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Gold explorer Breaker Resources NLâs (ASX:BRB) shares went down by 2.941 percent today (i.e., 12 December 2018) despite announcing new high-grade results which have further expanded the known extent of the Bombora gold deposit in diverse directions.
Latest drill results from the 1.1million-ounce Resource Bombora gold deposit include:
- BBRC1020 9m @ 13.86g/t Au (incl. 4m @ 29.99g/t).
- BBRC0995 4.0m @ 10.79g/t Au.
- BBRD0782 12.9m @ 2.35g/t Au (incl. 5.2m @ 4.44g/t).
- BBDD0078 15m @ 4.99g/t Au (incl. 11.1m @ 6.26g/t).
The drilling results at Bombora have paved the way for further increase and upgrade in the current 1.1 million-ounce Resource. The results from Bombora gold deposit indicate that the outer limit of potential open pit mining is likely to continue expanding along strike, at depth and to the east.
The company also announced the results of the exploratory drilling at the Bombora South Prospect which was aimed at identifying the primary source of extensive supergene gold anomalism. The Bombora South drilling have successfully confirmed a primary gold mineralization in 2 areas that correlate with the Bells and Harbord Faults. These results have enhanced the gold potential of the Bombora South Prospect over a wide area.
The company also announced the results of the exploratory RC drilling at the Crescent Prospect that was aimed at further assessing the discovery holes, which were earlier announced by the company on 31 July 2018. The drilling results at the Crescent Prospect have successfully confirmed the discovery of continuous shallow gold mineralization over a 300m x 200m area that has good open pit potential that is open to the north and down-dip. These results indicate the increasing diversity of mineralization style and the camp-scale growth potential of the Lake Roe Project.
The Company is continuing with its aggressive drilling with four drill rigs targeting ongoing rapid Resource growth, and concurrent pre-feasibility study (PFS) activities targeting an early, large, stand-alone open pit development. In the September quarter report, the company informed that the PFS-level geotechnical studies have indicated an overall open pit wall slope angles of approximately 44 to 48 degrees incorporating requisite ramp access, berms, and geotechnical berms. These wall slope angles are consistent with overall slope angles assumed for preliminary open pit optimizations.
Earlier in the month of November, the company announced regarding a discovery of high-grade lithium at Lake Roe Gold Project, 100 kilometers east of Kalgoorlie in Western Australia, following a 1,503m program of reconnaissance reverse circulation (RC) drilling. In the September quarter, the net cash used in operating activities was $3.03 million. As at 30 September 2018, the company was having cash and cash equivalents of $2.17 million.
Meanwhile, in the last six months, the share price of the company increased by 33.33 percent as on 11 December 2018. BRBâs shares traded at $0.33 with a market capitalization of circa $62.11 million as on 12 December 2018 (AEST 3:30 PM).
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