Norwest Minerals Limited (ASX: NWM) is an ASX listed metals and mining company having a rich portfolio of gold and base metals in Western Australia. These projects are located amongst world-class mineral discoveries.
On 26th April 2019, the company announced its March 2019 quarterly activities report. It mentioned that the Field activities are in progress and would soon be commenced at several Norwest’s West Australian gold and base metals projects.
Marymia Project in WA - The Reverse Circulation (RC) drilling was included in the exploration fieldwork which drilled seven holes drilled into the Jenkins VMS target, and four holes into the North Dixon magnetic anomaly at Marymia. The aim of the RC drilling was to test these two high-priority targets.
Warriedar project - A follow up RC drilling at Warriedar drilled a total of 9 holes. The samples collected are currently in the process of analysis for gold and base metals, which is expected to be completed around the end of April 2019.
Arunta West - A diamond drilling is being planned to commence in early May 2019. The drilling will test the highly prospective North Dovers Iron-Oxide-Copper-Gold (IOCG) target, which is defined by a large 4km x 8km coincident magnetic-gravity anomaly.
Cashflow report - During the period of the quarter, the company did not pursue any financing activities, but investment during the quarter resulted in the outflow of A$32,000. The major cash outflow was seen from the operating activities which resulted in A$751,000 of cash outflow. The significant contribution was made by payments for exploration & evaluation which used A$632,000 of cash. At the end of the quarter, the company has net cash of A$4.28 million.
The estimated cash outflow for the next quarter is A$989,000, most of which (A$810,000) would be spent on exploration and evaluation activities.
The stock of the company last traded on 18 April 2019, at a price of A$0.180.
Duketon Mining Limited (ASX: DKM) is an ASX listed metals and mining company. The company holds a large portfolio of tenements for nickel and gold. On 26th April 2019, the company released its March 2019 quarterly activities report.
Golden Star Operations- During the quarter two RC holes were drilled, and both were testing the extremities of the mineralisation. The only significant intersection was 2m @ 1.3 g/t Au. The drilling at Golden Star is expected to recommence in the second quarter of 2019.
Matts Bore Program - The sssessments were returned for single metre re-splits from the Matts Bore aircore drill program, during the quarter. The drill program returned some significant intersections including 8m @ 1.6 g/t Au incl 1m @ 9.6 g/t Au & 2m @ 1.2 g/t Au.
Commonwealth and Lancefield North Prospects - No work was completed at Commonwealth and Lancefield North prospects during the quarter. Also, Commonwealth is one of the largest footprint anomalies in the company’s portfolio.
Cashflow report - During the quarter the company used net cash of A$421,000 for the operating activities, the largest constituent of this was the A$315,000 of payment towards exploration & evaluation activities. It received net cash of A$27,000 Proceeds from the disposal of property, plant and equipment under the investing activity. No cash has been used or received from the financing activities. At the end of the quarter, the company had net cash of A$2.64 million.
The estimated cash outflow for the next quarter is A$460,000, most of which (A$350,000) would be spent on exploration and evaluation activities.
The stock of the company last traded on 18 April 2019, at a price of A$0.105.
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