Caeneus Minerals (ASX:CAD) completes major drill program in Q3 – The Market Herald

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  • Caeneus Minerals (CAD) completed a maiden aircore drilling program at the Roberts Hill project in the September quarter
  • Nearly 200 holes were drilled to test multiple zones of geophysical anomalism and generated encouraging results
  • The company spent $1.07 million on operating activities which mostly went towards exploration and evaluation costs and further $73,000 was put into investing activities
  • Caeneus ended the quarter with about $1.94 million in cash and less than two quarters left of available funding but hasn’t taken any steps to raise more capital
  • Company shares have ended the day 6.25 per cent in the red to close at 1.5 cents

Caeneus Minerals (CAD) successfully completed a maiden aircore drilling program at the Roberts Hill project in the September quarter.

The drilling program was designed to test six zones of geophysical anomalism which are prospective for structural and intrusive related gold mineralisation within the Mallina Basin of Western Australia.

This program included 197 holes, for about 16,000 metres, and the company found majority of the results it had received to be highly encouraging. However, some assays are yet to be received and once they are, Caeneus will submit a program of works application to conduct additional drilling in the first quarter of next year.

Caeneus Minerals also undertook exploration and sampling at its Pardoo project which the company believes presents an opportunity for potential gold and base metal geochemistry of calcrete.

The company spent $1.07 million on operating activities which mostly went towards exploration and evaluation costs and further $73,000 was put into investing activities.

Caeneus generated $1.4 million in financing activities and ended the quarter with about $1.94 million in cash and less than two quarters left of available funding.

When asked if the company has taken or plans to take any steps to raise more cash, the miner said it hasn’t yet taken any steps to raise money but if it does, it’s confident it will be able to.

Company shares ended the day 6.25 per cent in the red to close at 1.5 cents.





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