Tertiary Minerals up after encouraging fluorspar drilling results

Tertiary Minerals' (LON:TYM) shares rose after it reported that early results from drilling at the MB fluorspar project in Nevada were highly encouraging, particularly the regular occurrence of thick intervals containing more than 10% fluorspar. 

The results were for the first 13 of 22 holes drilled in Phase 2 of its first drill programme.

Highlights at the Southern Area included:

- Results from first 10 holes drilled in Southern Area confirm potential for definition of open-pit mineable fluorspar resource.

- Thick zones of mineralisation intersected between surface and the maximum depth of drilling (125m) - all holes end in mineralisation. 

- Mineralisation remains open in all directions so far (over 300m x 400m area). 

Highlights at the Central Area included:

- Results from 5 wide spaced holes are awaited.

- Significant results expected based on sample logging. 

Tertiary Minerals added that the drill permit has been modified to allow further drilling between Southern and Central areas, which may connect in undrilled areas.

EMED Mining Public Limited (LON:EMED) has conditionally raised £5.5m, before expenses, through a private placement of 68,750,000 new ordinary shares at 8p apiece in the UK and Canada. 

This includes the issue of placing shares to Orion Mine Finance Fund I LP (formerly Red Kite Mine Finance (Master Fund) II LP) who wished to maintain its pro-rata shareholding of 5.4%.

The net proceeds of the placing will be largely applied in funding engineering and related works in connection with the re-start of the Rio Tinto copper project and for general working capital.

Stratex International (LON:STI) reports very positive intersections from the first phase of the follow-up diamond and reverse circulation drill programme of the Faré South prospect at the Dalafin project in Senegal.

"These are excellent results from the second phase of our drill campaign, which is focusing on the multiple gold occurrences identified by the 33,000 metre RAB drilling programme completed earlier this year," said CEO Bob Foster in a statement.

"We are extremely encouraged by these initial results from what is the first RAB target to be drilled. We await further assays results from the remaining one RC and five diamond drillholes and these will be released in due course. 

"We also intend to evaluate the very high-grade RC intersection further by twinning with a diamond drillhole as a priority.

"It is particularly exciting to note that the high-grade zone was intersected in an area where the near-surface RAB drilling had only returned intersections of 7 m @ 0.11 g/t Au and 4 m @ 0.14 g/t Au."

Highlights included:

- RC drillhole FARC-07 returns 7 m @ 86.39 g/t Au from 19 m and 1 m @ 10.19 g/t Au from 36 m

- Other RC drill intercepts from Faré South include: 10 m @ 2.34 g/t Au from 50 m (FARC-01); 1 m @ 22.15 g/t Au from 46 m (FARC-04); 1 m @ 10.19 g/t Au from 36 m (FARC-07); 4 m @ 0.49 g/t Au from 56 m (FARC-07); 3 m @ 0.94 g/t Au from 26 m (FARC-08)

- Diamond drillhole FADD-01 returned the following: 4.5 m @ 0.85 g/t Au from 8.6 m; 19.0 m @ 2.20 g/t Au from 68.6 m. 

Centamin (LON:CEY) issued an update to its resources and reserves for the Sukari gold mine.

The total measured and indicated resource has increased to 13.4 million ounces (Moz) (previously 13.1Moz) comprising open pit resource of 12.6Moz and underground resource of 0.8Moz.

The total combined open pit and underground reserve at 8.2Moz, is down 19% from 10.1Moz at 31 December 2011 due to mining depletion and increased mining and processing costs associated with a change from subsidised to international fuel prices.

Chairman Josef El-Raghy said: "As expected there has been some impact on the overall reserve from the higher international fuel price environment that Sukari has operated under since Q1 2012.

"However, it is pleasing to note that the underground drilling campaign, which has escalated steadily during 2013, has started to outline substantial regions of high grade ore. 

"It is our expectation that this trend will continue as underground development is expanded and the multiple high-grade drill targets at Sukari are tested and defined over the coming months and years."

Jubilee Platinum (LON:JLP) has received formal approval to start trading on the Johannesburg Stock Exchange's Alternative Exchange with effect from tomorrow (19 December). 

This move is in-line with the company's current trading history with the majority of trades occurring on the London AIM market and allowing the London AIM exchange to become the company's primary listing. 

Ncondezi Energy (LON:NCCL) has raised aggregate gross proceeds of about £3.03 million through an open offer and placing.

It received valid acceptances for 18,516,087 offer shares from qualifying participants, or 30.58% of the offer shares.

In addition, Ncondezi confirm that the remaining 42,041,753 new shares not taken up by qualifying participants, or 69.42%, were placed at the offer price to new and existing investors.

The sector's biggest riser was Bisichi Mining (LON:BISI) - up by 15% - while the biggest faller was Eurasia Mining (LON:EUA) - down by more than 9.5% in late afternoon trading.