In the month of September, the Mount Burgess Mining NL (ASX: MTB) submitted an application to the Department of Mines, Botswana, for the renewal of prospecting License PL 43/2016 for a further two years to 31 December 2020. On 27 November 2018, Mount Burgess Mining NL (ASX: MTB) made an announcement on ASX, stating that on 26 November 2018, the Company received written confirmation from the Department of Mines, Botswana that the renewed Prospecting Licence 43/2016 documentation was ready for collection. Under the Mines and Minerals Act of Botswana Prospecting Licenses are issued for an initial three-year period with the right to apply for two further two-year renewals.
On 27 November 2018, the company also announced that Preliminary results from mineralogical test which was conducted by an independent laboratory in Australia has confirmed that the Vanadium is hosted in the vanadate mineral DESCLOIZITE.
During the September quarter, the company continued with its in-depth review of historical and recent Vanadium assay results relative to its Zn/Pb/Ag/Ge/V Kihabe Project in Botswana. As per the investigation and geological modeling on the Vanadium mineralization at the Nxuu Deposit, an area estimated to be in the region of 270 m x 100 metres contains Vanadium mineralization, averaging a grade of 1,005ppm. As per the quarterly report, it is now becoming evident that significant Vanadium grades are being intersected at shallow depths outside of the currently known zones of significant Zn/Pb/Ag mineralization. The company is planning to conduct the planned drilling program at the Nxuu Deposit to facilitate estimation of an INDICATED resource compliant with the 2012 JORC Code.
On 5 October 2018, the company announced that it is planning to raise funds amounting to $34,500 by way of a placement of 6,900,000 shares at an issue price 0.5 of a cent each to professional and sophisticated investors.
For the year-end 30 June 2018, the company reported revenue of $20,129 which was only $146 in FY2017. The company incurred administrative expenses of $376,159 in FY 2018. The total comprehensive loss for FY 2018 was $438,117. The basic loss per share of the company in FY 2018 was 0.12 cents per share. As at 30 June 2018, the company was having current assets of $42,773 and total current liabilities of $3,330,577. At the end of FY 2018, the company was having net cash outflow from operating activities of $287,943 and cash and cash equivalent of $26,134.
In the last six months, the share price of the company decreased by 44.44 percent as on 26 November 2018. MTB’s shares traded at $0.005 with a market capitalization of circa $2.15 million as on 27 November 2018 (AEST 4:00 PM).
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