Duketon Mining's June 2024 Quarterly Report: Exploration and Resource Updates
DUKETON MINING LIMITED (DKM) Share Update July 2024 Wednesday 24th
Duketon Mining Releases June 2024 Quarterly Report with Key Updates on Exploration and Resources
Duketon Mining Limited (ASX: DKM) has released its June 2024 quarterly report, detailing significant exploration activities and resource updates. Investors are keen to understand the implications of these developments on the company's future prospects.
Instant Summary:
- Ongoing field reconnaissance on regional projects.
- Rehabilitation activities commenced on the Tate Project.
- Sale of Fisher South tenement to Ordell Minerals for 1,000,000 shares.
- Application for additional tenure at Barlee, expanding the land package to 594 sq.km.
- Review of development options for Rosie and C2 Resources continuing.
- Cash and shareholdings at 30 June 2024 of $12.3 million.
Exploration Activities
During the quarter, Duketon Mining Ltd (DKM) continued with exploration, including desktop reviews and field reconnaissance, on regional projects such as the Stephens Base Metals project, Doris Uranium and REE project, and Barlee Lithium and Gold project. Rehabilitation activities commenced on the Tate Project at Duketon North.
Further field programs on DKM regional projects are being planned for the next quarter. Additional tenure has been applied for at the Barlee project, increasing the size of the landholding to 594 sq.km. The Fisher South tenement was sold to Ordell Minerals Limited for 1,000,000 shares post quarter end.
Resource Updates
The Indicated and Inferred Mineral Resource Estimate for Rosie stands at 2.77 million tonnes at 3.27% nickel equivalent, containing 56,300 tonnes of nickel, 11,800 tonnes of copper, 1,610 tonnes of cobalt, and over 229,000 oz of total PGEs. The resource includes a reportable nickel equivalent number based on metallurgical work completed to determine recoveries.
The Indicated and Inferred Mineral Resource Estimate for C2 is 8.06 million tonnes at 0.57% nickel, containing 46,263 tonnes of nickel, 2,339 tonnes of copper, 1,505 tonnes of cobalt, and 25,684 oz of total PGEs. Combined, the total JORC compliant nickel resource for the Bulge Area (Rosie and C2) now stands at 102,527 tonnes of nickel, 14,163 tonnes of copper, and 254,712 ounces of PGEs.
Corporate Activities
At 30 June 2024, Duketon had a cash and liquids balance of A$12.3M, comprised of cash of A$10.6M and shareholdings of A$1.7M. Exploration and evaluation expenditure during the quarter was $207,000, associated with geological consultants, field-related activities, and tenement compliance costs. There were no substantive mining production and development activities during the quarter.
The ongoing exploration and resource updates indicate a proactive approach by Duketon Mining in expanding its resource base and exploring new opportunities. The sale of the Fisher South tenement and the application for additional tenure at Barlee are strategic moves to optimize the company's land holdings and focus on high-potential projects. The reported cash and shareholdings position of $12.3 million provides a solid financial foundation for continued exploration and development activities.
Investor Reaction:
Investors and analysts have reacted positively to Duketon Mining's proactive exploration strategy and resource updates. The sale of the Fisher South tenement for shares is seen as a strategic move to unlock value. The company's strong cash position and ongoing exploration activities are expected to support future growth and development.
Conclusion:
Investors should closely monitor Duketon Mining's ongoing exploration activities and resource updates. The company's strategic moves to expand its land holdings and optimize its resource base are expected to drive future growth. Stay informed on Duketon Mining's developments and consider the potential long-term impacts on your investment portfolio.