I have highlighted a few of the items in this quarterly that catch my attention. One thing that repeatedly comes to the fore for me, is my discussions with Ian, (Ian understands that I am not a mining person or geologist, with this he sometimes explains things in layman's language, for my better understanding) I hope Ian doesn't mind me sometimes quoting him, I am well meaning. Ian has said that there is a lot of very detailed information in his announcements and reports, the issue is that, to interpret the significance you need to be a geologist or have a high degree of geological knowledge to fully appreciate the content. This quarterly reinforces everything Ian said, I get the gist, not the detail. I trust Ian implicitly, and the share price is laughable. Keep up the great work BOD.
Cash position at end of Quarter of $11.2M. With an average quarterly cash burn over 4 quarters being $2 million, we are funded for the next 5 quarters minimum.
WA Mt Zephyr The Mt Zephyr-Darlot East metallogenic model for Ardea’s 910km2 tenement holding is: The Mt Zephyr project continues to be assessed to plan optimum follow-up work. With multiple targets defined at the Gale Gold, Jones A Nickel Sulphide and Dunn’s Line Prospects. Ardea needs to consider the best strategy for this quality tenement portfolio. Current options being considered include introducing a larger project joint venture partner with a strong balance sheet and track record of exploration success, which will help protect Ardea’s tight capital structure and cash balance.
Gold structures within the GNCP The intensity of the gold anomalism mapped throughout the GNCP and surrounds is at least 10 times the values typical of the region’s gold-anomalous laterites (see Figure 13).
Perrinvale nickel sulphide Grant of tenure was confirmed during the June Quarter. The Ardea exploration target is based on recent nickel sulphide discoveries immediately west of Perrinvale made by St George Mining. Regional magnetic data highlights that the feature which hosts the St George Mining nickel sulphide discoveries, has an ENE strike and extends into Perrinvale. The nickel sulphide prospects are overlain by transported cover, so geophysical methods such as moving loop Electro Magnetic (EM) surveys will be employed to facilitate drill hole targeting. A proposal has been received from a specialist consultant, with the EM survey planned to be completed during H2 2019. Any
There is massive GOLD and nickel sulfide here, there and everywhere Ghost Rocks gold Perrinvale nickel sulphide Bedonia gold and nickel sulphide Mulga Plum gold and VMS base metal-sulphur Windanya gold Taurus gold
NSW Gold and Base metals projects (100% Ardea) Godolphin’s development focus will be the Mount Aubrey epithermal gold and Lewis Ponds gold-zinc projects associated with the Lachlan Transverse Zone (LTZ) of the Lachlan Fold Belt (LFB) in central NSW. The Proposed Transaction is subject to various conditions, including approval by Ardea shareholders at an Extraordinary General Meeting (EGM) proposed for Q3 2019, in anticipation of a listing in Q4 2019. Godolphin will go to the market with this same Ardea “can-do” attitude, having totally transformed the tenement holding of February 2017 into cohesive holdings on universally acknowledged prime gold and base metal mineralised structures.
WA Gold and Nickel Sulphide projects Work will continue to target gold along the Bardoc Tectonic Zone at Goongarrie and the GNCP, which is likely to be the main gold focus over the coming months. An Information Memorandum was completed for the Mt Zephyr and Darlot East projects following expressions of interest for joint venture. NSW Gold and Base Metals projects The priority is completing and lodging the Godolphin prospectus in Q3 2019 and subject to market conditions, moving forward with the IPO in Q4 2019. As part of this process a Managing Director will be appointed for Godolphin.
WOW, How is it that we can have a share price of $0.485c, a market capitalization of $50 million and shares on issue of 106 million. NUTS RED
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