Fraser Range Metals Group Limited (ASX: FRN) released its Quarterly Activities Report for the 3-month period ending 31st March 2019.
In Western Australia, the company completed a ground electromagnetic (EM) survey at its wholly owned Fraser Range Project during the period. The electromagnetic survey was completed by GEM Geophysics (GEM). The survey was done in the nickel-copper target area that was located within the exploration lease E28/2385.
The moving-loop electromagnetic (MLEM) survey incorporated around 208 stations, 100m apart on east-west lines, with 200m loops. To depict changes in bulk electrical conductivity in the subsurface, the non-ground-disturbing method was designed, that is a useful tool to identify the location of possible semi-massive to massive nickel ± copper sulphide mineralisation.
The nickel target area lies alongside the known nickel-copper mineralisation in the Fraser Range Belt, which rests immediately north of Galileo Mining’s Nightmarch Ni-Cu prospect and, extends northeast from the Nova and Silver Knight (Creasy Group) Ni-Cu deposits.
The target area was identified from the interpretation and compilation of historical surface geochemistry data, including inconsistent nickel values in calcrete samples as high as 45ppm over an area more than 1km long and 1km wide. The inconsistent nickel values at surface coincided with the best nickel target area defined by interpretation and modelling of aeromagnetics and gravity data collected by SGC in April 2018.
On the business development front, the company evaluated new projects for possible acquisition which are to be acquired and maintained in association with the Company’s current Project. The company further looks for new projects and acquisition opportunities that would fulfil its purpose of creating shareholder value.
The company has further plans for the next quarter ending 30th June 2019 that includes –
- Completion of processing and interpretation of data from the ground-EM survey over the nickel prospect by SGC.
- Plan to conduct Aboriginal Heritage survey and subsequent drilling programme to test the exploration potential of the target area further.
- Assessment and evaluation of new projects for possible acquisition.
The company’s quarterly activities report also highlighted its capital structure as on the current date. It stated that 250,000,000 fully paid ordinary shares and 14,000,000 performance rights were among the securities on issue as on 16th April 2019.
During the period, no performance rights were issued, converted or redeemed. So, the milestone for performance rights was not achieved during the period.
FRN stock closed at flat AUD 0.015 (as at 16th April 2019). Today, 17 April, the stock is trading at AUD 0.014 (its 52-week low), down 6.7% (as at 1:35 PM AEST). The market capitalisation of the company is reported at AUD 3.75 million while 250 million shares are currently outstanding.
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