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The West Melbourne-based Freehill Mining Limited (ASX:FHS) is a metals and mining sector company engaged in the exploration and development of mineral resources (copper, iron ore, and gold deposits) in Chile, where it owns 100% of the Ha Yerbas Buenas Magnetite Project in Region IV.
On March 13th, 2019, the company released its investor presentation briefing a summary of the recent developments, company history and project overview. According to the main highlights, Freehill recently announced the assay results from the maiden 4,300-metre reverse circulation drill program, that began in early November 2018, at the flagship project site with six holes ranging from 150 meters to 250 meters. The campaign affirmed the sound basis for further exploration and validated the results of the ground magnetic survey accuracy. The JORC Mineral Resource estimate is expected to be announced shortly in March 2019.
The results include the intersection of around 120 meters of high-grade magnetite averaging 30% while the structure is open to the south and widens based on geophysics. Currently, the concentrates produced are sold to Compania Minera Del Pacifico S.A (CMP), a subsidiary of Chiles largest iron ore producer, under an offtake agreement to supplement feed in the Romeral Pellet Feed Plant. The revenue derived from the sales to CMP is over USD 1.96 million as reported.
In February 2019, the first round of geophysics over the copper prospective northern portion of Yerbas Buenas was completed. Prior to that, the ground magnetics and induced polarisation (IP) surveys, was commissioned by Freehill in 2018, following the data review work presented string surface evidence of copper and gold mineralisation in the northern portion of the project are supported by old artisanal mine shafts and tunnels. It also identified moderately strong chargeable anomalies in the north-east part. As of late, the geology of Yerbas Buenas demonstrates a complex lithology consisting primarily of various types of andesites on the eastern portion of the grid and mixed andesites and diorites on the western part of the grid.
The last quarter ended December 31st, 2018, witnessed significant activity in accord with Freehill Miningâs revised strategic plans announced in early 2018. The companyâs subsidiary, Yerbas Buenas SpA, received full ownership of the Yerbas Buenas 1-16 block of mining tenements from the Region IV Mining Registrar. Besides, the company also provided a non-renounceable entitlement offer to shareholders, wherein one New Share was issued for every two Shares held at an issue price of 1.5 cents to raise approximately $ 3,075,000 before costs. The capital was to be utilised for funding further exploration, ongoing expenses and provide increased working capital for forecasted growth. Following the close of the offer, an additional $ 625k was raised.
FHS has a market cap of AUD 18.66 million to date with ~ 777.35 million outstanding shares. At the close of trading on Wednesday, March 13th, 2019, the FHS stock price was trending at AUD 0.020, plummeting by 16.67%, indicating an intra-day fall of AUD 0.004 with ~ 3 million shares traded.
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