Quarterly Activities Report - September 2017

31 October 2017

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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