Quarterly Activities Report
- Cash flow continues: $2.1m received in September quarter, taking the total received to date of $13.6 million from the Cannon open pit in Kalgoorlie, WA;
- Maiden dividend paid: A special unfranked dividend of 3c per share cash, or equivalent in shares, was paid to shareholders registered on 4 July 2017;
- Cannon Underground Resource confirmed as high grade: total Indicated and Inferred JORC Resource of 142kt @ 5.2g/t for 23.6koz Au;
- High grade mineralisation confirmed at Weolyu, South Korea: drilling intercepts and recent underground access has confirmed multiple epithermal quartz veins in situ.
- Maiden special unfranked dividend of 3c per share cash or equivalent in shares under the Dividend Reinvestment Plan (DRP) was paid during the quarter.
- Cash payments of $2.1m as share of profit from the Cannon open pit was received during the quarter. Cash position at quarter end was $4.8 million.
Cannon Gold Mine
- RC drilling of the underground resource target returned multiple very wide and high grade gold intercepts.
- Total Indicated and Inferred Resource defined in accordance with the JORC code of 142kt @ 5.2g/t for 23.6koz Au.
Exploration – Australia
- Drilling well underway at Glandore Project with Lake Consols and Lankin complete, Doughnut Jimmy and Lavaeolus current.Assays expected shorty.
Development – South Korea: Bluebird Merchant Ventures (BMV)
- Underground access at the Gubong Gold Project has now been achieved and underground assessment works have commenced by BMV.
Exploration – South Korea
- High grade gold grades have now been intersected in drilling with highest grade result of 0.3m @ 21.1g/t Au and 49.1g/t Ag from 231.4m in WUDD006
- Anomalous pXRF results on veining between 152.9m and 156.5m (3.6m) in WUD007 with assays pending.
- Underground access at Weolyu has been secured with installation of ladders. Multiple epithermal quartz veins confirmed in situ. (see photo left & page 11)
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