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Exore Resources (ASX:ERX) - Managing Director, Justin Tremaine
Managing Director, Justin Tremaine
Source: The Pick
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  • Exore Resources (ERX) has provided results on its drilling program at the Bagoe Project in Côte d’Ivoire and updated shareholders on the impact of COVID-19
  • Drilling intersected gold grading up to 3.88 grammes per tonne
  • As COVID-19 has had a relatively small impact on Côte d’Ivoire, Exore is continuing with operations
  • However, the company is complying with all restrictions and recommendations that have been put in place
  • Exore is up a slight 5.26 per cent and shares are currently trading for four cents each

Exore Resources (ERX) has provided results on its drilling program at the Bagoe Project and updated shareholders on the impact of COVID-19.

Drilling

Exore’s Bagoe Project is located in northern Côte d’Ivoire and covers an area of 425 square kilometres.

Initial geochemical sampling and exploration identified two large-scale gold-in-soil anomalies, now known as Antoinette and Veronique.

This program consisted of aircore (AC) drilling along the shear corridor of the Antoinette anomaly.

Significant results include 12 metres at 3.88g/t gold from eight metres, and 25 metres at 0.61g/t gold from 12 metres including five metres at 2.10g/t gold from 32 metres.

This drilling identified blind mineralisation, which means that there was no indicator that anything significant could be found because of a cover.

However, this also means that the area has not been subject to drilling and could be full of significant results such as those already recorded.

Follow-up drilling is a high priority for Exore.

“The latest result of 12 metres at 3.9g/t gold from just eight metres is very encouraging,” Managing Director Justin Tremain commented.

COVID-19 impact

So far, COVID-19 has had a small impact on Exore and its activities in Côte d’Ivoire and the company is able to continue with its exploration programs.

Exore is managing the impact that COVID-19 could have on operations and is keeping the health and safety of all staff a top priority.

The company is maintaining social distancing, increased hygiene practices and limiting travel where necessary.

Exore remains in a strong financial position, with $12.7 million in cash at the end of March 2020, but it is putting measures in place to cut operating expenses.

These include reducing corporate, exploration and administrative fees where possible.

“Government travel restrictions imposed due to the COVID-19 pandemic have presented minor logistical challenges and delays with the company’s exploration activities,” Justin said.

“Notwithstanding these challenges, the field team has been able to continue with the planned exploration programs, including drilling,” he added.

Exore is up a slight 5.26 per cent and shares are trading for four cents each at 2:01 pm AEST.

ERX by the numbers
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