- R3D Resources (R3D) releases its first quarterly report since listing on the ASX in mid-July
- R3D last traded on the ASX early last year when it began transitioning into a gold-copper explorer through the acquisition of Tartana Resources
- During the quarter, Tartana continued work to restart the Copper Sulphate Project which had been in production until 2014
- The companies will use this quarter to identify an appropriate project manager and design a shallow drilling program to upgrade the resource
- R3D ended the quarter with $51,000 in total available funding, representing less than one quarter of use
- R3D was up 5.56 per cent on the market with shares trading at 19 cents at 1:31 pm AEST
R3D Resources (R3D) has released its first quarterly report since listing on the ASX in mid-July.
The company successfully relisted on the ASX following a $4.25 million recapitalisation when shares were offered at 20 cents each.
R3D last traded on the ASX early last year when it began transitioning into a gold-copper explorer through the acquisition of Tartana Resources.
The company currently holds a 99.83 per cent interest in Tartana and will acquire the remaining 0.17 per cent subject to compulsory acquisition which will be finalised in August 2021.
During the quarter, Tartana designed several holes to test an exploration target with work expected to begin in August.
Copper Sulphate Project
During the quarter, Tartana continued work to restart the project which had been in production until 2014.
The plant has a reported capacity of up to 9500 tonnes per annum, however R3D believes the copper sulphate was produced at a rate of 6000 to 7000 tonnes per annum.
Work to date includes preliminary costings for plant refurbishment, detailed costing for electrical refurbishment, testing copper levels and estimating a JORC 2012 resource.
R3D and Tartana will use this quarter to identify an appropriate project manager and design a shallow drilling program to upgrade the resource.
Falcon Gravity Survey
Xcalibur/CGG Aviation has been commissioned to fly a Falcon Gravity Survey over the Bulimba and Bellevue/Dry River tenements.
A total of 2290 kilometres will be flown over both tenements.
Finances
R3D spent $183,000 during the quarter with the majority going towards administration and corporate costs.
As of June 30, the company had $51,000 in total available funding, representing less than one quarter of use.
However, this doesn’t faze the company as it successfully raised $4.25 million under its prospectus which will be included in the September quarterly.
R3D was up 5.56 per cent on the market with shares trading at 19 cents at 1:31 pm AEST.