Aurelia Metals Limited (ASX: AMI) today announced the new discovery at company’s Dominion prospect along with releasing quarterly report for the three months ended 30 September 2018.
In the recommencement of exploration activities around company’s gold, lead and zinc mine, ‘Hira’, the miner discovered the highly prospective polymetallic mineral system at the Dominion prospect. Dominion is just 11 km south-southwest of the Hera Mine located within the exploration lease area held by the company 100%.
The discovery outlined the significant mineral system consisting of copper-lead-zinc-gold and silver which is analogous to other major systems in the region.
The company drilled total of fifteen reverse circulation (RC) holes for 1,779 metres which were completed at the Dominion prospect in late September 2018. The final assay results from all the fifteen holes returned the interception of copper, lead-zinc, silver and gold. It was informed that the average assay grades received from all samples included 57.3g/t Gold, 2.1% Lead, 0.7% Zinc, 0.8% Copper and 8.4g/t Silver, along with the presence of strong anomalous antimony, bismuth and arsenic.
Following the discovery, the company immediately started the review of the potential of the area to examine mineralization style and strength at Dominion and Hera after taking due approval of new work program from the Board of Directors.
On the other end, coming to the quarterly results of the company released today, the gold production for September quarter 2018 has been posted to 35,499 ounces at an AISC of $858 per ounce, that records a notable reduction from 54,746 ounces gold production at group’s AISC of $567 per ounce achieved in previous June quarter 2018.
The decline is reported to be underpinned by reduced production from Peak Mines which just contributed 21,753 ounces gold production in September quarter compared to 37,552 ounces in previous quarter. Reduction is Peak production is said to occur from reduced gold grades from the Chronos Zone. However, at Peak base metal production during the quarter was 1,374 tonnes of copper in concentrate and 3,413 tonnes of lead in concentrate. Hera’s Gold production for the quarter was 13,746 ounces at a site AISC of $817 per ounce compared to 18,283 ounces in previous quarter. Base metal production of Hera increased slightly relative to the last quarter with 1,952 t of contained lead and 2,956 t of contained zinc.
Group’s revenue during the quarter was $80.0 million impacted by negative price finalization adjustments made to the base metal revenue for the fall in base metal prices recorded in May and June this year. The revenue was driven by 65% sales of precious metals and 35% sales from copper, lead and zinc. On cash front, group’s quarterly mine cash flow contribution was $26 million, that is $16 million from Peak and $10 million from Hera mine. As at 30 September 2018, cash at bank of the company was $82.9 million, up $16 million on June quarter balance.
The market was bullish on the polymetallic mineral system discovery at Dominion as share price of Aurelia Metals increased by 2.128% to $0.720 on 22 October 2018.
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