KalNorth Gold Mines Limited
Date: 29 January 2018
ASX Code: KGM
Issued Capital 894.24 million Ordinary shares
Current Share Price $0.009
MarkettCapitalisation $8.05 million
Board Members Jiajun Hu
Executive Chairman & Company Secretary
Yuanguang Yang
Non-executive Director
Xiaojing Wang Non-executive Director
Contact Details Registered Office: 224 Dugan Street Kalgoorlie, WA 6430
T: 08 9021 8327
E:www.kalnorthgoldmines.com
W:info@kalnorthgoldmines.com
Projects located at Eastern Goldfields, Western Australia
• Kurnalpi (100%)
• Lindsays (100%)
Quarterly Activities Report:
December 2017
The Board of KalNorth Gold Mines Limited ("KalNorth or the "Company", ASX: KGM) is pleased to report on activities and progress made during the December 2017
Quarter.
Highlights
Kurnalpi Project
The Company has commenced a review of the potential for economic mineralisation of nickel and cobalt at
Kurnalpi. Following this review, a strategy decision to advance or divest nickel and cobalt rights will be made in next quarter.
Lindsays project
During the Quarter, the Company continued to hold the
Lindsays project under care and maintenance and in compliance with environmental regulations, thus allowing for a resumption of mining activities with minimal lead time. The Company continued its strategic review of the project and progressed discussions with several interested parties to redevelop or divest the project.
EXPLORATION REPORT
Kurnalpi Project (100% KGM)
During the Quarter, the Company commenced a review of potential for economic mineralisation of nickel and cobalt potential around the Grey Dam area, located about 8kms northwest of the Kurnalpi townsite and forming part of the Kurnalpi project in the eastern Goldfield region of Western Australia.
The Company is reviewing the Grey Dam Nickel-Cobalt potential and a strategy decision to advance or divest the deposit will be made thereafter.
Lindsays Project (100% KGM)
During the Quarter, the Company continued to hold the Lindsays project under care and maintenance and in compliance with environmental regulations which will allow any future mining activity to resume immediately.
The Company continued its strategic review of the project and has progressed discussions with several interested parties to redevelop or divest the project.
CORPORATE REPORT
Cash Reserves
Total expenditure for the December 2017 quarter amounted to $96,611 of which $71,579 was attributable to exploration and evaluation, compared to a total expenditure of $287,964 in the September2017 quarter. Cash assets at the end of the Quarter were $2.8M with outstanding convertible notes of $1.3 million. The Company is in negotiation with the note holder to extend or repay the notes accordingly.
For further information please contact
Jiajun (Jerry) Hu
Executive Chairman and Company Secretary Email:info@kalnorthgoldmines.com
Location map of KalNorth projects showing roads and local processing plants
About KalNorth Gold Mines Limited
KalNorth Gold Mines Limited (ASX Code: KGM) is a gold exploration company based in Kalgoorlie, Western Australia (WA). The Company's core suite of tenements, all 100% owned, are located some 50 to 80km north-east of the world renowned gold mining town of Kalgoorlie, WA. There are currently two main gold projects each with resources within the KGM holding: Kurnalpi and Lindsays (collectively the KalNorth Field).
Competent Person Statement-Exploration Results and Mineral Resources
The information in this report that relates to exploration results is based on, and fairly represents information and supporting documentation prepared by Mr Lijun Yang, a Competent Person who is a member of Australian Institute of Geoscientists. Mr Yang is a consultant to the Company. Mr Yang has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Yang consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Tenement Holdings and Movements
Mining Tenements and Beneficial Interest Held as at the end of the December 2017 Quarter
Tenement | Holder | Status | Project | Interest % |
E28/1477 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
E28/2226 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
E28/2256 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
E28/2541 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0007 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0066 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0072 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0076 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0084 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0089 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0090 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0092 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0113 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0374 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0375 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
P28/1154 | KalNorth Gold Mines Ltd | Live (Conversion) | Kurnalpi | 100 |
P28/1180 | KalNorth Gold Mines Ltd | Live (Conversion) | Kurnalpi | 100 |
P28/1191 | KalNorth Gold Mines Ltd | Live (Conversion) | Kurnalpi | 100 |
P28/1184 | KalNorth Gold Mines Ltd | Live | Kurnalpi | 100 |
P28/1186 | KalNorth Gold Mines Ltd | Live | Kurnalpi | 100 |
P28/1187 | KalNorth Gold Mines Ltd | Live | Kurnalpi | 100 |
P28/1190 | KalNorth Gold Mines Ltd | Live | Kurnalpi | 100 |
P28/1226 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1227 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1228 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1229 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1230 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1231 | Lusitan Prospecting Pty Ltd | Live | Kurnalpi | 100 |
P28/1282 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0377 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0378 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0379 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0380 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0381 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0382 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0383 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0384 | Shannon Resources Pty Ltd | Live | Kurnalpi | 100 |
M28/0386 | Shannon Resources Pty Ltd | Pending | Kurnalpi | 100 |
M28/0390 | KalNorth Gold Mines Ltd | Pending | Kurnalpi | 100 |
E27/0517 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
L27/0082 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
L27/0084 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
M27/0034 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
M27/0169 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
M27/0486 | KalNorth Gold Mines Ltd | Live | Lindsays Find | 100 |
E27/0524 | Heron Resources Ltd | Live | Binti Binti | 100% Au rights |
Tenements Relinquished / Disposed during the December 2017 Quarter
Tenement | Holder | Status | Date | Project | Interest % |
P28/1254 | Shannon Resources Pty Ltd | Live | 20/12/2017 | Kurnalpi | 0 |
P28/1255 | Shannon Resources Pty Ltd | Live | 20/12/2017 | Kurnalpi | 0 |
Tenements Acquired During the December 2017 Quarter
Nil
Shannon Resources Pty Ltd and Lusitan Prospecting Pty Ltd are wholly owned subsidiaries of the Company.
None of the mineral interests listed above are the subject of any farm-in / farm-out or joint venture arrangements.
KalNorth Gold Mines Limited published this content on 29 January 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 January 2018 02:19:00 UTC.
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