Exore Resources Confirms Gold Discovery at Liberty


On December 18, 2018, gold explorer Exore Resources Ltd (ASX:ERX), formerly Novo Litio Limited , announced the results from its shallow aircore drilling program at the Liberty 2 Prospect within the northern Cote d’Ivoire Gold Projects. The shallow intersections from the liberty 2 Prospect aircore program includes: 18m @2.15g/t gold from 36m (incl. 8m @ 4.2g/t gold from 36m), 12m @ 3.30g/t gold from 4m, 4m @ 4.45g/t gold from 44m.

The previous shallow intersections from the liberty 2 Prospect aircore program includes: 12m @ 2.04g/t gold from 0m, 8m @ 2.20g/t gold from 16m, 4m @ 2.90g/t gold from 8m.

As stated by Exore’s Managing Director Mr. Justin Tremain, the aircore results have exceeded the expectation with better grades and widths than previous aircore drilling. Shallow, continuous gold has now been defined on all sections over 1.6Km in strike length and it will remain open in all directions. With RC drilling underway at the Antoinette Central Prospect which is designed to define a maiden resource estimate, these aircore results provided an immediate resource growth target, additionally major discovery potential currently being tested with aircore drilling at the Veronique Prospect.

The company is looking forward to reporting more significant drilling results over the coming weeks and months.

The company has completed approximately 7500m of aircore drilling from 157 holes across eight new traverses at the Liberty 2 Prospect. The aircore drilling was tested for extensions to a 1-kilometer strike of gold mineralization at or near surface defined by previous aircore drilling. The results indicate consistent, shallow gold anomalism extending over 1.6km of the strike which is a 60% increase on the previously defined mineralized strike.

After the exceptional aircore results in this latest drilling, the first RC drilling at the Liberty 2 Prospect is planned for early 2019.

Current Exploration and Drilling Activities: The company is currently operating two rigs on site. A multi-purpose RC/DD rig is currently being drilled at the Antoinette Central Prospect. Very soon they are moving to a double shift basis to accelerate the program. An aircore rig is currently undertaking first drilling across the large, high tenor Veronique gold-in-soil anomaly. Drilling is being conducted on 400m line spacing on a ‘top to toe’ basis. Antoinette and Veronique drilling results are expected in early 2019 onwards.

Financial Performance: The company generated a total loss of $530,007 in 2018, representing a downside of 87% over the $3,991,317 recorded in the corresponding period in 2017. Currently, the company has not reached a stage in its development where it is generating an operating profit. The company ended the year with $1.36 million in cash and cash equivalents.

NTA has decreased by 2.7% to $15,876,064 in FY18 over the $16,315,270 in the corresponding period in 2017.

Stock performance: In the last six months, the share price of the company has shown a positive return of 26 percent as on 17 December 2018 and 20.83 percent up over the past one month. Exore Resources Limited shares are trading at $0.059 (as at December 18, 2018, 3:36 PM AEST) with a market capitalization of $21.62 million.


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