Dart Mining Receives All Approvals Required For Roadside Drilling At Eagle And Hollow Way Dykes

  • Mar 19, 2019 AEDT
  • Team Kalkine
Dart Mining Receives All Approvals Required For Roadside Drilling At Eagle And Hollow Way Dykes

Dart Mining NL (ASX: DTM) is a metals and mining company based in Melbourne, Australia. Currently, the company is focusing on Lithium, Porphyry and Gold exploration and development.

On 19th March 2019, the company announced that it had obtained all the required approvals for roadside drilling at the Eagle and Hollow Way dykes in NE, Victoria. Consequently, a drill contractor has already been appointed and the drilling work is scheduled to commence in the next five days. 

The company also stated that Hollow Way Dyke target would be tested by 5 Reverse Circulation holes and the Eagle Dyke target would be tested by up to 3 holes. This initial drilling program will help to conduct a preliminary assessment of the dyke targets and more importantly expensive vegetation offset would not be required due to the use of existing road access.

Surface chip sampling has also been done at the Hollow Way Dyke target which resulted up to 10m @ 1.37% Li2O from a dyke containing coarse petalite and the Eagle Dyke target shows up to 10m @ 0.94% Li2O with fine spodumene identified as the main lithium mineral. It is a significant milestone in the evaluation of such a large, new Victorian lithium province which is first identified by Dart Mining.

On 8th March 2019, the company declared its 1HFY19 results along with some operational updates. The company reported a total loss of $604,416 in 1HFY19 which was significantly lower than the previously reported loss of $1.78 million in 1HFY18. The majority of the loss was reduced by the decrease in the total expenses of the company. Exploration expenditure written off was $1.13 million in 1HFY18 and reduced to $330,136 in 1HFY19. Employee cost was also cut down by more than half from $187,546 to $80,457 in the same period.

The company also stood strong on its balance sheet. The total assets of the company increased from $8.43 million in June 2018 to $9.32 million in December 2018. There was an increase in the net cash and cash equivalents which rose from $675,461 in June 2018 to $1.16 million in December 2018. Long term assets like property, land etc. also increased from $74,110 to $153,890 in the same period. Simultaneously the company was also able to reduce its liabilities also. The total liabilities reduced from 340,759 in June 2018 to 252,202 in December 2018. Reduction in trade and other payables primarily reduced the total liabilities.

The company generated a negative cash flow from operating and investing which stood at $297,685 and $737,987. However, the cash flow from financing activities was increased from 959,083 in 1HFY18 to $1.52 million in 1HFY19. The company generated a net cash flow of $486,457 in the current reporting period compared to $321,372 reported in 1HFY18.

The stock traded flat at A$ 0.005 on ASX as of 19th March 2019. In the last six months, the stock has fallen by 28.57% while the YTD return stands at negative 16.67%.


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