StockMarketWire.com - Greatland Gold [LON:GGP] was the sector's biggest faller in late trading - down by over 16% - after it revealed it had started planning an additional drilling programme at the Ernest Giles gold project in Western Australia.

Greatland's geology team is preparing to lodge a programme of work application for a comprehensive drilling campaign at the Empress gold target which lies in the north-eastern portion of the Ernest Giles project.

Previous surface sampling at the Empress target identified a 3km x 1km gold in soil anomaly with a peak value of 338ppb Au.

The programme of work application for Empress will seek approval for a wide-spaced RC drilling campaign, including an estimated 5,000 metres of drilling (approximately 20 drill locations).

The key objectives of this campaign will be to seek to explain the highly elevated gold in soil anomaly at Empress and to test for the presence of gold mineralisation in the wider area.

Chief executive Gervaise Heddle said: "We are very pleased to announce that planning has commenced for an additional comprehensive drilling campaign at the Ernest Giles project in Western Australia.

"On the 12th January 2017 and 19th January 2017, Greatland reported results from a successful drilling campaign at the Meadows target that lies in the south-west of the Ernest Giles project.

"This new campaign will target a large unexplained gold in soil anomaly at the Empress target which is located in the north-east of the Ernest Giles project area (approximately 50 kilometres north-east of Meadows).

"The MMI gold in soil anomaly at Empress is higher grade and potentially more extensive than that encountered at the Meadows target (peak values of 338ppb Au at Empress and 68ppb Au at Meadows), and we hope that this campaign will help us to explain the unusually high gold in soil anomaly in this part of the Ernest Giles greenstone belt.

"Our view remains that the Ernest Giles project has the potential to host several major gold camps and we hope that this new drilling campaign will further demonstrate the potential of this vast and virtually unexplored greenstone belt."

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Thor Mining [LON:THR] has raised a total of £262,500 gross via a placing of 50m shares at 0.525p each with certain existing investors and new investors.

Net proceeds of the placing and subscription would enable Thor to accelerate the drilling program at its Pilot Mountain project in Nevada, including scheduling additional drilling if, as anticipated, the Company intersects mineralisation.

The placing and subscription would also provide the cxompany with additional working capital.

Under the placing and subscription, subscribers would also be granted one free attaching warrant for every two shares subscribed for.

Each warrant entitled the holder to subscribe for a further share at a price of 0.9p each, valid for a period of 18 months from the date of issue.

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Ariana Resources' [LON:AAU] phase two drilling at the Kiziltepe project in Turkey has confirmed the continuity of mineralisation beneath the cap rocks at Arzu Central.

Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction Co and will be 50% owned by Ariana once the mine is operational in the first quarter of this year.

Ariana said vein mineralisation was intercepted in every drill hole with robust infill drilling results from the south-western end of Arzu Central providing 7m @ 4.00 g/t Au + 27.51 g/t Ag, 12m @ 1.96 g/t Au + 34.45 g/t Ag and 11m @ 1.83 g/t + 45.07 g/t Ag.

And it said a newly identified vein system within Arzu Central provided results including 11m @ 0.95 g/t Au + 35.91 g/t Ag and 2m @ 1.64 g/t Au + 35.70 g/t Ag.

Other highlights:

- Arsenopyrite-rich style of mineralisation encountered c.70m from a previous bonanza-grade hole (12.1m @ 13.1 g/t Au+ 188 g/t Ag) provides an intercept of 11m @ 2.24 g/t Au + 11.06 g/t Ag.

- South-eastern extension of Arzu North provided results including 8m @ 1.14 g/t Au + 15.64 g/t Ag, 2m @ 1.01 g/t Au + 17.50 g/t Ag and 1m @ 1.86 g/t Au + 46.30 g/t Ag.

- Substantial scope to identify further mineralised veins in the Arzu Central area; system represents a structural splay which widens towards Arzu North and Derya.

Managing director Dr. Kerim Senersaid: "We are very excited to have confirmed the continuity of mineralisation beneath the cap rocks at Arzu Central.

"These initial results demonstrate for the first time that an extensive and still only partially tested vein system is developed over 650m of strike connecting Arzu South with Arzu North.

"Significantly the system appears to be more structurally complex than first thought and it appears to represent a structural splay which widens from Arzu South towards Arzu North and Derya.

"Future work will be directed towards the further expansion of the planned open pits at Arzu South, Arzu North and Derya in order to capture as much economic mineralisation as possible in this area.

"Alternatively, the Company may consider the development of a potential underground operation at Arzu Central in the event that further targeted drilling is successful in identifying higher-grade zones that could be accessed by underground development."

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Anglo American [LON:AAL] said the value of rough diamond sales for De Beers's first sales cycle of 2017 amounted to $720m compared with $545m a year ago.

De Beers Chief executive Bruce Cleaver said: "We saw good demand across the majority of our assortment during the first sales cycle of the year, as the industry entered the period when rough diamond demand is traditionally strongest.

"The longer period between the final Sight of 2016 and the first Sight of 2017 also contributed to heightened demand during the cycle.

"While the reopening of some diamond polishing operations in India saw something of an increase in demand for smaller, lower quality rough diamonds, we maintain a cautious outlook for these categories as the Indian industry continues to adjust to the post-demonetisation environment."

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The sector's biggest riser was Sunrise Resources [LON:SRES] - up by more than 14.2% in late trading.




At 4:17pm:

[LON:AAL] Anglo American PLC share price was +76.5p at 1385p

[LON:AAU] Ariana Resources PLC share price was +0.03p at 1.88p

[LON:BEM] Beowulf Mining PLC share price was -0.25p at 9.88p

[LON:BKY] Berkeley Energia Ltd share price was +4.5p at 64.5p

[LON:CEY] Centamin PLC share price was +4.15p at 155.15p

[LON:CZA] Coal of Africa Ltd share price was -0.01p at 3.15p

[LON:FDI] Firestone Diamonds PLC share price was +0.5p at 47p

[LON:FRES] Fresnillo PLC share price was +30p at 1480p

[LON:GEMD] Gem Diamonds Ltd share price was +0.5p at 119p

[LON:GGP] Greatland Gold PLC share price was -0.07p at 0.34p

[LON:HOC] Hochschild Mining PLC share price was -0.35p at 253.05p

[LON:KMR] Kenmare Resources PLC share price was -9.75p at 322.5p

[LON:SRES] Sunrise Resources PLC share price was +0.02p at 0.16p

[LON:THR] Thor Mining PLC share price was 0p at 0.63p

[LON:VED] Vedanta Resources PLC share price was +38.5p at 1053.5p



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