Quarterly Activities and Cashflow Report - 31 December 2021
Benmara Drilling Program, Northern Territory
"It has been another busy quarter with our exploration team drill testing and trenching multiple targets in the Northern Territory and Alaska. In parallel we have been working with the Oz Minerals team planning a significant drilling program this coming dry season on the Wollogorang Project in the NT.
We have now completed the 2nd year earn-in requirements and secured a 42% interest in the 64North Project, in the heavily mineralised Tintina Gold Province in Alaska. Exploration planning is underway and will be announced following receipt of assays results from Tourmaline Ridge.
It is very pleasing to see serious interest from multiple parties on the back of the results derived from our successful proof of concept drilling program at the Benmara Project in the NT.
2022 is shaping up for a busy year with significant news flow, across three projects to add shareholder value through discovery success."
- Managing Director, Duncan Chessell
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SUMMARY:
Alaska
64North Project
- Trenching program completed at the Tourmaline Ridge Prospect – assays pending
- 42% interest earned in the 64North Project
Northern Territory
Wollogorang Project
- OZ Minerals completes Farm-in due diligence and commits to a significant drilling program in 2022
Benmara Project
- Drilling completed: 15 RC drill holes totalling of 2,892m
- Benmara proof of concept drilling successful, with results demonstrating:
- 3km long, 1km wide up to 194m thick packages of prospective shale unit identified
- Analogous rock units and geological setting to the world-class McArthur River Mine
Corporate
- 42% interest earned in the 64North Project
- 100% acquisition of EL32228 tenement, Benmara Project
- A successful SPP was completed raising $1.7 million
- Accuity ATM Facility utilised raising $0.3 million
- Cash at bank on 31 December 2021 of $2.7 million
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