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- Gold explorer Discovex Resources (DCX) has pocketed $430,000 following the sale of its shareholdings in Carnaby Resources (CNB)
- The shares were acquired in April 2019 as part of the sale of Discovex’s Mt Isa southern hub tenements to Carnaby
- Discovex still retains a 17.5 per cent free-carried interest in the tenements, which form part of Carnaby’s Tick Hill project
- The proceeds of the sale will be used mainly for further drilling and exploration at the Edjudina Gold Project
- Discovex Resources is up 12.5 per cent today, with shares trading for 0.9 cents each
Gold explorer Discovex Resources (DCX) has pocketed $430,000 following the sale of its shareholdings in Carnaby Resources (CNB).
The proceeds of the sale will be used mainly for further drilling and exploration at its Edjudina Gold Project.
The sale
The shares were acquired in April 2019 as part of the sale of Discovex’s Mt Isa southern hub tenements to Carnaby.
Discovex retains a 17.5 per cent free-carried interest in the holdings, which form part of Carnaby’s Tick Hill project, meaning it still maintains exposure to the area’s exploration potential.
The company netted a total of $430,659 from the share sale.
The exploration
The first phase of Discovex’s exploration plans will comprise of follow-up drilling at Edjudina’s Hornet West prospect, where it’s hoped previous gold intersections may be extended along strike to the north and south.
Drilling will also test other targets at Hornet identified by a recent soil sampling program.
The company will also undertake a program of targeted reverse circulation (RC) and diamond drilling across prospects identified from a current program of aircore drilling.
Aircore results are expected in mid-July, while the new campaign is being planned for August and September. This program will be partly funded by an $80,000 Exploration Incentive Scheme grant from the WA government.
Several priority targets at the Newington Gold Project near Southern Cross in WA will also be tested in the third and fourth quarters of 2020.
With a clear funding runway for exploration at two key projects, Discovex is gearing up for a big back half of the year.
Discovex Resources is up 12.5 per cent today, with shares trading for 0.9 cents each at 3:30 pm AEST.
