Global Fortune Investment Limited (ASX: GFI) has recently published its Monthly Exploration Activities and Cashflow Reports from July 2018 to February 2019. It has also published Exploration Activities and Cashflow Report for the Quarter ended December 2018.
Exploration Activities and Cashflow Report for February 2019
During the month, the study of Eastern Goldfields Superterrane greenstones spatial correlation with mineral occurrences in Horse Rock Bore project area had been carried out. Besides, a review of historic drill hole data with E 31/ 0887 is in progress.
The Horse Rock Bore Project, consisting of Exploration Licences E 31/0859, E 31/0887, E 31/1147, E 31/1122 and E 31/1121(pending), is approximately 150km north-east of Kalgoorlie. GFI holds a 100% interest in all the tenements.
Pursuant to ASX Listing Rule 5.4.3, the company reported the market about the minerals’ tenements held at the end of the February 2019 and acquired or disposed of during the month and their locations. E 31/1121 was expected to be granted towards early 2019.
At the end of the month, the company recorded the net cash used in operating activities at A$364,000. The total cash of the company, at the bank, stood at A$76,000 as on 28 February 2019.
Exploration Activities and Cashflow Report for January 2019
In December 2018, an agreement to negotiate a Joint Venture Option Agreement was executed, setting out the preliminary terms for the proposed joint venture between GFI and Expose Resources Limited (EXX). The joint venture concerns an exploration expedition over the land covered by Licence E31/1122 in Western Australia.
The formal heads of agreement with Expose Resources Limited granting an option and earn-in rights to EXX over the Company’s Western Australian Exploration Licence E31/1122 are under negotiation.
At the end of the month, the company recorded the Net cash from operating activities at A$ 205,000. The Cash and cash equivalents at the end of month stood at A$ 440,000.
Exploration Activities and Cashflow Report for the Quarter of December 2018
During the quarter, GFI’s exploration activities focused on reviewing the historical exploration results across the Company’s Horse Rock Bore Project, West Australia. The review has involved open file surface geochemistry, drilling and geophysics data compilation across the tenement with a specific focus on the correlation between the project’s regional geological structure and mineralisation.
The net cash used in operating activities stood at A$ 19,000. The Cash and cash equivalents at the end of the period as on 31 December 2018 stood at A$ 280,000.
During November, there was compilation and correlation of the various reports and open file data within E 31/1122. GFI’s assessment has highlighted surface gold anomalies within E 31/1122. Historical drilling data indicates geological character and structural setting in association with gold mineralisation.
The Net cash used in operating activities stood at A$282,000. The Cash and cash equivalents at the end of the month stood at A$113,000.
On 13 June 2018, Pursuant to ASX Listing Rule 17.2, Global Fortune Investment requested a Suspension to be granted by the ASX, expecting to release an acquisition announcement. The stock of the company last traded at A$0.255 as on 1 June 2018.
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