Exploration company, Golden Deeps Limited (ASX: GED) is focused on exploration and development of its prospects in Namibia. The company holds more than 40km of the Abenab mineralised trend that includes the Abenab West Mine, Okarundu Pipe Vanadium Mine and the Nosib Mine. In the recent past, the company has made significant progress on the exploration and development of its Namibian tenements with particular emphasis on the Abenab vanadium project.
The company holds an 80% interest in the highly prospective Abenab Vanadium Project which is located in the Otavi Mountain Land (OML), a globally significant base metal province in North east Namibia.
The company’s corporate objective is to accelerate the development of the Abenab Vanadium Project and it is planning to develop an efficient low capital & operating cost, mineral processing plant for the production of a high grade 18-21% V2O5 concentrate.
The company recently commenced drilling at Abenab Vanadium Project and it is planning to drill up to 22 holes for 2,900m at the Abenab Mine. The current drilling program is designed to increase the Company’s current resource and to in-fill previous drilling at the Project. Once it is completed, the company will drill additional exploration targets identified near the Abenab mine, at the Nosib Mine and other locations along the 40km Abenab mineralised trend.
On 31 January 2019, the company announced a significant Mineral Resource upgrade at the Abenab Vanadium project following a detailed geological review and target generation study at the project.
Recently the company entered into a Joint Venture Agreement (JVA) with Hong Kong based metals trading company, Generous Metals Company Limited (GMC) to crush, concentrate, refine and sell vanadium product from Abenab Vanadium Project. This Joint Venture Agreement is representing very significant milestone in the development pathway at the Abenab Project.
Under the terms of the Joint Venture Agreement, Golden Deeps’ subsidiary, Huab Energy Pty Ltd (Huab), will provide the existing stockpile and tailings from its Abenab Project to the Joint Venture and from there the Joint Venture will crush, concentrate, refine and sell the end product. This Joint Venture Agreement is the first step in the Company’s stated strategy to develop a plant at Abenab to treat ore mined from underground.
The Company also holds two claim blocks located in the historical Cobalt Mining Camp in Ontario.
As at 31 December 2019, the company had total current assets of $914,738 and total current liabilities of $171,286. At the end of December 2018, the company had Cash and cash equivalents of $912,901.
At the time of writing, i.e., on 15 April 2019, the stock of the company was trading at a price of A$0.035 with the market capitalisation of ~A$6.34 million. In last five years, the company’s stock price has increased by 208.33% and in the past six months, the stock price has increased by 12.12% as on 12 April 2019. It had a 52-week high price of A$0.075 and touched 52 weeks low of A$0.025, with an average volume of ~ 231,936.
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