DGR Global Limited (ASX: DGR) has announced on behalf of its 100% owned subsidiary Coolgara Minerals Pty Ltd, that Coolgara has conducted a first pass shallow drilling campaign on the Greenvale South project area in north Queensland. Greenvale is the $1 bn+ worth project which received the status of âPrescribed Projectâ by the government of Queensland on 25 January 2019. The project already has been granted with 4 exploration permits and had recently applied for another one which comprises of a belt of gold, nickel, antimony, cobalt, and copper mineralisation.
Till date, the company has conducted geochemistry over a few areas of the Southern part of the region, aiming at Janelles Hope, Wallys Hope, and the Wade. This process involved a small shallow drill at target places which resulted in the findings of ultrabasic host rocks at Wade, metasediments and small bodies of granite with fine veinlets at Wallys.Â Â
In the northern part, traverse intercepted the bedrock gold in the depth range of 0m and 14m, and low grades were intercepted at its southern portion. In the middle part of the region, the traverse was ceased since granite bodies were tough for the small rig to penetrate.
In Wade, the drilling traverse found structures of zoned cobalt and nickel mineralisation anomalous to gold, palladium, and platinum. In the exploration process, the floaters of asbolite, which is a manganese oxide enriched body, were also found to be associated with high-grade Cobalt and Nickel at the Wade streams. These oxides explain the unusual high grade of the minerals in the Greenvale province.
With these findings of valuable minerals, Coolgarra is encouraged to extend its exploration in the new areas of the Greenvale South Project.
DGR has been a long player in mineral resource exploration. Its focus has been on inter-generational, tier one resource projects globally, with high potential in meeting tremendously increasing global demand. It has created, floated, and funded many other resource companies such as Armour Energy, Dark Horse Resources, Aus Tin Mining, SolGold, and IronRidge Resources. These companies are also its five strategic public listed creations which cover valuable commodities such as cobalt, nickel, gold, lithium, copper, tin, oil, gas, bauxite, and Iron Ore. DGR at present has its three 100% wholly owned subsidiaries (Albatross Bauxite, Coolgarra Minerals, and Pinnacle Gold) in the pipeline which at their grassroots level of exploration stage.
Albatross Bauxite Private Limited has four project licenses in Southern Queensland. Coolgarra Minerals is in Northern Queensland and focused on cobalt, gold, chromium, and antimony. Pinnacle Gold Private limited target Eastern Queensland and holds five exploration tenements.
Its recent cash flow report indicates that its net cash and cash equivalents ending 31 December 2018 quarter was A$1655K, where cash flow from operating activities stood at A$927K, cash flow from investing activities stood at A$5K, and cash flow from financing activities stood at A$1564K.
On stock information, DGR last traded at A$0.120 (as on February 8, 2019) with the market capitalisation of circa A$73.58 mn. Its 52 weeks high has been noted at A$0.165 and 52 weeks low at A$0.083. Its absolute return for the last 3 months, 1 year and 5 years are -14.29%, 37.93%, and 361.37% respectively.
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