On 25 January 2019, Terrain Minerals Limited (ASX: TMX) which is a gold exploration company from the metals and mining sector, announced the quarterly report for the December quarter FY2018.
For its Great Western Gold Project, the internal Pit Scheduling Study got completed during the quarter. Its scoping study activities are in progress. The Company’s drill program was designed and also received approval from WA Ministerial. The application for the program of works is pending for approval. The designing of the RC drill program is completed. The drilling will be at the newly identified target areas in the Great Western Tenements M37/54 and Wild-viper E37/1214.
At the Great Western Project, there was an excellent metallurgical recovery result as per the metallurgical recovery test work program. The RC drilling at the site, reports completely weathered mineralization where 96.6% of the gold was recovered. The partially weathered mineralization led to the recovery of 95.8% of gold. The unweathered mineralization led to the recovery of 96.4% of gold.
The geological field trip at the Red Mulga Project which is a base metal project got completed in November 2018. The field trip which focused on mapping rock chip analysis and soil sampling confirmed the strength of the postulated mineralization model. The next step of the company will be the drilling follow-ups.
The company reported operating cash outflow of A$0.155 million. Here, the primary source of cash outflow was through the payment for exploration & evaluation, staff costs and administration and corporate costs. There was no cash flow from financing and investing activities. The company had a net cash balance of A$0.661 million. The company also reported A$0.151 million cash outflows for the next quarter.
TMX closed the trading session flat at A$0.005 with a market capitalization of A$3.22 million. Although the stock has reported a negative return of 28.57% over the last six months, the stock has recovered by 25% this year.
On 25 November, Oakajee Corporation Limited (ASX: OKJ) had also released its December quarter results. The company has inked a binding conditional purchase agreement to acquire selected prospecting, exploration and mining licenses along with the minerals right across 112 square kilometers of ground within the Paynes Find Greenstone Belt in Western Australia.
The Paynes Find Project covers an area of approximately 112 square kilometers and comprises of an 80% interest in gold and non-lithium tenements at Paynes Find. The land holding underscores the second largest project area within the Paynes Find Greenstone Belt which has produced more than 72,000oz of gold. On the geological front, Paynes Find Projects covers a sequence of north-north-east striking greenstones which comprises a steeply dipping sequence of mafic, felsic volcanic, ultramafic volcanic and intruded by dolerites.
Oakajee has also filed two exploration license applications covering parts of the Birrindudu Basin for over 1,113 square kilometers. The company believes that these exploration areas within Birrindudu Basin, located in the Northern Territory, holds the potential to host magmatic nickel-copper-PGE sulphide mineralization.
However, the completion of both the acquisitions requires shareholder approval and satisfaction of ASX requirement for the reinstatement of Oakajee’s shares on the stock exchange.
Based on the past exploration the work, the Oakajee’s geological consultants has identified three advanced targets that include Paynes Find South, Matriarch Gold Workings, and North Structural Target.
The Matriarch Prospect comprises the area around the historical gold workings as well as the surrounding area. The company’s immediate focus for exploration has been reported to test the concept that the historical mineralization in the area could be an indicator of a bigger gold system with sheared mafic amphibolite.
The Payne’s Find South Prospect covers the southern continuation sheared granite greenstone contact on the western side of the greenstone belt, told Oakajee. The contact and the sheared greenstone sequences immediately adjacent to the contact reportedly host most of the gold mined from the Paynes Find Goldfield. Whereas, the Northern Structural Target is said to contain potential granite greenstone contact on the western side of the Paynes Find Greenstone Belt as well as the magnetic high possibly related to a sheared amphibolite or gabbro unit.
Oakajee stock is currently suspended on Australian Securities Exchange. The stock last traded at $0.080 on 8 September 2016. As per the recent report, Oakajee targets to relist by the second quarter of 2019.
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