For personal use only
Twenty Seven Co. Limited
ABN 48 119 978 013
Interim Financial
Report
Half-Year Ended 31 December 2021
Table of Contents
Page
use only
Corporate Directory ........................................................................................................................................... | 1 |
Directors' Report................................................................................................................................................ | 2 |
Auditors Independence Declaration ................................................................................................................ | 13 |
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income ............................ | 14 |
Condensed Consolidated Statement of Financial Position ............................................................................. | 15 |
Condensed Consolidated Statement of Changes in Equity ............................................................................ | 16 |
Condensed Consolidated Statement of Cash Flows....................................................................................... | 17 |
Notes to the Interim Financial Statements....................................................................................................... | 18 |
Directors' Declaration ...................................................................................................................................... | 25 |
Independent Auditor's Review Report ............................................................................................................. | 26 |
Corporate Directory
For personal
Directors
Rohan Dalziell - Non-executive Chairman
Mark Burchnall - Non-executive Director
Timothy Armstrong-Non-executive Director
Chief Executive Officer
Simon Phillips
Chief Financial Officer / Company Secretary
Amy Fink / Dale Hanna
Registered Office & Administrative Office
Twenty Seven Co. Limited ABN 48 119 978 013 Suite 17
145 Stirling Hwy
Nedlands, Perth Western Australia 6009 Telephone +61 (08) 9385 6911 enquiries@twentysevenco.com.au
Website
www.twentysevenco.com.au
Share Registry
Computershare Investor Services Pty Ltd
Level 5, 115 Grenfell Street
Adelaide SA 5000
GPO Box 1903
Adelaide SA 5001
Investor Enquiries (within Australia):
Ph: 1300 556 161 Facsimile +61 8 8236 2305
Auditor
Grant Thornton Audit Pty Ltd
Level 43, 152 - 158 St Georges Terrace Perth, Western Australia 6000
Banker
National Australia Bank
Level 14, 100 St Georges Terrace
Perth, Western Australia 6000
Australian Securities Exchange
The Company is listed on the Australian Securities Exchange.
ASX code: TSC
Twenty Seven Co. Limited - Financial Report | Page 1 |
Twenty Seven Co. Limited | Directors' Report |
Directors' Report
For personal use only
Your Directors present this report on Twenty Seven Co. Limited and its consolidated entities ('Group', 'Twenty Seven Co.', 'TSC' or 'Company') for the half-year ended 31 December 2021 ("half-year").
DIRECTORS
The names of each person who has been a Director during this half-year to the date of this report are:
- Rohan Dalziell (Non-Executive Chairman) - appointed 9 September 2021
- Robert Scott (Non-Executive Chairman) - resigned 9 September 2021
- Mark Burchnall (Non-Executive Director)
- Timothy Armstrong (Non-Executive Director)
All directors have been in office for the whole period up until the date of this report unless otherwise indicated.
CHIEF EXECUTIVE OFFICER
- Simon Phillips
COMPANY SECRETARY
- Dale Hanna
PRINCIPAL ACTIVITIES
During the financial half year, the principal activities of the Group consisted of;
- Completion of RC drilling programme at the Rover Gold Project;
- Completion of auger drilling programme at Yarbu Gold Project;
- Review of geochemical and historical sample data at Trident and subsequent identification of new lithium and tin targets;
- Completion of Trident rock chip sampling programme targeting copper and gold mineralisation.
CONSOLIDATED RESULTS
During the half-year ended 31 December 2021 the Group incurred a loss of $394,664 (2020: loss $2,741,857). The significant loss for the prior year relates to the recognition of an impairment charge of $2,395,984 to the Company's New South Wales exploration assets.
Twenty Seven Co. Limited - Financial Report | Page 2 |
Twenty Seven Co. Limited | Directors' Report |
REVIEW OF OPERATIONS
Exploration Activities
For personal use only
Western Australia Archaean Gold Assets
ROVER GOLD PROJECT (E57/1085, E57/1120, E57/1134)
TSC's 100% owned Rover project is located near Sandstone in a base metals and gold mineral rich area associated with Archean greenstone belts. Rover Project consists of three exploration licenses (E57/1085, E57/1134 and E57/1120) which make up a large 460km² tenure package covering two linear Archean greenstones, with a combined length of around 160km. Historically the area is underexplored and is currently undergoing a resurgence in exploration.
Figure 1: Map of the Rover project showing the location of the Harmonic and Creasy 1 prospects
as well as the most recent soil sampling locations
RC Drilling Programme Complete
A key outcome during the half year reporting period was the successful completion of a Reverse Circulation ("RC") drilling programme at the Rover Gold Project (see Figure 1).
A total of 31 holes for 2,161m was completed, with 574 samples submitted to the laboratory for multi element and gold analysis.
Post reporting period end, TSC received all gold assay results from the RC drilling programme. A summary of the findings is provided below.
Highlights from the drilling include:
- 8m @ 0.47g/t from 52m in 21RVRC022
- 36m @ 0.20g/t from 16m in 21RVRC006
- 8m @ 0.23g/t from 4m in 21RVRC023
- 3m @ 0.26g/t from 96m (EOH) in 21RVRC021
- 43m @ 0.16g/t from 128m (EOH) in 21RVRC002
Twenty Seven Co. Limited - Financial Report | Page 3 |
Twenty Seven Co. Limited | Directors' Report |
For personal use only
The intersection in hole 21RVRC002 appears to correlate well with the mineralisation identified in the 2019 drilling undertaken at Harmonic which is down dip, and hole 21RVRC006 shows very good correlation with holes 19RVRC009 and 10 and 20RVRC057 and 58 which are 50m along strike to the south.
Interestingly, all areas drilled in this field campaign show anomalous gold which reinforces the potential for Rover to host significant gold mineralisation. Given that all areas drilled appear to show elevated gold, those drill results highlight the potential for Rover to host significant gold mineralisation yet to be identified. Further work will be undertaken to ascertain that potential.
Sampling and assaying of the 1m splits were underway at the time of writing to ascertain the full outcomes of the 2021 drilling programme.
Figure 2: RC drill rig on site at Rover
Rover Drilling Programme Summary
Six (6) holes were designed to extend the Harmonic Prospect ("Harmonic"), a priority target, at depth and along strike, and the remaining 25 holes were designed to test the gold-in-soil anomalism identified in November 2020 at the Middle Well, Four Corners and Blue Hills Prospects.
Initial geological observations at Harmonic are in line with expectations, with mafics and quartzites having been intersected in all holes. Geology at the Middle Well, Four Corners and Blue Hills Prospects consisted mainly of mafic basalts/dolerites (with some potential ultramafics), granites and BIFS/SIFS.
A key takeaway from the programme was hole 21RVRC022 which recorded an intersection of 4m (62-66m DH) of massive sulphides (pyrite and pyrrhotite) with minor chert which contained potential exhalative texture.
Importantly, the intersection of massive sulphide is of significant base metal interest given that ASX-listed Cobre Limited's Perrinvale Project (~30km south of the Rover Project) has shown that massive pyrite can be associated with base metal prospectivity. If the massive sulphide assays return any base metal anomalism, then this may indicate that the geology within Rover is fertile with respect to base metals in the form of volcanic- hosted massive sulphides ("VHMS") which would require follow up work.
Twenty Seven Co. Limited - Financial Report | Page 4 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Twenty Seven Co. Limited published this content on 03 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2022 07:39:02 UTC.