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Constellation Resources Limited (ASX: CR1) is an ASX listed metals and mining company based in Perth, Australia. The company has an interest in the Orpheus Project which consists of five tenements, covering a total area of approximately 552km².
On 24th April 2019, the company released a quarterly report for the quarter ended 31st March 2019.
Orpheus Project
Orpheus Project is comprised of a total of five tenements which covers a combined area of 552km² in a prospective portion of the Fraser Range province of Western Australia, which is considered prospective for nickel, copper and gold. The company owns Orpheus Project with up to 70% in 4 JV tenements with the Enterprise Metals Limited which holds the remaining 30%. The company further fully holds remaining tenement, not subject to JV.
Tenement E63/1281- Nickel
The second phase of moving-loop transient electromagnetic (MLTEM) surveying has been completed which was designed to test for potential conductive anomalies at the targets;
- Airborne EM (AEM) anomaly at A1
- Magnetic lows Mag 1 and 2
- Subtle responses in ground TEM survey at Plato South
GEM geophysics completed the EM survey in February 2019 using their 60-80A transmitter and Jessy Deeps high-temperature SQUID B-field sensor. During the survey, 450 stations were recorded over 33 lines of combined 31.05 line-km.
Ground EM Survey Results of Mag2 Anomaly
A weak anomaly at the northern edge of the survey is of potential interest. The modelling is suggesting that the potential source could be a SSWâNNE striking, steep-dipping low-level conductor at a depth of around 150m. The MLTEM modelling data shows the palaeochannel sediments are not giving a response on the surface, but the depth is responsive. The weak response could be representing a number of sources including remobilised sulphides or graphite, locally more groundwater within this complex fault zone. Current planning for heritage clearance and drilling is underway.
Ground EM Survey Results of Plato South
Two East-West lines of Slingram EM data were surveyed over the Plato South anomaly during the February 2019 program. The objective of the survey is to determine if the original anomaly could be better resolved using an offset receiver or by using the in-loop array, keeping in mind the strongly induced polarisation (IP) effects in the area. The first drill got terminated in the target host rocks and therefore couldnât test the lower margins of the mafic-ultramafic intrusive system. This is the reason that further drilling is planned at a later stage.
Tenement E63/1282-Gold
This tenement is a 3km long gold in soil anomaly, up to 13ppb gold. Soil sampling in December 2017 over the target on a 100m x 50m E-W grid has confirmed the presence of the historic gold in soil anomaly. A number of other anomalous gold in soil areas have also been identified from this survey. For the next quarter of 2019, shallow air core drilling traverses over the 500m x 150m central part of the anomaly are planned.
Cashflow for the March quarter and estimation for the next quarter
There has been no investing and financing activities in the March quarter. But due to operating activities the company had a net cash outflow of A$220,000; highest expensetowards expl oration and evaluation which used A$131,000 cash. The net cash at the end of the March quarter stands at A$5.88 million.
The company is expecting the net cash outflow of A$376,000 in the next quarter including estimated spending of A$220,000 on exploration and valuation.
Stock Performance
The market capitalisation of the company is A$8.23 million. The 52 week high and low of the stock is A$0.34 and A$0.21. The stock traded 6.38% up on ASX at an intraday high of A$0.25 as of 24th April 2019. In the last six months, the stock has given a negative return of 4% and YTD return stands at negative 2%.
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