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Westgold Resources Ltd.
Summary
| Project: | Meekatharra | |
|---|---|---|
| Deposit: | Meekatharra | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/23/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Active Mining & Production | |
| Report details: | 23-7-2019: Westgold Resources Ltd. announces an Exploration/Drilling Update report for its Meekatharra deposit at the Meekatharra project. Drilling results incl. 12m @ 29.09g/t Au from 204m. The overall highlight of the June 2019 quarter was the consolida | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Jake Russell (Internal) | |
| ABSTRACT: | The overall highlight of the June 2019 quarter was the consolidation and simplification of the group’s asset portfolio to focus on Westgold’s Murchison Region assets. The core business of the group are its three Murchison Region assets where it now operates three processing plants in the north, central and southern part of a major aggregation play which dominates the Central Murchison goldfields. Westgold completed its exit from the Eastern Goldfields (Kalgoorlie Region) with the 10 June 2019 completion of the Higginsville Gold Operations (HGO) sale to RNC Minerals. This circa A$50 million sale added approximately $24 million in cash to Westgold’s treasury and saw Westgold become the largest shareholder of RNC (10.3%) with its exciting Beta Hunt gold mine now consolidated within the HGO assets. The transaction completed on 10 June 2109 and the market value of Westgold’s shareholding in RNC at 30 June 2019 was approximately A$38.4 million. Agreement for the sale of the group’s lithium royalties advanced but were both not completed as expected by the end of the quarter. The A$13 million sale of the Mt Marion Lithium Royalty to Silversteam SEZC is awaiting the completion of documentation. The A$2 million sale of the Buldania Royalty to Silverstream SEZC was pre-empted by Liontown Resources who made a $250,000 prepayment to prove their bonefides with the remainder due when the Mt Marion royalty settles. Westgold retains all the exploration and mining rights to lithium within the Hampton freehold lands on Location 53 & 59 which are now owned by Northern Star Resources Limited. These freehold areas and rights are in perpetuity and have no state royalty entitlements attached to them. Westgold is considering its options after numerous approaches to acquire or farm-in to these assets. | |
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