Well this was off the annual report of Liongold from SGX...

Well this was off the annual report of Liongold from SGX announcements.

This company is REALLY undervalued at a market cap of 2,8 million especially when you read what Liongold have spent on it just this FY.

THEY OBVIOUSLY BELIEVE IT IS OF VALUE !!

SIGNATURE METALS (“SML”)
Activity conducted by ASX-listed Signature Metals, 78% owned by LionGold Corp, focused on exploration activities
at its Konongo Gold Project in Ghana.
During the financial year, a total of 53 surface diamond drill (DD) holes, 129 surface Reverse Circulation (RC) holes
and 1,046 Air Core (AC) holes were drilled during the financial year, for a total of 56,824 metres. The purpose of this
drilling was to identify geological conditions related to gold mineralization and to try to identify mineralization or
significant structures. This drilling was focused on exploration for near-surface gold oxide deposits at historic and
untested areas for mineralisation potential, and for sulphide mineralisation at shallow to moderate depths, principally
around established resources.
The main areas of interest were on the following:-
? Air core drilling focussed on the Main Shear and the Ashanti Shear position west of the Main Shear, and targeted
eight areas of interest – Kyekyewere, Akyenase, Agyereago, Patriensa, Patriensa East, Ashanti North, Domeabra
and Kyereben east).
? Reverse Circulation drilling focussed on the Obenemase, Kwakawkaw south and Apan deposits, and
? Diamond Drilling focused on the Obenemase deposit, including the newly discovered R Zone underneath the
Obenemase deposit.
No development or mining activities occurred during the financial year, with the oxide processing plant and supporting
mine infrastructure on care and maintenance during this period. Administration, environmental, community relations
and security functions continued during the reporting period.
The Company engaged Snowden Mining Industry Consultants (Snowdens) to conduct a high level Scoping Study to
support the exploration effort at Konongo and the view that there are reasonable prospects for economic extraction of
sufficient resources at depth to support a longer term mine life. This study proposes 2 phases – the first phase is a high
level resource review, which ascertains that there is a reasonable foundation for the resources, followed by the second
phase of the Scoping Study where the likely economic returns can be determined. Work on the first phase was
completed during the financial year, and work had commenced on phase 2.
SML has capitalised S$6.2 million in exploration and evaluation, and expensed S$11.2 million in the ordinary course of
its activities on site.