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.