Boosted by a backdrop of an acute Helium shortage and its prospects in Tanzania, shares of Helium One (HE1) have been one of the best small cap performers of the year to date. Despite the latest update from the company, because of the dearth of Helium, this state of affairs is unlikely to end any time. Today’s news concerned the identification of Helium gas shows in the Red Sandstone Group between 552 and 561 metres and was regarded as a positive result as this zone was previously considered to be of low prospectivity. Helium One said that this gas show, along with the earlier reported gas show announced on 22nd June, demonstrates a working helium system and supports helium prospectivity for additional gas shows throughout the stratigraphy. Helium One noted that while there is to be a delay caused by the loss of drill string in the midst of the drilling, contingency plans have been implemented to sidetrack from above the lost pipe and continue drilling to test both the Red Sandstone gas show and priority target horizons beneath.
Xtract Resources (XTR), has in recent months been transformed both fundamentally and in share price terms by the Bushranger Project. The week begins with more news from this company making asset as it reported on plans for the Phase Two diamond drilling programme and results of additional geophysical surveying at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt of New South Wales, Australia. Xtract said the Phase Two drilling programme at Racecourse is on track for commencement around 15 July 2021 as the necessary approvals have now been received from the NSW authorities. A total of approximately 8,000m of drilling is planned in the first phase of 13 holes using two drill rigs, focussing primarily on further definition of the potentially open-pittable, higher-grade copper-gold zone in the central part of the resource area.
Copper and gold producer, Rambler Minerals (RMM) provided an updated Mineral Resource on its 100% owned Little Deer Complex, located on the Baie Verte peninsula, approximately 150 kilometres from its copper and gold mining operation at the Ming Mine. A highlight here was an updated Indicated Mineral Resource for the Little Deer Complex including 2.9M tonnes at 2.13% copper containing 135.4M pounds or 61.4K tonnes at 1% Cu cut-off, compared to the previous Indicated Mineral Resource from 2012 of 2.7M tonnes at 2.16% Cu for 129.2M pounds or 58.6K tonnes Cu at 1% Cu cut-off. Overall the updated Inferred Mineral Resource represents an 47.4% increase in tonnes and a 27.5% increase in contained copper metal.
While its shares remain suspended, there was progress reported at Nigeria focused oil and gas play San Leon Energy (SLE). Further to the company's recent announcements, heads of terms have now been signed in respect of the proposed reorganisation to consolidate Midwestern Oil and Gas Company Limited's holdings in the company and Midwestern Leon Petroleum Limited into a single holding in the company. Following the potential transaction, San Leon will own 100% of the equity in MLPL. San Leon currently owns 40% of the equity in MLPL and Midwestern owns the remaining 60% of the equity in MLPL.
Gold exploration and development company Lexington Gold (LEX) with projects in North and South Carolina, USA, announced the assay results of its recently completed surface exploration sampling programme at the Carolina Belle Project. They show that Lexington is worth of being one of the new small cap names to watch in its space. Highlights here include a new gold anomaly identified over an initial surface area of approximately 350m x 250m. Individual surface rock assay samples returned up to 17 grammes per tonne ("g/t") gold, 10 samples assayed in excess of 1g/t Au out of a total of 37 samples and selected gold assay results over 1g/t include: 17g/t; 5.1g/t; 3.5g/t, 3.2g/t; 2.7g/t; and 2.2g/t. A total of 270 soil samples were also taken and assayed on a 50m x 100m grid spacing.
South East Asian energy company Coro Energy (CORO) appears to be on the front foot again saying it has signed binding Heads of Terms to acquire rights over a portfolio of 150MW rooftop solar projects in Vietnam from Vinh Phuc Electrical Mechanical Installation Co Ltd, trading as Vinh Phuc Energy JSC, starting with a 5MW pilot project. Coro views this as a low cost entry into the fast growing Vietnamese energy sector as an independent power producer. The company is set to acquire an 85% equity interest in a newly formed joint venture to be named Coro Renewables Vietnam in exchange for initial funding by Coro of $500,000 to immediately develop a 5MW pilot rooftop project through to 'Ready to Build' status.
Mobile content and data intelligence company Mobile Streams (MOS), announced that it has signed a major contract with Tappit Technologies for the use of its Streams data platform. The deal is worth up to £480,000 over 4 years, with a minimum £10,000 per month for at least 6 months. MOS said that this will increase its revenue to an estimated £35,000 per month, an increase of approximately 300% since December. It added that the partnership will enhance its ability to support its clients in leveraging their data to increase operational efficiency, security and revenues. Tappit provides proprietary contactless payment and fan experience ecosystems at sports and entertainment venues for clients in 20 countries.