Quarterly Activities and Cashflow Report 31 December 2022
The December Quarter was another busy period for Resolution.
The Exploration Team, led by Exploration Manager Christine Lawley, was predominantly focussed on advancing our Northern Territory Battery Metals Projects. They completed a 3,124m RC drilling program targeting copper mineralisation at the Wollogorang Project. The program was funded by our partners OZ Minerals and assays are due in early February. We look forward to using that new information to refine our plans for the 2023 year.
Down the road at the nearby Benmara Project, the Team was able to secure all the required government permits and heritage clearances for a 2023 drill program. Importantly, this was the remaining precedent on the Farm-in and JV agreement with OZ Minerals and it triggers the commencement of the initial 2-year minimum commitment of $1m spend.
Looking beyond the Northern Territory we have continued to grow RML's exposure to the ‘New Energy and Battery Metals’ sector. This was headlined by our investment in Mid-West Lithium - a high-quality hard-rock lithium exploration opportunity in South Dakota. We understand that Mid-West intends to list on the ASX by way of IPO in the second half of 2023.
During the Quarter we also received the final gold assays from the 2022 drilling program at the 64North Gold Project in Alaska. The results included up to 6.7g/t Au and highlight the potential of the Tourmaline Ridge Prospect. Along with the pipeline of other high-quality targets that we have developed across the project, we are now in a very strong position with a range of exciting prospects. This summer we intend to complete structural mapping, geochemistry sampling and geophysics surveys to prioritise drill targets - before further drilling. Noting that the company is pursuing multiple strategic alternatives to advance the prospective 64North Gold Project to maximise shareholder value.
On the corporate front, the Company has also been very active. We welcomed a new USA based Executive Director of Corporate Development, Mark Holcombe. Mark’s appointment to drive Corporate Development by leveraging his extensive global network in the new energy and precious metals space aligns with RML’s commitment to these commodity types. We look forward to working with Mark and have already seen the value in the global networks and opportunities he brings to the company. We continue our executive search for a new CEO.
Stepping into the new role as Chairman, I’m excited by the future of RML and I look forward to sharing the next steps in our journey to discovery success with you.
Founder and Non-Executive Chairman
Resolution Minerals Ltd