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Perth based emerging gold exploration company, NTM Gold Limited (ASX: NTM), on 6th May 2019, announced the completion of a recent aircore drilling program at the Redcliffe Project located near Leonora, Western Australia, and the results obtained from it were encouraging.
The two infill lines confirmed 700 metres plus mineralised trend at the northern end of Hub, which was detailed earlier in the first pass aircore drilling that was concluded in April 2019. The infill drilling intersected high-grade mineralisation of 10m @ 4.4 g/t gold, doubling the length of the high-grade mineralisation to 200m. This high-grade mineralisation contained the exceptional first pass intersections of 10 metres @ 23.3 g/t from 55 metres and 10 metres @ 9.0 g/t from 65 metres. This high-grade mineralisation lies within more than 1,000 metres Hub mineralised trend, which remains open to the north and south.
Now, the RC drilling has been initiated for testing the depth extension. The better results from infill drilling is comprised of 10 metres of drilling from 55 metres, which resulted in 4.43 g/t of gold, including 5 metres drilling, where 6.25 g/t of gold was obtained, another 5 metres of drilling from 45 metres and 5 metres drilling from 15 metres resulted in 1.70 g/t of gold.
At Aliso, the drilling successfully extended the mineralisation intersected in 2018âs aircore. The latest aircore drilling has been able to trace the mineralisation of 500 metres and drilling of 5 metres from 90 metres resulted in 2.85 g/t of gold.
In April 2019, the company obtained exceptional gold results from the hub north through the first aircore holes. The drilling yielded exceptional gold grades, which includes 55 metres drilling which witnessed 23.3 g/t of Gold for 10 meters, further gold was visible at 59 meters and 62 meters. Another 10 metres drilling from the 65 metres led to the discovery of 9.0 g/t of gold. From 25 metres to the end of hole (EOH), a 2 metres drilling resulted in 3.1 g/t of gold. Another drilling of 5 metres from 75 metres resulted in 2.9 g/t of gold.
During the March 2019 quarter, the company achieved exceptional results from the wide spaced aircore drilling at Hub, which confirmed the scope of significant mineralisation. At Redcliffe East, the results obtained from the RC drilling were excellent along with the outstanding follow-up RC drilling results from Hub north. In total, 128 holes were drilled for 7,894 metres.
During the March 2019 quarter, the company used A$0.603 million in its operating activities. The primary source of cash outflow was through exploration and evaluation, staff costs and administration and corporate cost.
The companyâs property, plant and equipment cost stands at A$0.035 million.
There was a net cash inflow of A$1.542 million in the financing activities. By the end of the March 2019 quarter, the net cash and cash equivalents for the group stood at A$2.010 million.
In the last five years, the company has generated an excellent return of 88.24%. At market close on 6th May 2019, the stock of NTM Gold Limited was trading at $0.033, with a market capitalisation of A$13.18 million and approximately 411.8 million outstanding shares.
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