Calidus Resources Limited (ASX: CAI)
Gold Explorer Calidus Resources Limited has provided the activities report and consolidated cash flow statement for the quarter ended 31 December 2018.
During the quarter, Calidus Resources has announced a strategic placement to ASX-listed Alkane Resources Limited of 125 million shares at 2.95c per share raising $3,687,500. The company has executed a definitive agreement with Pacton Gold Inc concerning the disposal of non-core conglomerate gold rights over certain tenements at Warrawoona in consideration for 7,000,000 shares in Pacton.
Calidus’ high-grade drilling results from St George Shear and Klondyke East prospects have reportedly confirmed the resource extensions at its Warrawoona Gold Project in Western Australia. Whereas from the initial high-grade drilling results from underneath the current Klondyke Mineral Resource, Calidus confirmed the high-grade depth extensions to the currently defined gold resource.
The company has used $3,600,000 in its operating activities and $2,000 in investing activities undertaken during the December quarter. But the company has reported net cash from financing activities to $3,670,000, reflecting the proceeds from the issue of shares. As at 31 December 2018, Calidus cash and cash equivalent stood at $3,895,000, up from $3,827,000 lying at the beginning of the quarter.
On the release of December quarter report, Calidus’ shares plunged by 3.846% or $0.001 to last trade at $0.025 on 24 January 2019. Moreover, the stock has witnessed a negative performance change of 33.33% over the past 12 months.
Six Sigma Metals Limited (ASX: SI6)
During the quarter, Six Sigma metals received the final assay results from its Due Diligence program to acquire up to 80% interest in the Chuatsa Vanadium-Titanium and Shamva Lithium Projects in Zimbabwe and decided not to proceed to execute the option agreement with Mirrorplex Pty Ltd.
The Department of Mines in Botswana has granted an outstanding Prospecting License application to Six Sigma Metals. It has been granted for an initial period of three years which covers the same area of a license previously held by the company in and around their current tenure in the Limpopo Mobile Zone. This license is prospective for base-metals and gold mineralization and contains at least three historical prospects all showing potential to host nickel sulphide and base metal mineralization.
Going forward, the company intends to undertake the review of all the existing data from the license and design an exploration program to test priority targets during the 2019 field season.
As at 31 December 2018, the company had reported cash and cash equivalents of $1,161,000 compared to the balance of $1,474,000 as at the beginning of the quarter. Six Sigma had used $313,000 cash in operating activities during the quarter.
SI6 shares traded flat on 24 January 2019. The stock price last traded at $0.005. Over the past 12 months, the stock has fallen by 68.75%.
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