Australasian Metals (ASX:A8G) - Managing Director, Dr Qingtao Zeng
Managing Director, Dr Qingtao Zeng
Source: MetalsTech
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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.

A8G by the numbers
More From The Market Online

WA1 Resources jumps 6% on high-grade niobium from drilling at Luni

WA1 Resources has jumped 6.5% in morning trades as the market responds favourably to the company's…
The Market Online Video

Barton Gold taps investors for $4M to fund Tunkillia study; drilling

Barton Gold (ASX:BGD) has announced it's raising $4M to advance key project studies at its Tunkillia…
The Market Online Video

Lithium Plus heading towards feasibility works at Lei deposit; MRE growth potential flagged

Lithium Plus Minerals (ASX:LPM) has revealed the company is preparing to get underway with feasibility works…

FireFly Metals announces port access & expansion; CFO resignation

FireFly Metals has inked a Port Access Agreement with TSXV-listed Maritime Resources Corp (TSXV:MAE), enabling FireFly…