Following a review of the gold potential at the Parker Range Project the Company identified several small shallow gold resources at the Burbidge prospect. As the only real processing option was at the nearby Southern Cross gold operation the company agreed to sell the two related Mining Licences to Hanking Gold Mining Pty Ltd (‘Hanking’). The Company has continued to maintain the Parker Range Iron Ore project.
The Company continued to reduce its tenement holdings whilst also trying to maximise their value for shareholders. During the quarter the Company received proceeds of $270,000 from the sale of the Burbidge tenements and the sale of one tenement to FMG Limited.
Cazaly added the Kangaroo Hills Lithium project to its portfolio, a group of 11 tenements situated south of Coolgardie and adjacent to Lithium Australia’s Coolgardie Rare Metals Venture (CRMV) which hosts several historic lithium mines. The company is also focussed on its other key projects, being Parker Range, McKenzie Springs and its uranium rights in the Czech Republic. It also retains exposure to a potential royalty stream from the West Kalgoorlie project from a third party and from the Georges Reward project (MetalsX Limited).
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