AI assistant
DREADNOUGHT RESOURCES LTD — Interim / Quarterly Report 2016
Oct 30, 2016
64785_rns_2016-10-30_08c469a7-d7ad-40fd-bd8d-1d463d1b1c6a.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
==> picture [69 x 57] intentionally omitted <==
Australian Securities Exchange Announcement
31 October 2016
ASX Market Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000
QUARTERLY REPORT
EXPLORATION & CORPORATE HIGHLIGHTS
-
Tychean continues to maintain a 15% interest in the Tanami Joint Venture with Ramelius Resources, which is free-carried until a decision to mine
-
Follow-up greenfields exploration in Tanami expected in the coming months
-
Tychean’s involvement in Spargoville Gold Project nearing conclusion, whereby Maximus set to acquire 100% interest upon issuing Tychean the required remaining number of shares.
-
Share Purchase Plan scheduled for October.
Corporate:
Tychean is undergoing a Share Purchase Plan, opening on 21 October 2016, raising funds up to $500,000 to provide the necessary working capital to progress due diligence on new project opportunities both within and outside of resource exploration.
Tychean’s cash balance as at 30 September 2016 is $182,253.
EXPLORATION ACTIVITIES:
Spargoville Gold Project (WA) – Maximus 90%, Tychean 10%.
Tychean maintained a 10% interest at 30 September 2016, however in accordance with the Spargoville Sale and Purchase Agreement, Maximus is set to acquire the remaining 10% of the WA gold project in due course, upon issuing Tychean with the remaining number of shares which will conclude Tychean’s involvement in the operations.
2
Tanami Joint Venture (NT) – Ramelius 85%, Tychean 15%.
RC drilling was completed over the Suplejack EL during the quarter. Eighteen holes were drilled for an aggregate 1,494m with patchy anomalous interface responses (up to 74ppb Au) being returned at the base of the overlying, post mineralizing, basalt cover.
No further exploration drilling is planned over Suplejack at this stage.
Regional Aircore drilling is scheduled over the Renton Prospect area within the Highland Rocks EL in the December 2016 Quarter. Compilation of historical exploration data has highlighted a significant open ended RAB/Aircore drill hole anomaly at Renton; located within the northern half of the Highland Rocks ELs. Encouragingly, the historical gold anomalous results extend over 600m strike and remain open with depth plus open to the west and east.
==> picture [400 x 296] intentionally omitted <==
Figure 1: Highland Rocks ELs soil sampling and historical Newmont drilling results over the Renton Prospect area
3
SCHEDULE OF INTERESTS IN MINING TENEMENTS
As at 30 September 2016
| Project | Tenement | Lease Name | State | Status | % Held by TYK | Holders |
|---|---|---|---|---|---|---|
| Spargoville | M15/1475 | Eagles Nest | WA | Granted | 49%Registered,10% beneficially owned |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | E15/967 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | E15/968 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | L15/128 | KambaldaWest | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | L15/255 | KambaldaWest | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/395 | KambaldaWest | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/703 | KambaldaWest | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | P15/5860 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | P15/4884 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | P15/4885 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | P15/4963 | Kambalda West | WA | Granted | 100% Registered,10% beneficially owned - No Nickel Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/1448 | Hilditch | WA | Granted | 44.10%Registered,9% beneficially owned |
BULLABULLING PTY LTD (10%) TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1449 | Larkinville | WA | Granted | 36.75% Registered, 7.5% beneficially owned 8%Ni Rights |
PIONEER RESOURCES LTD (25%) TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | P15/5912 | VillaDeste | WA | Granted | 36.75% Registered, 7.5% beneficially owned 8%Ni Rights |
PIONEER RESOURCES LTD (25%) TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville- | M15/97 | North Widgie | WA | Granted | 10%AU rights only | APOLLO PHOENIX RESOURCES PTY LTD |
| Spargoville | M15/99 | North Widgie | WA | Granted | 10% AU rights only | APOLLO PHOENIX RESOURCES PTY LTD |
| Spargoville | M15/100 | North Widgie | WA | Granted | 10% AU rights only | APOLLO PHOENIX RESOURCES PTY LTD |
| Spargoville | M15/101 | North Widgie | WA | Granted | 10% AU rights only | APOLLO PHOENIX RESOURCESPTY LTD |
| Spargoville Spargoville |
M15/102 M15/653 |
North Widgie North Widgie |
WA WA |
Granted Granted |
10% AU rights only 10% AU rights only |
APOLLO PHOENIX RESOURCES PTY LTD APOLLO PHOENIX RESOURCESPTY LTD |
| Spargoville | M15/1271 | North Widgie | WA | Granted | 10% AU rights only | APOLLO PHOENIX RESOURCESPTY LTD |
| Spargoville | M15/1101 | Wattle Dam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
4
| Spargoville | M15/1263 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
|---|---|---|---|---|---|---|
| Spargoville | M15/1264 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1323 | Wattle Dam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/1338 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1474 | Wattle Dam | WA | Granted | 49%Registered–10% beneficially owned & all rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/1769 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1770 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1771 | Wattle Dam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/1772 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1773 | WattleDam | WA | Granted | 49%Registered, 10% beneficially owned & 8%Ni Rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1774 | Wattle Dam | WA | Granted | 49%Registered, 10 %beneficially owned – all rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | M15/1775 | WattleDam | WA | Granted | 49%Registered, 10 %beneficially owned–all rights |
TYCHEAN RESOURCES LTD MAXIMUSRESOURCESLTD |
| Spargoville | M15/1776 | Wattle Dam | WA | Granted | 49%Registered, 10 %beneficially owned – all rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Spargoville | P15/5953 | Logan Dam | WA | Granted | 49%Registered, 10 %beneficially owned – all rights |
TYCHEAN RESOURCES LTD MAXIMUS RESOURCES LTD |
| Tanami | EL 26625 | Suplejack | NT | Granted | 15% beneficially owned | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 27491 | HighlandRocks | NT | Granted | 15% Registered | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 27806 | TalbotNorth | NT | Granted | 15% beneficially owned | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 27921 | Groundrush | NT | Pending | 15%beneficiallyowned | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
| Tanami | EL 27995 | Officer Hills South | NT | Granted | 15% Registered | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 27997 | Mount Solitaire | NT | Pending | 15% beneficially owned | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 28493 | Groundrush South | NT | Pending | 15%beneficiallyowned | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
| Tanami | EL 29829 | Highland Rocks 2 | NT | Granted | 15% Registered | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
| Tanami | EL 27921 | Groundrush | NT | Pending | 15%beneficiallyheld | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
| Tanami | EL 27995 | Officer Hills South | NT | Granted | 15% Registered | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
| Tanami | EL 27997 | Mount Solitaire | NT | Pending | 15% beneficiallyheld | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 28493 | GroundrushSouth | NT | Pending | 15% beneficiallyheld | TYCHEAN RESOURCES LTD RAMELIUSRESOURCESLTD |
| Tanami | EL 29829 | Highland Rocks 2 | NT | Granted | 15% Registered | TYCHEAN RESOURCES LTD RAMELIUS RESOURCES LTD |
5
For further information please contact:
Mr. Robert Kennedy Mr. Duncan Gordon Chairman Executive Director Tychean Resources Limited Adelaide Equity Partners Limited M: 0418 836 965 M: 0404 006 444
Further information relating to Tychean Resources Ltd and its various exploration projects can be found at its website: www.tycheanresources.com
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
Tychean Resources Limited
ABN 40 119 031 864
Quarter ended (“current quarter”)
30 September 2016
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Research and development refunds 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities |
- (2) - - - (105) - 1 - - - - |
- (2) - - - (105) - 1 - - - - |
| (106) | (106) | |
| 2. Cash flows from investing activities 2.1 Payments to acquire: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets |
- - - - |
- - - - |
- See chapter 19 for defined terms
1 September 2016
Page 1
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| Consolidated statement of cash flows | Current quarter $A’000 |
Year to date (3 months) $A’000 |
|---|---|---|
| 2.2 Proceeds from the disposal of: (a) property, plant and equipment (b) tenements (see item 10) (c) investments (d) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities |
- - - - - - - |
- - - - - - - |
| - | - | |
| 3. Cash flows from financing activities 3.1 Proceeds from issues of shares 3.2 Proceeds from issue of convertible notes 3.3 Proceeds from exercise of share options 3.4 Transaction costs related to issues of shares, convertible notes or options 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities |
- - - - - - - - - |
- - - - - - - - - |
| - | - | |
| 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period |
288 (106) - - - |
288 (106) - - - |
| 182 | 182 |
- See chapter 19 for defined terms 1 September 2016
Page 2
Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report
| 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts |
Current quarter $A’000 |
Previous quarter $A’000 |
|---|---|---|
| 5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) |
182 - - - |
288 - - - |
| 182 | 288 | |
| 6. Payments to directors of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to these parties included in item 1.2 4 6.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 6.3 Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2 |
||
| Current quarter $A'000 |
||
| 4 | ||
| - | ||
| June 2016 PAYG Withholding payment to ATO (refer to item 1.2). | ||
| 7. Payments to related entities of the entity and their associates Current quarter $A'000 7.1 Aggregate amount of payments to these parties included in item 1.2 - 7.2 Aggregate amount of cash flow from loans to these parties included in item 2.3 - 7.3 Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2 |
||
| Current quarter $A'000 |
||
| - | ||
| - |
- See chapter 19 for defined terms 1 September 2016
Page 3
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
| 8. Financing facilities available Add notes as necessary for an understanding of the position Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 8.1 Loan facilities - - 8.2 Credit standby arrangements - - 8.3 Other (please specify) - - 8.4 Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well. |
Total facility amount at quarter end $A’000 |
Amount drawn at quarter end $A’000 |
|
|---|---|---|---|
| - | - | ||
| - | - | ||
| - | - | ||
| 9. Estimated cash outflows for next quarter |
$A’000 |
|---|---|
| 9.1 Exploration and evaluation 9.2 Development 9.3 Production 9.4 Staff costs 9.5 Administration and corporate costs 9.6 Other (provide details if material) 9.7 Total estimated cash outflows |
115 |
| 115 |
| 10. Changes in tenements (items 2.1(b) and 2.2(b) above) |
Tenement reference and location |
Nature of interest | Interest at beginning of quarter |
Interest at end of quarter |
|---|---|---|---|---|
| 10.1 Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced |
||||
| 10.2 Interests in mining tenements and petroleum tenements acquired or increased |
- See chapter 19 for defined terms 1 September 2016
Page 4
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Compliance statement
-
1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
-
2 This statement gives a true and fair view of the matters disclosed.
==> picture [83 x 45] intentionally omitted <==
Sign here: (Company secretary)
............... Date: ...31 October 2016..................
Print name: Kaitlin Smith........................................
Notes
-
The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.
-
If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
-
Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
-
See chapter 19 for defined terms 1 September 2016
Page 5