- Materials stock Australasian Gold (A8G) releases its first quarterly report since listing on the ASX in May
- In June, the company entered a binding agreement to acquire a 100 per cent interest in the Capella gold project which has intersected up to 32.8g/t gold
- Additionally, Australasian Gold then began drilling at the May Queen Gold Project in mid-June to follow up on historical drilling
- The company ended the quarter with just over $5.24 million in total available funding, representing 16 quarters of use
- Shares in Australasian Gold are up 1.72 per cent on the market and are trading at 14.8 cents at 1:37 pm AEST
Materials stock Australasian Gold (A8G) has released its first quarterly report since listing on the ASX in May.
The company begun trading on the ASX on May 13 after successfully raising $5.5 million in its initial public offering (IPO).
Exploration
Capella
On June 7, Australasian Gold entered into a binding tenement sale and purchase agreement (SPA) to acquire a 100 per cent interest in the Capella gold project from Cape Coal.
To acquire the 100 per cent interest, Australasian Gold issued 500,000 shares at 20 cents, worth a total of $100,000, to Cape Coal.
Historical work at the Capella project has returned results of 32 metres at 3.8 grams of gold per tonne (g/t) from 22 metres including two metres at 32.8g/t gold from 22 metres.
May Queen
Australasian Gold then began drilling at the May Queen Gold Project in Queensland in mid-June to follow up on historical drilling.
Drilling was completed nearly a month later after 1000 metres of diamond drilling was carried out across five holes.
Drill core from the first two holes have been sent to ALS Brisbane for preparation and assay.
Finances
Australasian Gold burnt through $181,000 in the June quarter with all going towards administration and corporate costs.
Additionally, $139,000 was used in investing activities with that going towards exploration and evaluation.
The company ended the quarter with more than $5.24 million in total available funding, representing 16 quarters of use if spending levels remain the same.
Shares in Australasian Gold were up 1.72 per cent on the market and trading at 14.8 cents at 1:37 pm AEST.