Quarterly Activities Report - 30 September 2019
South KoreaLand access secured and regulatory approvals received at Deokon with diamond drilling to commence at the ‘Bonanza Zone’ in the December quarter, targeting beneath the outcrop which returned a peak of 32.4g/t gold and 1,095g/t silver in outcrop and 78.6g/t gold and 13,000g/t silver in float.866.33m of Diamond drilling completed at Beopseongpo, with 653.53m at‘Lotus North’, followed by a further 212.8m at ‘Hand of Faith’. The latter was the most promising Prospect with observations from drill core showing that the target was clearly intersected, displaying abundant epithermal veining with individual, predominantly veined, zones up to 7m in true width with high-level epithermal textures, within broader zones of up to 50 metres true width. Fina lassays are expected during November at which point the program will be summarised in more detail.Assays returned from surface mapping and outcrop rock chip and float sampling at the Neungju and Dokcheon Projects, with peak result returning 31.8g/t gold and 6.6g/t silver at Neungju.“Permit to Develop” submission for the Gubong project, operated by JV company BMV, was approved by MOTIE, the first foreign approved mine since Indochina Goldfield’s Eunsan Gold deposit in the late 1990’s. The Kochang Project is still under assessment.
CorporateA$0.44 million was raised through 4 major shareholders with identical terms asthe 1 for 3 Rights Issue offer with a placement at A$0.11 per share and an attached 1-for-2 call option exercisable at 18c until 31 December 2021.Binding Sales and Purchase Agreement executed with Aurenne Group HoldingPty Ltd for A$2.5million before costs. All Australian Exploration assets including the Cannon Gold Mine were included in the sale.
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Quarterly Activities report - 30 SEP 2019