AIM movers: Positive drilling at Cottesloe for Wishbone Gold and Horizonte Minerals subsidiary files for creditor protection

Wishbone Gold (LON: WSBN) says drilling at the 100%-owned Cottesloe project in Western Australia indicates a large sediment hosted base metal mineralised system. These base metals can be used in lithium-ion batteries. There are highly anomalous lead-zinc and silver levels. The drilling has been in the south of the prospect area and drilling will switch to the northern area. The share price improved 16.3% to 1.25p.

Sheffield Resources has paid £1.25m at 3.623p/share for 10% of Capital Metals (LON: CMET), which owns 50% of the Thunderbird mineral sands mine in Western Australia, with an option to invest more at 4.891p/share. The share price rose 10.8% to 3.6p. Sheffield Resources has been granted co-exclusivity with LB Group for 60 days to provide funds for the development of Capital Metals’ Eastern Minerals project in Sri Lanka. Sheffield Resources has conditionally been granted the right to acquire up to 50% of the project.

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Ondine Biomedical (LON: OBI) is making faster progress than expected. The Steriwave sterilisation technology is deploying in a further eight healthcare facilities. Ottawa hospital is expanding the use of Steriwave to combat hospital acquired infections in spine surgery patients. A study estimated a net saving of C$2,600 per surgery and infection rate dropped by two-thirds. Discussions continue with potential distributors. The share price increased 5.41% to 9.75p.

European Metals Holdings (LON: EMH), which is developing the Cinovec lithium project, reported a reduced loss of $1.13m in 2023. The exploration licences were extended until the end of 2026. There was cash of $5.67m at year-end. The share price is 3.7% higher at 14p.


Yesterday evening, Horizonte Minerals (LON: HZM) revealed that the subsidiary that holds the Araguaia project has been granted an injunction which provides 60 days to work on restructuring and negotiate indebtedness. This provides additional time to deal with creditors. Horizonte Minerals continues to try to negotiate a financing. The share price declined a further 17.2% to 3p.

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Cornish Metals (LON: CUSN) chief executive Richard Williams is stepping down, but he will provide consultancy while it is required. Non-exec Ken Armstrong will become interim chief executive. A search for a new chief executive will commence. Work at the South Crofty tine mine is accelerated. Dewatering is underway and a preliminary economic assessment is due to be published later this year. The share price fell 13% to 9.75p.

Alien Metals (LON: UFO) has secured a short-term funding facility of up to A$2m from 7.2% shareholder Bennelong Resource Capital. This will enable a review of longer-term funding options. Non-core assets could be sold to focus on the Hancock iron ore and Pinderi Hills PGM, silver and base metals projects. Strand Hanson has been appointed as nominated adviser. The share price slipped 16.4% to 9.75p.

Trading in uranium explorer Aura Energy (LON: AURA) shares has been halted on the ASX pending the announcement of a share placing. Trading should recommence on the ASX on 19 March, but it continues on AIM. New high-grade mineralisation has been defined at Hippolyte South in the Tiris project in Mauritania. The share price dipped 6.4% to 11p.

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