Drone Survey confirms the new target at Plateado Cobalt Project- CGM share price zooms by 50%

  • Jan 18, 2019 AEDT
  • Team Kalkine
Drone Survey confirms the new target at Plateado Cobalt Project- CGM share price zooms by 50%
Cougar Metals NL (ASX: CGM), a company from the metals and mining industries which is into the business of gold and nickel exploration announced that the geophysical survey at the Plateado Cobalt Project in Chile confirmed its new target. Based on the geophysical survey interpretation of the Plateado Project area highlights three new targets for the follow-up work. The main target area in the Plateado Project has a similar structural setting to that of the artisanal mine.  The geological mapping on the region confirms the existence of chalcopyrite, pyrrhotite and pyrite mineralization. Based on the geological survey, Cougar Metals NL announced that it would be entering into the farm-in agreement Antasitua Chile SPA over the Plateado cobalt project in Chile. In case Cougar can meet the various exploration expenditures and payments of the Plateado cobalt project, then it would be eligible for earning 100% in the project. This Plateado cobalt project also includes 12 contiguous granted dwellings as well listed under Plateado 1 to 12 in the name of Antasitua Chile SPA which spreads in the area of 36 km2 in the province of Petorca, Chile. The year of establishment of CGM on ASX is 16 December 2003 where the performance of Cougar Metals NL is consistently negative. Since its inception, CGM’s performance was -91.56%. By the end of FY2018 on 30 June 2018, CGM made a net loss of $3,426,045. The balance sheet of CGM is in a poor state where the company has a net liabilities of $6,445,812 which means that CGM is not financially sound to meet its long-term obligations. CGM has a total current liabilities of $6,792,800 which is much ahead of its total current assets of $115,310 which means that the company is not is a position to meet the working capital requirement and cannot clear its short-term debt. FY2018 shows that there was an increase in the accumulated losses by approximately 57% which is a big reason to worry as it can create a negative influence on the shareholders and the investors of the company. The company also has a low cash balance of only $24,543 as a result of an increase in operating expenses. On the whole, based on the balance sheet, it appears a situation of voluntary suspension. With the upcoming of the update this morning on ASX, the share price of CGM zooms up by 50%. At present, the market price of CGM is A$0.003 (AEST: 3:11 pm, 18 January 2019) which is 0.001 points above its previous trading day’s closing price. The current market of the share is towards the 52 weeks low price with the stock holding a market capitalization of A$1.96 million.

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