Quarterly Activities Report Ended 30 June 2022
• Southern Gold Exploration Manager Robert Smillie appointed Managing Director and CEO, based in South Korea
• Project Generation fieldwork results in 29 new licence applications, increasing exploration licences under application to 138 covering an area of 382km2
• Generative exploration continued in the Haenam Basin, where first-pass exploration is almost complete and generative work commenced on the Jinan Basin
• Southern Gold collected 850 rock chip samples for analysis, with results being collated and reviewed ahead of an update to the market on generative work to date in August 2022
• Mapping work on Geoje Island applications provided new insight into the geology and mineral potential of the area
• Consultant and epithermal expert Jeff Hedenquist visited South Korea for training and project review and offered key insights that will assist in project evaluation
• Southern Gold received £0.25M cash (A$0.44M) for the sale of 50 million Bluebird Merchant Ventures (LSE: BMV) Shares, with the remaining £0.25M due by 13 September 2022
• Southern Gold’s remaining 150 million BMV Shares have a mark-to-market valuation of £3.1M (approximately A$5.3M)
• Total cash of A$4.6M at 30 June 2022.
To read the full report, please download the attached pdf.