Going through the annual report this is what I see
* In June 2021, the Company secured a prospective ground position, close to Coda Minerals recent Emmie Bluff Deeps Prospect Iron-Oxide Copper-Gold (IOCG) discovery (Refer to Coda Minerals (ASX: COD) 09/06/21 ASX release) near Woomera in South Australia (Figure 6). The new Licence Application (ELA 2021/00066), Woomera Project, covers a 209 km2area. Open file historical company reporting identified significant historical copper drill intersections from three drill holes just north of the new tenement area (maybe we might hear more next year for this)
* Drilling programs at both the Mabel Creek and Comet Gold Projects in South Australia (Figure 2) were completed during the period. The Mabel Creek Project is prospective for Iron-Oxide Copper-Gold (IOCG) mineralisation and drilling to date has identified two areas (Areas 5 and 13) showing IOCG style hydrothermal alteration requiring further follow up. At Comet, the first phase of a large regional scale RAB drilling program exploring for new gold accumulations under shallow cover, has been completed. Drilling of advanced gold prospect areas are scheduled to occur from September 2021.
* In December 2020 the Company raised $2.16M by way of placement of new shares with funds to be used to expedite exploration on the Company’s Mabel Creek and Comet Gold Projects. The Company held $3.1M of cash at the end of the Period. A summary of ground activities during the period is presented below.
Negatives
* Top 20 hold less than 50%. That could be from the recent raise and might explain the share price decline.
PTR Price at posting:
5.1¢ Sentiment: Hold Disclosure: Held
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