Cash and Cash Equivalents
As at 30 September 2018, the Company had cash of $28,493,841.
Northern Star Resources Limited Shares
As at 30 September 2018, the Company has 500,000 NST shares remaining.
Update on Central Tanami Project and Exercise of First Put Option
The Company has previously announced that Northern Star Resources Limited (“NST”) had advised that commercial production (as defined under the joint venture agreement) would not be achieved by 31 July 2018. Furthermore, failure to achieve commercial production by that date would have rendered the first put option, granted under the JV, unexercisable until the date on which commercial production is achieved.
Accordingly, as announced on 31 July 2018, the Company exercised the first put option and on 14 September 2018 completed 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, the following exploration, tenement management and environment activities were undertaken by NST:
Review and interpret recent drilling results from:
- Air Core Drilling (Free Fall, Jim’s Return, Terminus, Solaris, Channel 4); and
- RC Drilling (Jim’, Hurricane-Repulse, Carmen’s);
- Downhole geophysical logging of RC dill holes at Hurricane-Repulse, Jim’s and Carmen’s;
- Reprocess Airborne Magnetic and Radiometric data over Hurricane-Repulse area;
- Completed Cave Hill Ground Gravity survey;
- Hurricane RC rejects and Jim’s diamond rejects submitted for preliminary metallurgical leach tests;
- Cave Hill combined Technical and Expenditure Reports lodged; and
- EL8797 renewal lodged, currently pending decision.
- Central Tanami Liaison Committee Meeting held with Central Land Council in July;
- Preparations to commence rehabilitation of CTP South Air Core drill sites from October; and
- A significant bush fire incident occurred at the Central Tanami Mine site causing the loss of a building and the main water bore and supply line, repairs undertaken on main water bore line.