Quarterly Activities and Cash Flow Reports June 2017
Sydney, Aug 1, 2017 AEST (ABN Newswire) - Broken Hill Prospecting Ltd (
ASX:BPL) provides the Company's Quarterly Activities and Cash Flow Reports June 2017.
Corporate
- Successful ASX spin-off of Cobalt Blue (ASX:COB) in Q1 2017 delivers excellent exploration results and a positive Scoping Study at Thackaringa Cobalt Project
- Strategy of becoming a significant heavy mineral sands (HMS) producer in the world class Murray Basin, New South Wales is advancing well with new acquisitions. Divestment of disputed assets to raise significant funds
- Strong projected cash position of $3.2 million at 30 September 2017 and no debt
- BPL is perfectly positioned for both organic and acquisition-based growth with project assessment underway
Projects
Murray Basin Heavy Mineral Sands Project, NSW
- Ongoing data compilation and prospectivity analysis underpins several new tenement applications
- Targets identified include multiple, shallow, mineralised strandlines comprising high-value heavy mineral assemblages
- Divestment of disputed tenements raises significant working capital. BPL maintains the third largest tenement portfolio in the Murray Basin, NSW, after industry leaders Iluka Resources and Cristal Mining
- Market confidence remains high with sustained Titanium pigment price increases in past 12 months
Thackaringa Cobalt Project, NSW
- Significant resource upgrade after previous quarter drilling campaign; tonnage up 66%, grade up 9% (COB announcement 5 June 2017)
- Scoping Study (announcement 3 July 2017 and COB announcement 12 July 2017) indicates strong potential for commercialisation of Thackaringa
- Aggressive program to advance the project underway, with joint venture terms modified to reflect best project delivery requirements
Thackaringa Base & Precious Metals, NSW
- Major geophysical survey program planned for Q4 2017 to target multiple base and precious metal prospects
To view the full report, please visit:
http://abnnewswire.net/lnk/VB72Z9IB
About Broken Hill Prospecting Ltd
Broken Hill Prospecting Ltd (ASX:BPL) is an Australian exploration company focussed on the discovery and development of strategic mineral resources across two primary geographical areas; the Murray Basin Region (Heavy Mineral Sands) and the Broken Hill Region (industrial, base and precious metals, including the Thackaringa Cobalt & Base/Precious Metal Project).
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