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On 21 January 2019, Anglo Australian Resources NL (ASX:AAR) announced its quarterly release for the period ended 31 December 2018. In its Feysville project, during the period there was a diamond drilling campaign at Think Big, resulted in a significant increase in the geological understanding. The drilling also provided samples for the metallurgical test work.
Based on the sample, the results at Think Big stated the existence of high-grade gold. Drilling of 28 meters from its earlier exploration of 35 meters led to the discovery of 2.43 g/t of gold. There was another drilling of 20 meters from a previous exploration of 28 meters which led to the discovery of 2.12 g/t of gold.Â
The companyâs inaugural resource at Think Big will commence in March 2019 quarter. The company during the period has applied for mining lease which includes Think Big, Saintly, Rogan Josh and other named prospects. The process of a pre-feasibility study at the Think Big prospect is under progress. The purpose of this pre-feasibility test is to identify the economics of mining.
At Saintly, the reverse circulation drilling resulted in the extended strike length of mineralization by 80 meters to 160 meters. There will be further drilling at that prospect to identify the extent of deposit. There was significant drilling at Hyperno Prospect which remains untested earlier. Now, the drilling comes across significant new intersections.
At its Mandilla project, there was an aircore/ reverse circulation drilling campaign in September 2018, where supergene gold got discovered at the South target. The drilling at the Mandilla South target exceeds the strike length by 2500 meters which were 250 meters wide.
At the Carnilya Hill, The company holds rights to establish tenements to the immediate south of newly identified gold prospect. There were gold nuggets identified at the prospect.
The official listing of AAR on ASX is 13 November 1986 where the overall performance of the company was -70.87%. In 5 years, the performance of AAR was 123.33%. However, again in last one year, the performance of AAR was -26.37%.
For the December quarter which ended on 31 December 2019, there was a total cash outflow of A$0.338 million from the operating activities of the company. The company during this period used approximately A$0.281 million in its exploration and evaluation and A$0.058 million in the form of administration and the corporate cost.
By the end of the December quarter 2018, the net cash and cash equivalent with the company was A$0.272 million.
Although the results of the December quarter for AAR was quite impressive, however as a result of uncertainty in the market the share price of AAR decreased by 2.985%. At present, the share price of AAR is A$0.065 which is 0.002 points below its previous trading dayâs closing price with the stock holding a market capitalization of A$21.32 million.
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