Breaker Resources surged on ASX post receiving Mining Lease from Department of Mines

Breaker Resources NL (ASX: BRB) announced on 1st March 2019 that the company has secured a Mining Lease for Lake Roe. Western Australia’s Department of Mines, Industry, Regulation, and Safety granted the Mining Lease for the Gold Project, located 100Km east of Kalgoorlie in Western Australia.

As per the company’s Executive Chairman, Mr Tom Sanders, Lake Roe is a rare Greenfield’s discovered area with high-grade mining optionality, hidden by a thin transported cover in a Tier-1 mining location. The company is now on an aggressive drilling pathway to unlock, the 1.1Moz resource that remains open in all directions.

The Lake Roe is situated between two large gold deposits and is a 100% owned project of the company, over an area of more than 550 sq. Km.

Quarterly Activities:

During the quarter which ended on 31st December 2018, the company delivered discovery and extension in several areas. As per the company, its Bombora deposit continues to grow, with each drilling the company had been undertaking. During the quarter the Bombora project further extended towards the east, following the discovery of additional shallow lodes, along with the eastern margin of the deposit.

The discovery of additional shallow lodes and extended drilling points that the outer limit of potential open pit mining is likely to expand continuously along the strike and depth of the east.  It also increases the potential of long-term high-grade underground mining. Previously, the company had enhanced the gold potential at Bombara Deposit.

The company drilled along the various length, and depth for ascertaining the outer limits of potential open pit mining. The company took 16,429m of RC (reverse circulation) drilling, and drilled 103 drill holes by diamond drilling, with 80% drill holes being of extensional nature. The extensional result includes:

  • BBRD1146 had 4m @ 20.3g/t gold from 84m
  • BBRD1049 had 5m @ 8.88g/t gold from 185m
  • BBRD1090 had 5.3m @ 6.31g/t gold and 3.3m @ 6.36g/t from 226m and 250m
  • BBBRD1213 had 15m @ 2.08g/t gold from 152m
  • BBRD0084 had 16m @ 1.75g/t gold from 267m including 7m @ 3.53g/t

Liquidity Profile:

During the quarter ended 31st December 2019, the company marked a net cash outflow of, A$5.27 million from operating activities, with a significant expenditure of approximately, A$5 million on exploration and evaluation.

The company marked a net cash outflow of A$5.27 million from investing activities, with significant spending on investment in term deposit of approximately, A$5.25 million. Further, the company marked the net cash inflow from financing activities of, A$10.02 million, with proceeds from issues of shares, accounted for, A$10.59 million in the activity.

BRB reported the net cash and cash equivalent, excluding term deposit over three months at A$1.6 million, at the end of the quarter.

By the closure of the trading session, the stock of the company stood at A$0.440 (as at 1 March 2019), up by 1.149% from its previous close. During the trading session, the share price marked a day’s high of A$0.445, and a day’s low of A$0.420, with an average volume of 365,352.


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