Results for Quarter Ended 31 March 2020

 

Results for Quarter Ended 31 December 2019

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Results for Quarter Ended 30 September 2019
 

CORPORATE

Cash and Cash Equivalents

As at 30 June 2019, the Company had available cash of $28,347,282.

Northern Star Resources Limited Shares (“NST”)

As at 30 June 2019, the Company has 500,000 NST shares remaining.

Update on Central Tanami Project (“CTP”) and Completion of Exercise of First Put Option

The Company previously announced that it had exercised the first put option available to it under the Joint Venture Agreement with NST which was settled on 14 September 2018, resulting in the sale of a further 15% undivided interest in the CTP for $20 million in cash. The respective interests in the CTP of the Company and NST at the date of this report are 60% and 40%.

EXPLORATION Central Tanami Project (60% Tanami)

NST have advised that the June quarter of 2019 has seen the completion of 14,844m of air core drilling on four separate prospect areas, some of which included remote area operations.

Geological modelling and RC drill designs were completed for the Ripcord, Crusade and Solaris prospects with AC designs completed for the Sky Surf, Groundrush West and Cave Hill prospects. A Tanami Regional Exploration (TRE) MMP and associated CLC clearance applications were either submitted or drafted during the quarter. Review and analysis of results from Q1 exploration programs is ongoing, including the design and undertaking of some follow-up programs.

Air core drilling

A total of seventy AC holes for 3,018m was drilled at Freefall during the quarter. Drilling further tested weak gold anomalism identified in first phase AC reconnaissance drilling whilst also extending the drill grid further south along an interpreted north-south oriented structure.

AC drilling was completed at the Dropzone prospect as a southern extension to the Freefall program. Drilling targeted a N-S bedding parallel structure within the Mt Charles Formation adjacent the Suplejack Fault Zone. A total of seventy-two holes for 2,634m were completed during the quarter.

AC drilling was undertaken in an area approximately 3km west of the Groundrush deposit targeting the interpreted east-west oriented, upright fold closure of the regional Groundrush anticline. A total of sixty-six holes for 2,520m was completed during the quarter.

A total of one hundred and fifty (150) AC holes for 6,672m was drilled at the Farrands Hill Prospect during the quarter.

Rehabilitation of NST aircore drill programs has been ongoing throughout the quarter.

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CORPORATE

Cash and Cash Equivalents

As at 31 December 2018, the Company had cash of $28,253,941.

Restructure of Board of Directors and Appointment of Non-Executive Director

On 27 November 2018, the Company announced the restructure of the Board and the appointment of Mr Brett Smith as a nonindependent Non-Executive Director. As part of the Board restructure, Mr Gerard McMahon stepped down as Chairman but remains on the Board as an independent Non-Executive Director, with Non-Executive Director Mr Arthur Dew appointed as non-independent Non-Executive Chairman of the Board.

Northern Star Resources Limited Shares

As at 31 December 2018, the Company has 500,000 NST shares remaining.

Update on Central Tanami Project and Completion of Exercise of First Put Option

The Company previously announced that it had exercised the first put option available to it under the Joint Venture Agreement with NST which was settled on 14 September 2018, resulting in the sale of a further 15% undivided interest in the Central Tanami Project for $20 million in cash. The respective interests of the Company and NST are 60% and 40%.

EXPLORATION

Central Tanami Project (60% Tanami)

During the quarter as advised by NST – which is solely responsible for bringing the Central Tanami Project into production in terms of the JV Agreement, the following exploration, tenement management and environment activities were undertaken by NST:

  • Ongoing rehabilitation of 2018 drill programs.
  • Follow-up exploration program design for CTP South (Solaris/Jim’s Return), Freefall and Hurricane.
  • As part of the ongoing evaluation of the CTP, a program of RC and diamond drilling was completed beneath the existing
  • treatment plant infrastructure, testing for potential shallow extensions to the main Hurricane-Repulse mineralisation.
  • RC drilling intersected significant gold mineralisation at varying depths in all 23 drill holes completed beneath all major
  • infrastructure at the CTP Plant. Significant intersections from the RC drilling program include:

    NHRC00003 – 3m at 20.47 g/t Au from 140m and 12m at 4.58g/t Au from 147m;
    NHRC00007 – 19m at 4.64g/t Au from 136m;
    NHRC00009 – 14m at 3.19g/t Au from 150m; and
    NHRC00015 – 15m at 2.89g/t Au from 92m.
     
  • In addition, single diamond drill hole testing the down plunge continuity of the new mineralised zones, intersected a wide zone of significant gold mineralisation located approximately 130 metres below the base of the existing Hurricane pit to the north. Significant assays included:

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