the current resource.

    For more information on the maiden Mineral Resource Estimate, click here: https://bit.ly/3oL5Rsd.
     
  3. Groucho

    Groucho Member

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    03 March 2021

    Cora Gold Limited ('Cora' or 'the Company')

    Award of new Sanankoro Exploration Permit


    Cora Gold Limited, the West African focused gold company, is pleased to report that, further to the award of a Convention d'Établissement (see RNS dated 10 February 2021), on 02 March 2021 the Company has been awarded a Permis de Recherche (the 'Permit') in respect to the area known as Sanankoro II. The Permit covers the same area as the previous Sanankoro permit which expired in accordance with the Mining Code 2012. This completes the permitting process for this key area of the Company's flagship Sanankoro Gold Project on the Yanfolila Belt in southern Mali. The Permit has been awarded under Mali's new Mining Code 2019 and as such it has a term of nine years.


    Highlights:

    ● Award of new exploration permit, completing the permitting process for Sanankoro II, a key permit within the Company's flagship Sanankoro Gold Project ('Sanankoro' or 'Project')

    ● Cora recently announced a significant drill campaign of up to 35,000m at its flagship Sanankoro Gold Project

    ● Drilling at Sanankoro is dual focussed on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated


    Bert Monro, CEO of Cora, commented, "The Company is delighted to have concluded the permitting process for the Sanankoro II permit. This is one of the first to be awarded under the new mining code and a great endorsement of the work on the ground. Having recently announced the commencement of our largest ever drill programme, the Company is looking forward to announcing the results of drill programme in due course as we look to accelerate exploration and development and target the delivery of a high margin oxide mining operation at Sanankoro."


    A recently updated presentation can be found at; https://www.coragold.com/.
    https://www.coragold.com/category/company-presentations/

    FURTHER DETAILS

    Cora's primary focus is on further developing Sanankoro in the Yanfolila Gold Belt (Southern Mali). Sanankoro is made up of five contiguous permits encompassing c.342 sq. km. Previous work at the Project has identified gold oxide mineralisation to 100m depth and high-grade sulphide mineralisation at depth; SRK's defined exploration target for the Project is 1-2Moz gold to a depth of 100m. Results from an initial Scoping Study published in Q1 2020 showed Sanankoro's potential to be a highly profitable standalone oxide mine, delivering a 107% IRR and annual average free cash flow of US$23.6m at a US$1,500 gold price. The Company's strategy is to drill out more oxide resources to, in time, extend the mine life planned in the maiden Scoping Study. Notably, the current pit-constrained Resource is based on a small portion, less than 25%, of the mineralised strike length, which gives the Company a good expectation of a significant Resource increase over time.
     
  4. Groucho

    Groucho Member

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    171E3C58-7CD8-4EB7-A094-AE32592E750B.jpeg

    Our valuation assumes a WTI crude oil price of $61.50/b for 2021 and of $68.00/b for 2022, which we inflate thereafter at a rate of 1% per year.
    We assume a benchmark US natural gas price of $2.50/mmbtu for 2021 and of $3.00/mmbtu for 2022, which we inflate thereafter at a rate of 1% per year.
    We assume a USD:GBP forex rate of 1.40. We assume a USD:CDN forex rate of 0.79.
     
  5. Groucho

    Groucho Member

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    29 March 2021

    Cora Gold Limited ('Cora' or 'the Company')
    Improved results from the re-analysis of drilling at Dako II


    Cora Gold Limited, the West African focused gold company, is pleased to announce the results of the re-analysis of samples from the drilling carried out in Q4 2020 at the Dako II permit ('Dako II') which is contiguous with the Company's flagship Sanankoro Gold Project ('Sanankoro' or 'Project') in southern Mali.

    The first-pass screening 50g fire assay results set out in an announcement on 20 January 2021, used for quick results on exploration holes, have now been tested by 2kg leachwell bottle roll with 50g fire assay on the tail for a resource quality result. The bottle roll analysis is a more representative assay and the Company is pleased to report it has generally delivered significantly enhanced results in terms of intercept widths and grades.


    Highlights

    · Re-analysis of drilling samples at Dako II delivered significantly enhanced results in terms of intercept widths and grades. Results include:

    o 5m @ 6.14 g/t Au from 84m depth in hole DC0035

    o 13m @ 1.87 g/t Au from 55m depth in hole DC0030

    o 13m @ 1.20 g/t Au from 15m depth and

    o 13m @ 1.20 g/t Au from 33m depth in hole DC0031

    · Previously reported intercepts on 20 January 2021 from first-pass screening fire assay included:

    o 5m @ 3.75 g/t Au from 84m in hole DC0035

    o 13m @ 1.61 g/t Au from 55m depth in hole DC0030

    o 3m @ 2.08 g/t Au from 24m depth and

    o 12m @ 0.75 g/t Au from 33m depth in hole DC0031

    · Over +3km of surface mineralisation still to be drilled at Dako II


    Bert Monro, CEO of Cora, commented, "We are pleased by the enhanced results from the bottle roll analysis of last year's drilling at Dako II. Having over +3km of surface mineralisation still to be drilled at Dako II offers the potential for even more. Dako II is 7km south of our existing resources at Sanankoro and we hope to see this discovery turn into part of the future resources and mine plan for the Project.

    Drilling is ongoing at Sanankoro with first results from the recently commenced programme due during Q2 2021. Dako II will be drilled later in this campaign to follow up on these results."


    To view the RNS with illustrative maps and diagrams please use the following link:
    http://www.rns-pdf.londonstockexchange.com/rns/7154T_1-2021-3-26.pdf


    Further details:

    355 sample intervals were selected from 19 resource-worthy intercepts from the air core drilling programme completed in Q4 2020. The 355 intervals were re-split to provide 4kg sub-samples and combined into a new 'blind' assay with new larger volume bottle roll quality control and submitted to SGS Ouagadougou for 2kg leachwell bottle roll analysis (LWL69M). A 50g fire assay/AAS finish (FA505) was conducted on a filter-pressed and dried bottle roll residue to determine any tail residue gold.

    The 2kg leachwell bottle roll analyses show a significant positive recovery factor (+150%) compared to the previous smaller 50g fire assays and at a much-improved precision of assay. The 2kg leachwell routinely reports higher grades per interval and also reports more precisely because the 2kg sample is able to capture and dissolve the nuggety free gold better.

    Therefore a 2kg leachwell with 50g fire assay on the >0.1 g/t Au tail is a much more confident assaying combination than the smaller 50g fire assay/AAS for the deeply weathered sediment hosted oxide gold deposits of southern Mali. The results elevate the potential for Dako II to generate notable oxide resources, proximal to the core of the project, for the ongoing resource expansion and upgrade programme at Sanankoro.

    Cora Gold Limited - Improved results from re-analysis at Dako II #CORA @cora_gold https://www.voxmarkets.co.uk/rns/announcement/58d7b020-4dc8-40d5-8c70-5ecdc97cb3a3 #voxmarkets
     
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  6. Groucho

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    31 March 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    Operational and Financial Update

    i3 Energy plc (AIM:I3E) (TSX:ITE), the independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following update.

    Maiden Dividend

    i3 has allocated CAD$2 million (£1.16 million) in relation to its planned Q1 2021 dividend. The Company can only pay a dividend out of distributable profits and i3 currently has retained losses. i3 is expecting to effect a reduction of share capital to create distributable reserves to offset the losses and create surplus profits. A reduction of the Company's share capital is subject to loan note holder, judicial, and shareholder approval by way of a special resolution at a general meeting. i3 expects to shortly distribute a special resolution and circular to its shareholders which will specify the exact amount of the proposed reduction in share capital and explain the background and reasons for the reduction. Upon approval of the special resolution at the general meeting, i3 will apply to the UK courts to confirm the reduction and will immediately thereafter distribute the abovementioned dividend payment to its shareholders.

    Noel Gas Well

    As announced on 23 February, in December 2020 i3 completed a successful flow-test on a horizontal gas well into the prolific Falher formation at its acreage in Northeast British Columbia ("BC"). The tie-in project in Noel, BC progresses on time and on budget. Regulatory approvals and First Nation consultations are ongoing, and construction is anticipated to commence once surface access conditions allow, following spring breakup (an operational lull during which snowmelt and frost-release create soft and muddy ground conditions). The well is expected to be brought on at approximately 500 boe/d.

    Majid Shafiq, CEO of i3 Energy plc, commented:

    "Although our balance sheet re-structuring has taken longer than anticipated, we are delighted that we are close to entering the final stages of the process to allow the declaration and payment of our maiden dividend and commence delivery on our promise to distribute at least 20% of our free cash flow annually to our shareholders as dividends, subject to necessary consents. Our Canadian production assets continue to perform well, and we are actively advancing projects to maintain and grow production from our current portfolio and are evaluating a number of production acquisition opportunities. In the UK, negotiations with counterparties for a farm-out of Serenity appraisal drilling continue to be advanced."
     
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  7. Groucho

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    22 April 2021

    Cora Gold Limited ('Cora' or 'the Company')

    Maiden Drill Results from 2021 Sanankoro Drill Programme


    Cora Gold Limited, the West African focused gold company, is pleased to announce the first drill results from its largest ever drilling campaign, which commenced in March 2021 at its Sanankoro Gold Project ('Sanankoro' or 'the Project'), in Southern Mali. The Company plans to drill up to 35,000m by end of July 2021, with a dual focus on targeting resource growth as well as infill drilling to convert existing Inferred resources to Indicated.


    Highlights:

    · Results from the first 4 drill sections, involving 8 reverse circulation ('RC') holes, have been received

    · Results include:

    o 34m @ 1.98 g/t Au from 13m

    § including 3m @ 17.78 g/t Au in hole SC0312

    o 52m @ 1.78 g/t Au from 20m

    § including 7m @ 4.21 g/t Au in hole SC0311

    o 16m @ 1.31 g/t Au from 50m SC0306 and

    o 4m @ 2.59 g/t Au from 83m in hole SC0306

    o 13m @ 1.24 g/t Au from 68m in SC0309

    · 79 holes drilled totalling over 7,500m from start of the campaign to 18 April 2021

    · Two further rigs due to arrive during May 2021 with a total of approximately 300 holes and 35,000m of drilling planned

    To view the RNS with illustrative maps and diagrams, please click here: http://www.rns-pdf.londonstockexchange.com/rns/2262W_1-2021-4-21.pdf


    Bert Monro, CEO of Cora, commented, "The first drill results of our largest drill campaign at Sanankoro are extremely promising. 34m @ 1.98 g/t Au from 13m depth and 52m @ 1.78 g/t Au from 20m depth are two very good drill holes and further emphasise the potential of the Selin deposit at Sanankoro, as we look to both grow the resources and convert them to Indicated from Inferred category.

    "We expect to have drilled up to 35,000m by July 2021 - these results are from just the first 817m of this drill programme. Following the completion of the drill programme the Company will be targeting an update to its mineral resource estimate."


    Further Information

    The objective of the drilling campaign is to build on the Mineral Resource Estimate ('MRE'), reported by independent consultants SRK Consulting (UK) Limited in December 2019, both from a resource growth perspective and upgrading of existing Inferred resources to the Indicated category. The MRE identified a resource of 5.0Mt at 1.6 g/t Au for a contained 265,000 ounces including 4.5Mt of oxide material at a grade of 1.6 g/t Au, and 0.5Mt of sulphide material at 1.8 g/t Au.

    The results equate to the first 2.5% of the total budgeted total 35,000 metre drill programme and only 15% of the Selin Phase 1 programme planned and completed targeting the shallow oxides.

    Drilling is due to ramp over the next month with the commencement of a 2,500m diamond core programme in May 2021 supervised by Capital Drilling and the arrival of a second RC rig in mid-May 2021 from GEODRILL.

    Further drill results are expected from Sanankoro on a regular basis during the course of the programme.

    Cora Gold Limited - Drill Results from 2021 Sanankoro Drill Programme #CORA @cora_gold https://www.voxmarkets.co.uk/rns/announcement/cc00a0f6-9665-4b54-8cb4-3fe2e1207e78 #voxmarkets
     
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  8. Groucho

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    5 May 2021

    i3 Energy plc

    ("i3", "i3 Energy", or the "Company")

    Operational and Financial Update

    i3 Energy plc (AIM:I3E) (TSX:ITE), an independent oil and gas company with assets and operations in the UK and Canada, is pleased to provide the following production update, increased cash flow estimates which integrate the Company's initial hedging implementation, details regarding recent Clearwater activity, tie-in of the Noel gas well, Serenity farm-out, and maiden dividend.

    Highlights:

    · Q1 2021 average production of 8,856 boepd, outperforming expectations

    · Financial discipline maintained, with an initial hedging strategy implemented and 2021 full-year net operating income expectations increased to CAD 38mm (USD 31mm)

    · Significant initiatives in the Clearwater play

    o Planning for an appraisal and development drilling programme at Marten Creek following successful oil appraisal recompletions

    o i3 has farmed into additional Clearwater acreage and will earn up to 29.4 km2 through drilling activity, with the first two wells of a potential nine-well commitment being spud at Marten Hills in May

    o Acquisition of additional 17.9 km2 of Clearwater acreage through recent Alberta Crown Land Sale

    · Noel gas well expected to be on production during June

    · EGM to approve dividend expected to be called shortly

    Majid Shafiq, CEO of i3 Energy plc, commented:

    "We are very pleased with the performance of our portfolio in the first quarter of 2021, with production levels continuing to be above expectation. We continue to evaluate opportunities to extract incremental value from our portfolio and look forward to completing the first of these initiatives with the tie-in of the Noel well in the middle of the year. We have made significant progress in growing our land position in the Clearwater play and look forward to our first drilling activity this summer in Marten Hills and further activity in the upcoming winter access period on our operated Clearwater acreage in Marten Creek.

    The farm-out process for the Serenity appraisal drilling in the UK continues to make progress and we remain confident that we will achieve a successful outcome. Although our balance sheet restructuring has taken longer than anticipated we will shortly complete this process and pay our maiden dividend."

    Q1 Production

    Production in Q1 2021 averaged 8,856 boepd, comprised of field estimate sales equalling 31.6 million standard cubic feet of gas per day ("mmscfd"), 2,123 barrels per day ("bbl/d") of natural gas liquids and 1,466 bbl/d of oil.

    Despite adverse winter conditions, production performance remains above the expected rate based on the competent persons reports commissioned for the acquisition of the Canadian production assets in H2 2020.

    2021 Net Operating Income Forecast

    Based on current strip pricing, i3 forecasts 2021 net operating income (revenue minus royalties, opex, transportation and processing) of approximately CAD 38mm (USD 31mm), which integrates i3's initial implementation of a disciplined hedging strategy and excludes expected 2021 cash flow from either the Noel or Clearwater initiatives described herein. The Company plans to opportunistically hedge 50% of its oil volumes and 50% to 70% of its gas volumes in order to protect its dividend policy and expected production maintenance capital expenditures.

    During February and early March, the following oil and propane hedges were executed:
    Screenshot_20210505-071924_Vox Markets.jpg

    During March and April, a number of natural gas swaps were executed for the period between 1st June to 31st October 2021, totalling volumes of 21.4 mmscfd at an average price of CAD 2.83/mcf.

    Clearwater Activity

    · Background to the Clearwater Play

    The Company considers the Clearwater one of the premier economic oil play types in Alberta, Canada. Development of the play commenced in 2016 and current production is circa 38,000 barrels of oil per day ("bopd") from approximately 443 wells. The formation is at shallow depth (less than 1000 meters total vertical depth), exhibits conventional reservoir characteristics and has been developed with relatively low-cost multilateral horizontal wells which do not require stimulation.

    · i3's interest in the Clearwater Play - Marten Creek

    As part of the acquisition of its Canadian assets in June 2020, i3 owns 71.7 gross sections (57.8 net sections, equivalent to 148 km2) of Clearwater rights in the Marten Creek and Nipisi areas. This acreage has been historically developed for gas production from the Clearwater formation and the acreage contains a large inventory of 166 operated surface pads and more than 150 km of operated pipeline infrastructure, which can be utilised to minimise future capital requirements as efforts shift to potential oil development. During February and March 2021, i3 took advantage of winter access conditions to enter three suspended gas wells in its Marten Creek acreage to perforate potential oil zones in two thick prospective Clearwater intervals. Encouragingly, oil samples were recovered from both targeted intervals in two of the three wells. i3 has commenced planning for an appraisal and development drilling programme to be implemented during the upcoming winter drill window in either Q4 2021 or Q1 2022.

    · Clearwater Farm-in

    On 30th April 2021 i3 entered into a Participation Agreement (farm-in) with an existing Clearwater producer ("Partner") to participate in a drilling programme within the Marten Hills, Cadotte and West Dawson areas of the Clearwater play. The agreement covers the potential drilling of six initial wells; two to be spud by November 2021 and the remaining four by 31st March 2022. i3 retains the option to drill an additional three wells to earn the remaining farm-in lands. Should all nine wells be drilled, i3 will earn 11.5 net sections of land (circa 29.4 km2) across the three areas. i3 will pay 75% of the costs to drill the first two wells to earn its 50% working interest. Subsequent wells will be funded by i3 and the Partner on a 50:50 basis. The cost to drill, equip and bring each of the first two wells onto production is estimated to be less than USD 1.3mm. The net exposure to i3 for six wells is estimated at be USD 7mm. The initial two wells will be drilled in Marten Hills, and upon success will immediately be completed and brought onto production. Type curves for similar wells in the area suggest that the first two wells will have sub two-year payouts, followed by single-year payouts thereafter, and production rates of approximately 150 bopd following start-up. Drilling plans have commenced with the first well spud expected in May.

    · Clearwater Acquisition - Alberta Crown Land Sales

    In addition to the appraisal and development of our existing Clearwater acreage in Marten Creek and access to drill-ready wells at Marten Hills, i3 bolstered its acreage position in the Clearwater via a recent successful Crown Land Sale purchase. On 10th March 2021, i3 acquired a 15-year lease on 7 sections (17.9 km2) of land in the emerging Cadotte area, with no associated drilling obligation, for under USD 300k. The acreage has stacked potential in the Clearwater, Falher and Bluesky formations and contains a number of plugged and abandoned wells which have oil shows and gas readings throughout these intervals. Nearby acreage has been successfully developed for both Clearwater and Bluesky oil production.

    Noel Gas Well

    The tie-in project for the Noel gas well in British Columbia is progressing on schedule and on budget. The well remains subject to regulatory approvals and tie-in to third-party gas processing facilities. i3 expects the well to be on production during June 2021.

    Serenity Appraisal Drilling Farmout

    Discussions continue with potential farm-in partners for the Serenity field appraisal drilling programme. The market will be updated if and when an agreement is reached.

    Dividend Process

    i3 has nearly completed the necessary preparatory work and creditor approvals process for a court-led balance sheet restructuring which is required to create distributable reserves in order to pay its maiden dividend. Once ready, an EGM will be called to allow shareholders to approve the restructuring in parallel with an application to the UK courts for judicial approval, following which the dividend can be paid. Shareholders can expect to receive a notice to this meeting shortly.
     
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  9. Groucho

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    05/05/2021
     

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  10. Groucho

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