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AuStar Gold Limited (ASX:AUL), formerly known as Mantle Mining Corporation Limited and based in Spring Hill, Australia, is engaged in the exploration of gold deposits. Its flagship asset is the Morning Star Gold project located in Melbourne, Victoria.
Today, on 28 May 2019, AuStar Gold announced that the first phase of the resource definition drilling had been concluded for discerning the controlling dykeâs geometry as well as identify mineralisation zones present at the Rose of Denmark mine. The Rose of Denmark mine is a highly prospective mine which can be accessed in the near future.
The initial drilling was carried out to s restricted nominal depth of 30 m below the main adit, sufficient to develop around two high sub-levels of 15 m each.
New Drilling Results include:
In the latest resource drilling, about thirteen (13) new diamond drillholes were completed for the total length of 468 metres along the main adit of Rose of Denmark mine. The drilling started from the dyke bulge area and then went on south towards the portal. The drilling of holes was targeted until the total length of the dyke sheet to evaluate the spots hosting multiple quartz veining, that primarily constitute the mineralised packages within the dyke.
Source: Company announcement dated 28 May 2019
Of late, Geological modeling and analysis would commence on all the concluded drilling work and a maiden JORC compliant Mineral Resource is anticipated to be concluded by the end of the May 2019.
Recently on 17 May 2019, AuStar Gold informed the stakeholders that after conducting due diligence enquiry, the Board had decided to not submit a Deed of Company Arrangement (DOCA) to Centennial Mining Limited creditors before the CTL creditorsâ meeting that was to be held on the same day. AuStar had commenced discussions on the above-mentioned subject with the Administrators, Korda Mentha, and other parties in early May (around 3 May 2019) to assess the potential of proposing a DOCA to CTL. Meanwhile, AUL continued to track Centennialâs progress. More on this can be read here.
In its March 2019 Quarterly Report, AuStar posted that it has re-started the mining at its Morning Star Gold Mine during January-end, with rail development to be undertaken towards the interpreted eastern boundary of McNallyâs reef. Besides, a high-speed centrifugal concentrator was also installed at the site in March 2019 to improve gold recovery.
Of the total gold production of 121.11 ounces from Dore, ~ 31.02 ounces were sold during the quarter. An agreement was also finalised with Gekko Systems, a global leader in mineral processing solutions, for offsite processing of residual concentrate to recover additional gold. The cash in hand as on 31 March 2019 was ~ $ 973,000.
With a market capitalisation of $ 10.17 million and ~ 3.39 billion outstanding shares, the AUL stock price settled the dayâs trading at $ 0.004, zooming up by 33.33% by $ 0.001, with ~ 19.02 million shares traded.
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