Axiom Mining Limited:
Axiom Mining Limited (ASX: AVQ), an advanced mineral exploration company from the metals and mining industries announced its quarterly activities report for the period ended on 31 December 2018.
Ryan Mount, who is the CEO of Axiom Mining Limited stated that the December quarter had given a mixed outcome. On one side, the company was progressing towards the mining development of the project at San Jorge, but on the other hand, the company received notice from the Solomon Islands Ministry of Mines, Energy, and Rural Electrification (MMERE) that the application for a prospecting license on the Kolosori tenement remains unsuccessful. The company received this decision about the Kolosori in late December 2018. As a result, AVQ took steps to resolve this unfortunate decision. However, the company has re-applied for the prospecting license and requested MMERE for reviewing the decision.
The ongoing infill/grade control drill program for the past six months has come to an end now. During the quarter, the company was involved in the commission of the drill rigs, drilled holes, mobilized fleet, took delivery of their barges and heavy machinery. They also established a fuel depot, received construction material and also created an operational office block on site. During this period, the company also constructed a road from the mine site to the jetty at the harbor foreshore.
The CEO also announced that they would soon be announcing the new off-take agreement followed by its financing arrangement. In October, the company received funding from the sophisticated and professional investors for the development purpose.
Also, in September 2018, Mr. Markoff joined the board as the director.
AVQ closed the day’s session flat at A$0.056 with the market capitalization of A$26.2 million. The stock has generated a negative return of 62.27% over last one year.
Lithium Power International Limited:
Lithium Power International Limited (ASX: LPI), another Lithium mining and exploration company from the metals and mining industries where the CEO Cristobal Garcia-Huidobro and Richard Crookes, Executive Director of Finance provided an update on recently released recently released Definitive Feasibility Study for its Maricunga Lithium Brine Project.
The Engineering Consultants WorleyParsons reported completion of DFS for Maricunga Lithium Brine Project during the Q2 FY19. The results of the DFS got published on 22 January 2019. Based on the DFS, the study forecast that the total capital expenditure of US$563 million. It includes direct development costs worth US$456 million which comprises 20% VAT. There will be other indirect cost involved worth US$45 million and US$63 million in the form of contingency cost. The estimate of the Project operating costs is around US$3,772 per tonne of Lithium Carbonate.
The DFS predicts, the project to be robust. The Maricunga project’s EIA which successfully cleared the initial 45-day assessment period and is under the assessment of government of Chile which will get completed in 2019.
The company also finalized the water supply for the project. The water supply will be through a vital groundwater source from the Maricunga Salar basin. The company is working continuously to get the remaining licenses, agreements as well as operational relationships finalized with the Chilean Government as well as other corporate bodies.
The widespread soil investigation over the Tabba Tabba tenement, WA resulted in 4.3 km long area discovery of eminent lithium and tantalum. A large conductive target was defined through the electromagnetic survey at the Centenario project in Argentina.
LPI closed the day’s session flat at A$0.240 with the market capitalization of A$63 million. The stock has generated a negative return of 49.47% over last one year.
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