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TSC Successful In Identifying Ni-Co Targets On New WA Rover Project

  • January 15, 2019 10:56 PM AEDT
  • Team Kalkine
TSC Successful In Identifying Ni-Co Targets On New WA Rover Project

On 15 January 2019, Twenty-Seven Co. Limited (ASX: TSC) announced that its subsidiary company TSC Exploration Pty Ltd is granted the Rover Project Exploration License E57/1085 in Western Australia (WA). The Rover Project is 140 km towards the west of Leonora (WA) and has a tenement area of approximately 211km2. The area covers a wide Archean greenstone belt which is expected to be a region of a high source of cobalt (Co) associated with nickel (Ni). The Rover project is approximately 40 km in the north-west direction of the Mt Alexander Project which is historically a region of shallow exploration targeting gold and iron ore.

Gold MTF non-AMP

Through the initial desktop review of the site, the results highlight that there were four high priority Ni-Co targets for follow-up.Â

At its Christmas Pool Ni-Co target, from the surface in RAB hole BRB127, drilling of 23 meters led to the discovery of 0.22% nickel and 115 ppm of cobalt. At RAB hole BRB127, from the earlier exploration of 25 meters, there was another drilling of 6 meters which led to the discovery of 0.19% nickel, and it also comes across with an EOH sample of 0.31% of nickel.

At its Main Road Ni-Co target, at hole WB12RC001, a 7 meters drilling resulted in 0.25% nickel and 374ppm cobalt.

At hole TGC007, a 32 meters drilling resulted in 0.21% Ni to the EOH.

At hole TGC013, a 16 meters drilling resulted in 0.27% Ni from the surface.

At its Cook Well Bore Ni-Co target, the best results were of 1950ppm nickel from a shallow RAB hole at the southern end of the anomaly.

The company has further planned for reconnaissance mapping and geochemistry field trip in the March quarter 2019.

The official listing of TSC on ASX was 18 October 2006 where the company has given a consistently given a negative performance till last one year. However, its YTD performance was 25%.

For the financial year 2018, period which ended on 30 June 2018, the company made a net loss of $353,967. The balance sheet of Twenty Seven Co. Limited is quite healthy with a net asset base of $805,140 and a debt to equity ratio of 0.18. It indicates that TSC is financially sound to manage its long-term obligations. A lower debt to equity ratio means that TSC used its resources and asset in case of any financial requirement instead of looking for outside support in the form of debt. The balance sheet proves that the company can efficiently handle its working capital requirement and its short-term debt. The total shareholder’s equity is worth $805,140. By the end of the financial year 2018, TSC holds net cash and cash equivalent worth $373,172.

By the end of the trading on 15 January 2019, the shares of TSC traded flat on ASX. The closing price of the share was A$0.005 with the market capitalization of A$4.46 million.


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