Quarterly Activities Report 31 March 2017
- Cash building in the company: $7.5m received in March quarter, all debt repaid and another $3 million received late April;
- Drilling season commenced: drilling at Glandore Project, WA, and at Weolyu Project, South Korea, commenced March-April;
- Mapping unearthing new targets: fieldwork in March has unearthed encouraging results at both Weolyu and Kochang.
Cannon Gold Mine
- Quarterly production of 17,898oz Au from the seventh and eighth processing campaigns with metallurgical recovery averaging 90.55%.
Exploration – Australia
- Several drill targets being identified at multiple projects.
- Excellent progress at the Glandore Gold Project with Aboriginal heritage surveys allowing exploration to proceed.
- Diamond drilling at Glandore commenced.
Exploration – South Korea
- Expert geological consultants completed second field programs:
- Weolyu new rock samples show very encouraging epithermal textures, assays pending;
- Kochang new rock samples on veins show >1km strike length extents on parallel veins, assays pending.
- Commencement of diamond core drilling at Weolyu South.
- Cash position at quarter end was $2.8 million with further $3.0 million received in late April taking current cash balance to around $5.5 million.
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