Cygnus to Commence Drilling At Its 100%-Owned Bencubbin Project

  • Feb 15, 2019 AEDT
  • Team Kalkine
Cygnus to Commence Drilling At Its 100%-Owned Bencubbin Project

Cygnus Gold Limited (ASX: CY5) operates as a mineral exploration and development company. The Company focuses on the exploration and discovery of gold deposits. Cygnus Gold serves customers in the Southwest Western Australia. The company is headed by Mr James Merrillees, who is the Managing Director of the company. The company has its Registered office address located in the Osborne Park, Australia.

The company has lately stated through a release on the exchange that it has mobilised two rigs to start drilling at its 100%-owned Bencubbin Project in WA’s Wheatbelt region. Diamond drilling has commenced on the Jefferies gold prospect at Bencubbin, with the reverse circulation (RC) rig mobilising after completing the final stage of reverse circulation (RC) drilling at Cygnus’ Stanley project. 

Historical exploration at Jefferies also reported rock chip assays up to 12.9g/t of gold and wide, anomalous gold intercepts in shallow drilling. 2.15g/t of gold was extracted at a depth of 12m from the hole named NM2R-1131 & 0.62g/t of gold was extracted at a depth of 13m, which included 3.36g/t of gold extracted at a depth of 2m from a 52m in hole named NM2R-01412.

The loss of the Company for the six months ended 30 June 2018 after providing for income tax amounted to $396,047. The net assets of the Company are $5,866,101 as at 30 June 2018. At 30 June the Company has $3,833,495 in cash and cash equivalents.

The cash flows used in operating activities came in at 848,598 as on the 30 June 2018, as compared with the cash used in the operating activities as on the 30 June 2017 of 220,591. This was on account of the increase in cash payments made to the suppliers for administration as well as the exploration expenditure has done. The receipts partially offset this outflow from Farm in service charge, and the Interest received.

The Net cash flows from financing activities came in at 5,627,931 vis-à-vis 522,500 for the previous corresponding year (pcp). This rise was on account of the Capital raising program through the issue of shares.

Cygnus Gold Limited was successfully admitted to the Official List with official quotation commencing on 15 January 2018. Cygnus raised $6m (before costs) with the raising well supported from cornerstone shareholders including Resource Capital Funds, Southern Cross Capital and Gold Road Resources and lead broker Morgans Corporate Limited.

Now, let us have a quick look at Cygnus Gold Limited’s stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.07, with a market capitalisation of ~$4.25 Mn. The stock has provided a YTD return of 7.69% & also posted returns of -23.91%, -17.65% & 20.69% over the past six months, three & one-months period respectively. It had a 52-week high price of $ 0.375, with an average volume of 47,676 approximately.


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