Fraser Range Metals Updates Quarterly Results To The Market

April 17, 2019 02:13 PM AEST | By Team Kalkine Media
 Fraser Range Metals Updates Quarterly Results To The Market

Fraser Range Metals Group Limited (ASX:FRN) released its Quarterly Activities Report for the 3-month period ending 31st March 2019.

In Western Australia, the company completed a ground electromagnetic (EM) survey at its wholly owned Fraser Range Project during the period. The electromagnetic survey was completed by GEM Geophysics (GEM). The survey was done in the nickel-copper target area that was located within the exploration lease E28/2385.

The moving-loop electromagnetic (MLEM) survey incorporated around 208 stations, 100m apart on east-west lines, with 200m loops. To depict changes in bulk electrical conductivity in the subsurface, the non-ground-disturbing method was designed, that is a useful tool to identify the location of possible semi-massive to massive nickel ± copper sulphide mineralisation.

The nickel target area lies alongside the known nickel-copper mineralisation in the Fraser Range Belt, which rests immediately north of Galileo Mining’s Nightmarch Ni-Cu prospect and, extends northeast from the Nova and Silver Knight (Creasy Group) Ni-Cu deposits.

The target area was identified from the interpretation and compilation of historical surface geochemistry data, including inconsistent nickel values in calcrete samples as high as 45ppm over an area more than 1km long and 1km wide. The inconsistent nickel values at surface coincided with the best nickel target area defined by interpretation and modelling of aeromagnetics and gravity data collected by SGC in April 2018.

On the business development front, the company evaluated new projects for possible acquisition which are to be acquired and maintained in association with the Company’s current Project. The company further looks for new projects and acquisition opportunities that would fulfil its purpose of creating shareholder value.

The company has  further plans for the next quarter ending 30th June 2019 that includes –

  • Completion of processing and interpretation of data from the ground-EM survey over the nickel prospect by SGC.
  • Plan to conduct Aboriginal Heritage survey and subsequent drilling programme to test the exploration potential of the target area further.
  • Assessment and evaluation of new projects for possible acquisition.

The company’s quarterly activities report also highlighted its capital structure as on the current date. It stated that 250,000,000 fully paid ordinary shares and 14,000,000 performance rights were among the securities on issue as on 16th April 2019.

During the period, no performance rights were issued, converted or redeemed. So, the milestone for performance rights was not achieved during the period.

FRN stock closed at flat AUD 0.015 (as at 16th April 2019). Today, 17 April, the stock is trading at AUD 0.014 (its 52-week low), down 6.7% (as at 1:35 PM AEST). The market capitalisation of the company is reported at AUD 3.75 million while 250 million shares are currently outstanding.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

AU_advertise

Advertise your brand on Kalkine Media

Sponsored Articles


Investing Ideas

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.