On December 27, 2018, Enterprise Metals Limited (ASX: ENT) has announced that it has entered into an agreement to acquire the rights to Exploration Licence application 20/944. The site located 15km northwest of cue, and 18km east-northeast of the Big Bell Gold Mine, in the Murchison Goldfield of Western Australia.
The company is in the mining sector. The company is in the acquisition and exploration of mineral properties in Australia. The company got listed on 20 June 2007.
The site application covers Archaean greenstones and felsic volcanic which are potential for orogenic AU and volcanogenic massive sulphide Cu-Zn deposits hidden under its cover.
The terms of the agreement are:
- After completion, the company will acquire a 100% legal and beneficial ownership in the Tenement, and the company will also issue a 3,571,428 fully paid ordinary shares in Enterprise at a deemed price of $0.011 per share to the vendor.
- The vendor will aid Enterprise in obtaining the grant of the site and the transfer of the site to Enterprise, and Enterprise will also repay the vendor for any costs incurred in aiding Enterprise.
- Following the grant of the site, the vendor will also apply for Ministerial consent for the transfer of the site to Enterprise and hold the site in trust for the company and do all the necessary things at the direction of Enterprise in order to confirm the site complies during the period in which the site is held in trust.
On Geological setting, the greenstone stratigraphy of the acquired site includes felsic volcanic of the Greensleeves formation and sediments, felsic volcanic and komatiitic basalts of the overlying Ryansville and Wattagee formations, which all belong to the Archean Murchison Supergroup.
In areas of the outcrop to the south of the acquired site, there are numerous historic gold workings which are known to exist, it includes Westgold’s Cuddingwarra gold mines, from which New Hampton mined approx. 5.7 Mt at 2.5g/t Au for 460,000 oz.
Due to the combination of favorable host rocks, large-scale alteration systems, notable gold deposits, and Cu-Zn intersections along strike and a complex of intersections, regional faults and shears make the site a highly prospective area for orogenic gold and VMS copper-zinc deposits.
Quarterly Financial Performances: At the end of September, the company has maintained Cash and liquid securities of $1.03 Million. The company currently holds 12 million shares in Alto Metals Limited. Sandstone Gold Project is the main asset of the Alto’s, which covers 85% of the Sandstone Greenstone Belt in Western Australia. Greenstone Belt has produced over 1.3 million ounces of gold.
On 19 July 2018, the company raised $504,000 from sophisticated and professional investors and then issued 28,005,556 fully paid ordinary shares at 1.8 cents per share. The funds were raised for exploration at the Murchison project, to start new opportunities and for working capital purposes.
FY18 Financial Performances: The company net loss for the year stood at $862,616, representing a weak performance over the prior year loss was $521,020.
On Balance Sheet front, Net Assets has decreased by 3.6% to $7,266,729 in FY18 over the $7,535,121 in the corresponding period in 2017.
In the last six months, the share price of the company decreased by 50 percent as on 21 December 2018. ENT’s shares traded at $0.012 with a market capitalization of $4.6 million as on 27 December 2018.
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