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Volume 12.3K
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nunaminerals a/s (NUNA) Details

NunaMinerals A/S operates as a minerals exploration company in Greenland. It primarily holds interest in the Vagar gold project situated in the Nanortalik gold province located in the southwestern part of Greenland. The company also explores for rare earth elements, such as niobium, tantalum, and zirconium; and nickel, copper, platinum group elements, tungsten, antimony, titanium, vanadium, and diamonds. As of December 31, 2013, it had exploration licenses covering an area of approximately 6,900 square kilometers. The company was founded in 1998 and is based in Nuuk, Greenland.

14 Employees
Last Reported Date: 04/1/14
Founded in 1998

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nunaminerals a/s (NUNA) Key Developments

NunaMinerals A/S and Korea Resources Corporation Complete Drilling on the Qeqertaasaq Project, West Greenland

NunaMinerals A/S provided an update on its exploration activities at the Qeqertaasaq rare earth element and niobium project located 135 kilometres northeast of the Greenlandic capital, Nuuk, near the town of Maniitsoq in West Greenland. During the 2014 field season, NunaMinerals and joint exploration partner, Korea Resources Corporation completed a resource drilling program at Qeqertaasaq comprising of 13 diamond drill holes, totaling 2,007 metres. Two holes tested new targets selected from airborne and ground based radiometrics coincident with geochemical anomalies from recent soil sampling, namely ‘QU2’ and ‘The Promontory’. Two holes within the carbonatite core tested the ‘Magnetite Hill’ target where previous surface sampling by NunaMinerals of phoscorite outcrops yielded up to 11.8 % Nb2O5 (niobium), 35.7 % P2O5 (phosphorous) and 1.9 % ZrO2 (zirconium). Rare earth mineralisation was intersected in all 2014 holes, demonstrating strike continuity for the mineralisation in excess of 750 metres; nearly doubling that of the 2011 drill program. 2014 holes expanded the mineralisation to both the northeast and southwest, and the mineralisation remains open in both directions. Down dip continuity in excess of 200 metres was confirmed by the 2011 program. Phoscorites with visible pyrochlore (niobium bearing mineral) were intersected in both holes testing the Magnetite Hill target. Sufficient infill holes have now been drilled within the carbonatitic core at Qeqertaasaq to allow for an initial resource estimate.

Northcore Resources Inc. and NunaMinerals A/S Announce Lapse of Memorandum of Understanding for the Ymer 0 Tungsten Project

Northcore Resources Inc. announced that the Memorandum of Understanding (MoU) signed with NunaMinerals A/S has lapsed. The two companies are in discussion regarding a possible extension to the MOU but no agreement has been reached on whether there will be an extension and what its nature will be. This MOU was announced on May 16, 2014, and was for the joint development of Nuna Minerals' Ymer 0 tungsten-antimony-gold project in Central East Greenland. The lapsing of the MOU is mainly due to the difficult market conditions being experienced by junior mining companies during the last 2-3 years.

NunaMinerals A/S Reports Unaudited Earnings Results for the Second Quarter and Half Year Ended June 30, 2014; Provides EBITDA Guidance for the Year 2014

NunaMinerals A/S reported unaudited earnings results for the second quarter and half year ended June 30, 2014. For the quarter, operating loss was DKK 971,000 against DKK 2,795,000 a year ago. Loss before tax was DKK 1,543,000 against DKK 2,969,000 a year ago. Loss for the period was DKK 1,543,000 or DKK 0.66 per share diluted against DKK 2,969,000 or DKK 0.11 per share diluted a year ago. LBITDA was DKK 778,000 against DKK 2,505,000 a year ago. Negative return on equity was 2% against 2% a year ago. Acquisition of intangible assets was DKK 3,009,000 against DKK 7,301,000 a year ago. For the half year, operating loss was DKK 2,319,000 against DKK 4,024,000 a year ago. Loss before tax was DKK 3,249,000 against DKK 4,364,000 a year ago. Loss for the period was DKK 3,249,000 or DKK 0.12 per share diluted against DKK 4,364,000 or DKK 0.16 per share diluted a year ago. Cash flows from operating activities were DKK 1,055,000 against cash flow used in operating activities of DKK 4,063,000 a year ago. Exploration and evaluation was DKK 3,072,000 against DKK 8,569,000 a year ago. LBITDA was DKK 1,895,000 against DKK 3,440,000 a year ago. Negative return on equity was 4% against 3% a year ago. Acquisition of intangible assets was DKK 3,072,000 against DKK 9,990,000 a year ago. For the year 2014, the company expects a negative EBITDA of DKK 5 million to DKK 10 million.


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