Perth broker Euroz has re-iterated its strong belief in Lucapa Diamond Company
Perth broker Euroz has re-iterated its strong belief in Lucapa Diamond Company (LOM), saying the stock is set to rise sharply on the back of expanding production.
Euroz has set a buy recommendation on Lucapa with a price target of 61c, well ahead of its current price of 17c.
London broker Panmure Gordon already has a 45c price target on Lucapa.
Euroz says the recent US$10m sale of gems from the company’s Lulo project in Angola provides further evidence of the joint venture’s ability to self-fund a 50 per cent expansion of alluvial diamond mining operations.
Pure Alumina (ASX: PUA) is on track to acquire one of the world’s most efficient and effective processes for making high purity alumina (HPA), according to the man who is poised to become the company’s new managing director, Scott Nichol (reports Stockhead).
Nichol is the founder and chief executive of Polar Sapphire, the Canada-based company which owns this world-leading HPA technology. Pure Alumina is now in the process of acquiring Polar Sapphire and, as part of the deal, Nichol will become Pure Alumina’s managing director.
Venturex Resources has intersected high-grade copper within the first hole of a reverse circulation drilling program at its wholly-owned Sulphur Springs copper-zinc project near Port Hedland in Western Australia (reports Small Caps).
Drill hole SSR007 hit several thick mineralised intervals such as 29m at 1.47% copper from 45m; 9m at 0.86% copper from 82m; and 31m at 3.24% copper from 94m, including 11m at 4.15% copper from 99m.
Sydney-based institutional broker Blue Ocean Equities has maintained its 70c price target and “Top Pick” Buy rating on copper developer Venturex Resources (ASX: VXR) after the company reported “exceptional” assay results from the first of two in-fill drilling holes into the shallow portion of its Sulphur Springs deposit.
The drilling is designed to upgrade a portion of the Inferred Resource into Measured and Indicated and the first hole returned spectacular assay results of 29m @ 1.47% Cu from 45m, 9m @ 0.86% Cu from 82m and 31m @ 3.24% Cu from 94m (incl 11m @ 4.15% Cu from 99m).
Yet another report has raised concerns about the lack of gold discoveries in Australia (reports MiningNews).
Australian research firm IBISWorld has flagged the lack of new discoveries over the past decade as a rising challenge.
Known gold reserves have consistently declined amid high production and low replacement rates, with IBISWorld forecasting that Australia will produce 324 tonnes of gold in 2018-19, equivalent to 9.7% of global output.
After shocking the market earlier this month with major production revisions at Mount Morgans, Dacian Gold has now unveiled a “new high grade gold discovery”
After shocking the market earlier this month with major production revisions at Mount Morgans, Dacian Gold has now unveiled a “new high grade gold discovery” featuring “outstanding” intercepts that include some of the “thickest and highest grade” mineralisation hit in the Westralia part of the Western Australian operation (reports MiningNews).
Pilbara Minerals boss Ken Brinsden says the jury is still out as to whether the company will build a downstream processing plant in WA
Pilbara Minerals boss Ken Brinsden says the jury is still out as to whether the company will build a downstream processing plant in WA as part of a proposed joint venture agreement over its Pilgangoora lithium-tantalum project near Port Hedland (reports The West Australian).
Bardoc Gold’s new CEO, Robert Ryan, says the company is optimistic it can get into production next year
Bardoc Gold’s new CEO, Robert Ryan, says the company is optimistic it can get into production next year and avoid the pitfalls that have plagued the local gold patch in recent times (reports MiningNews).
Western Australia's Goldfields is littered with tales of collapse or underperformance, from Eastern Goldfields and Gascoyne Resources, Blackham Resources to Dacian Gold, and tiny Coolgardie Minerals (which went from listing through mining and administration within six months.