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%.
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: