Last Thursday, Global Metals Exploration (ASX:GXN) released a general update on their corporate progress.
First of all, the re-assays of the copper-nickel sulphide mineralisation found at Mt. Venn in the Company’s RC drilling campaign are due imminently and it will be interesting to see if these re-interpretations will confirm the scout drilling conducted at Mt. Venn by the Company in August.
At their Jutson Rocks Project, the Company is awaiting approval to commence a large air core drill campaign of at least 10,000m to better define sub-surface gold mineralisation. The previously completed RAB drill holes were quite interesting to us, so we look forward to an update (see announcement of 26 June 2012).
As stated on the AGM, Global Metals tried to acquire new projects and two projects were put up for a vote, but the shareholders voted only in favour of one of them, namely the Leonora acquisition. The Leonora Gold Project is a gold prospect in the historic Leonora Goldfields, in reasonable proximity (approximately 100km) to the Company’s current gold exploration assets at Jutson Rocks.
We are disappointed that the shareholders voted against the acquisition of the Tanzanian graphite project, as we thought it could have been a boost to the share price. The majority of the shareholders apparently didn’t agree with us and voted the proposal down.
Lastly the company also announced that Andrew Mortimer has resigned as a Director of the Company, he still remains a large shareholder of the company.
Read the press release here (pdf)
Disclosure: Global Metals Exploration NL is a sponsoring company. Please see our disclaimer for current positions.
