Astral Resources Reports Significant Drilling Progress at Feysville and Mandilla Gold Projects
AAR (AAR) Share Update July 2024 Monday 29th
Astral Resources Announces Significant Drilling Progress at Feysville and Mandilla Projects
Astral Resources NL (ASX: AAR) has reported significant progress in its drilling activities at the Feysville and Mandilla Gold Projects near Kalgoorlie, WA, during the quarter ended 30 June 2024.
Instant Summary:
- 7,807 meters of drilling completed at Feysville Gold Project.
- 26-hole RC program commenced at Kamperman Prospect.
- Assay results pending for recent drilling at Kamperman and Rogan Josh prospects.
- 14,000 meter in-fill RC drilling program planned for Mandilla Gold Project.
- Corporate update: $5.77 million cash on hand and $7 million raised through share placement.
Feysville Gold Project
Astral Resources completed 7,807 meters of drilling at the Feysville Gold Project, which included 21 holes for 2,740 meters of reverse circulation (RC) drilling at the Kamperman Prospect, 32 holes for 1,673 meters of RC drilling at the Rogan Josh Prospect, and 120 holes for 3,664 meters of reconnaissance slimline RC drilling.
A 26-hole, 2,808 meter RC drilling program commenced at the Kamperman Prospect in late June, with 3 holes for 298 meters completed during the quarter. Assay results for this program are pending.
Mandilla Gold Project
Planning for a 14,000 meter in-fill RC drilling program aimed at upgrading the Inferred Resources within the Stage 1 and Stage 2 Theia open pits has been completed. Drilling is scheduled to commence in August 2024.
Corporate Update
Astral Resources reported cash on hand of approximately $5.77 million as of 30 June 2024. The company also completed a placement of 140 million shares at $0.05 per share, raising $7 million before costs. Additionally, company directors subscribed for 2.1 million shares at $0.05 per share, approved at a general meeting held on 20 May 2024.
The extensive drilling activities and pending assay results are likely to have a positive impact on Astral Resources' stock as investors anticipate potential resource upgrades. The successful share placement and strong cash position provide financial stability to continue exploration and development activities.
Investor Reaction:
Analysts are likely to react positively to the substantial drilling progress and the company's strong financial position. However, the final impact will depend on the forthcoming assay results and their implications for resource estimates.
Conclusion:
Investors should keep an eye on the pending assay results and the upcoming in-fill drilling program at the Mandilla Gold Project. Astral Resources' strategic focus on expanding its resource base and maintaining a strong financial position bodes well for its future prospects.