All that investors need to know about mineral explorer and developer Gullewa Limited

  • Jul 10, 2019 AEST
  • Team Kalkine
All that investors need to know about mineral explorer and developer Gullewa Limited

# Limited (ASX: GUL), based in Sydney, is engaged in the exploration and development of mineral deposits (base metals, mineral royalties) and gold throughout the # Region of Western Australia. In addition, the company also has investments in property.

Leadership # is led by a highly experienced and distinguished Board of Directors including:

  • Anthony Howland-Rose (Tony) as the Executive Chairman. Mr Howland-Rose holds forty-eight years’ experience in exploration, discovery, development and corporate activity worldwide in the junior exploration space.
  • David Deitz as the Chief Executive Officer. Mr Deitz is a financial accountant possessing over eighteen years’ experience in the mineral exploration industry.
  • Eddie Lee is currently serving as the company’s Director and has an extensive background in corporate management and is the Australian representative of several substantial Asian investment and corporate groups. Mr Lee has diverse experience in the fields of finance, civil engineering, corporate management and mining.

Activities - #’s diverse set of activities are explained as follows.

# has a 37% interest in Central Iron Ore Limited (CIO), a mineral exploration and development company based in West Perth and engaged primarily in the search and development of iron ore and gold deposits in Australia. Central Iron Ore’s key projects include:

  • Yilgarn Iron Ore Project – The project encompasses around ten tenements spanning approximately 652 km2 and situated within the Yilgarn Iron Ore Province (YIOP), which is known to be highly proliferous with its long history of large-scale iron ore production. Within the region, Cliffs Natural Resources’ Koolyanobbing operation is currently producing at a rate of around 8 Mtpa of Direct Shipping Ore. Besides, with the presence of services like rail and easy access to ports, Yilgarn Iron Ore Province is gradually turning into an attractive location for the exploration and production of iron ore.

Source: Company’s Website

  • South Darlot Gold Project – Located approximately 320 km North West of Kalgoorlie, the South Darlot Gold Project encompasses the British King gold mine (49%-owned and NI43-101 compliant), situated ~5 km west of Barrick’s Darlot Gold Mine. With a re-focus on its gold strategy, Central Iron Ore is actively working towards a greater tenement expansion (current tenement package 336 km2) in the South Darlot region which would further allow for regional and mine site exploration to commence.

Source: Company’s Website

  • Eureka Gold Project –Located ~ 50 km North of Kalgoorlie, the project encompasses the Eureka open pit gold mine (100%-owned and NI43-101 compliant) with a current tenement package of 563 hectares. Reportedly, the mine is currently under care and maintenance and the company is looking to expand its tenements owned in the region to allow for a greater scope of exploration.

Source: Company’s Website

Under the mineral royalties’ activities, # has 1 % royalty in

  • ATW Venture (Australia) Pty Ltd’s mining tenements which includes the Deflector Gold-Copper Project with a mineral resource of 770,000 Au Eq ozs, located in the # Project area with a global resource inventory of 872,000 Au Eq ozs.

The # Gold mine Project is situated around 450 km north of Perth and 300 km south-west of ATW Venture's Bumakura Gold Mine (wholly-owned) in the Yilgam goldfields of Western Australia. It covers mineral tenements spanning a total of 756 km2 including the Deflector Deposit, # Mining Centre, the Prince George Mine, the Michaelangelo and Monarch Prospects.

  • Doray Minerals Limited’s Deflector Gold Project.

Under the Minerals activities, # has some applications pending for mineral exploration, that are expected to be issued shortly and the company would update accordingly.

Under the Properties activities, # holds a 69% interest in a land subdivision at Aberglassyn through its fully-owned subsidiary Gullpro Pty Ltd. The Aberlyn Estate project is being developed in four stages – Stage I with 19 blocks, Stage II with 23 blocks, Stage III with 11 blocks and Stage IV with Residual. The work on Stage I commenced in early 2018 and the sales prices are expected to be between $ 190,000 to $ 240,000.

March 2019 Quarterly Update - According to the quarterly report for the three months to 31 March 2019, the company informed that it had received the monthly rental payments from BK Gold Mines Pty Limited for the British King Mine.

In line with expansion plans, # earned a 70% interest in the Barrick JV Tenements by spending in excess of AUD 700,000 on exploration. Subsequently, the Darlot mine and associated exploration areas were sold to Red 5 Limited (ASX: RED). Also, a drilling program of 1980 metres at a cost of approximately AUD 200,000 was undertaken at Endeavour and Lochar, where Red 5 is contributing around 30%.

During the concerned period, the company also bought 93,205,304 shares in Tyranna Resources Limited which now owns the Eureka project. In addition, # also purchased 2,700,000 shares in Kingwest Resources Limited (ASX: KWR).

On the Property activities front, Maitland Council had provided the final approval on the 19 lots and application to Land Registry Services for separate titles was expected to be lodged in May.

The Scheme of Arrangement merger between Doray and Silver Lake Resources (ASX: SLR) was approved In the Supreme Court of Western Australia while no variations have been introduced in the royalty agreement with Doray.

As of 31 March 2019, the company’s cash balance was around $ 1.4 million.

Stock performance - # has a market capitalisation of around AUD 4.6 million with approximately 155.12 million shares outstanding. The GUL stock last traded on 9 July 2019 at AUD 0.031. GUL has a 52-week high of AUD 0.036 recorded on 27 May 2019.

In addition, GUL has generated a positive return of 24% on a one-year basis.

Recently in May 2019, Company’s Director Anthony William Howland-Rose acquired additional interest (Direct and Indirect) in the company upon purchase of 704,739 Ordinary Shares at a value consideration of around $ 22,586. Mr Howland-Rose now holds a total of 20, 156, 679 ordinary shares representing a voting power of 13% in #.


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