Australian exploration company, Pacifico Minerals Limited (ASX: PMY), in its three-months update till June 2020, demonstrated robust advancements at its Sorby Hills Joint Venture Project.
During the quarter, PMY updated Mineral Resource Estimate (MRE) for Sorby Hills, leading to a substantial increase in the resource base.
On the Optimised PFS, PMY noted a significant increase in process plant throughput along with metallurgical testwork confirming improved Pb recovery estimates
The company acquired Eight Mile Creek land package adding 30km of strike length of prospective exploration ground adjacent to Sorby Hills. Meanwhile, BurnVoir was appointed to secure development funding for the Sorby Hills.
June 2020 MRE would underpin Pit Optimisations at Optimised PFS, which is on track and slated for completion in late July 2020. Notably, the company reported the consolidated cash balance of $3 million at quarter-end.
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Find out the drivers for the rise in cannabis stock rates Even though the cannabis sector is in its growing phase, Australian cannabis stocks have already started to rise actively due to a hastily increasing patient base, and a legislative landscape that is gradually beginning to liberalise.
Outreach and future of cannabis stocks As countries liberalise regulation for medical and recreational use of cannabis, it is predicted that the industry would grow sharply in upcoming years The global cannabis market stands currently at around $8 billion and it is expected that the hemp derived CBD market to hit approximately $22 billion by 2022.
Key Players in the sector Althea Group Holdings Limited (ASX: AGH) and Cann Group Limited (ASX: CAN) are amongst the top players. Other Australia cannabis market players are- MGC Pharmaceuticals Ltd (ASX: MXC), Elixinol Global Limited (ASX: EXL), THC Global Group Limited (ASX: THC), AusCann Group Holdings Limited (ASX: AC8)