Australasian Metals Limited (ASX:A8G) Announces Portfolio Rationalisation and Exploration Progress
Portfolio Rationalisation
Australasian Metals conducted a thorough review of its project portfolio, reducing costs and focusing on assets with stronger near-term exploration potential. Several high-cost projects were scaled back to prioritise near-term value catalysts and preserve capital. The Company ended the March quarter with approximately $3.3 million in cash and no debt.
May Queen Gold Project
At the May Queen gold project in Queensland, the Company identified a highly prospective area for high-grade gold mineralisation. Following the 2021 drilling campaign, an IP survey will commence in May 2025 to define further drilling targets. Initial results include 6m @ 1.99 g/t Au from 35m and 1m @ 9.39 g/t Au from 68m.
Mt Clermont and Capella Projects
A new targeting program has started at the Mt Clermont and Capella projects. Mt Clermont has over 6,700m of historical drilling, indicating potential for a high-grade polymetallic epithermal system. At the Capella Gold Project, a data review identified drill targets based on high-grade gold veining, and the team is developing an exploration strategy.
Dingo Hole and Barrow Creek Projects
Australasian Metals has withdrawn from the Dingo Hole HPQ project due to unfavorable market conditions. At the Barrow Creek Lithium project, the Company will forfeit non-core exploration areas to reduce holding costs amidst a weak lithium market.
Motley Fool contributor Aaron Shaw has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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