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Coolgardie Minerals Ltd.
Summary
| Project: | Geko | |
|---|---|---|
| Deposit: | Geko | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 31-12-2018: Coolgardie Minerals Ltd. announces an Exploration/Drilling Update report for its Geko deposit at the Geko project. Drilling results incl. 5m @ 19.09g/t Au from 37m. Coolgardie Minerals Limited (ASX: CM1) (CM1 or the Company) is pleased to anno | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Hayden Parry (Internal) | |
| ABSTRACT: | Coolgardie Minerals Limited (ASX: CM1) (CM1 or the Company) is pleased to announce that the third Parcel of oxide ore from the Geko pit has been sold to Northern Star Resources for net revenue of $1.668 million (excl GST). The sold oxide ore represented part of the high-grade supergene zone located in the western area of the pit. The final physical results were 7,980 tonnes at 5.94g/t Au sold for contained gold of 1524oz. The 35% increase in the mined grade above the Mining Reserve grade of 4.40g/t to 5.94g/t Au in this ore zone is a direct result of a comprehensive review conducted by the Company following poor reconciliation of the mined grade of the Geko operations in November and early December. Further grade control drilling is underway to determine the extent of the remaining supergene zone in this area as well as defining the Stage 2 oxide ore zones for mining in January 2019. The receipt of net revenue of $1.668 million (excl GST) from Northern Star Resources has satisfied the first milestone (to receive net proceeds of at least $1.5 million in cash from the sale of Geko ore before 7 January 2019) under the Company’s revised arrangements with SMS as described in the Company’s announcement (ASX: 17 December 2018). Northern Star Resources has the option to purchase an additional circa 90,000 tonnes of oxide ore with a grade above 2.75g/t Au before 31 March 2019. | |
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