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GCX Metals Limited (ASX:GCX)

ALERT: Price-sensitive ASX Announcement for GCX
Current share price for GCX : $0.057 0.019 (50%)+
Announcement
Release
31 Jan 2024 9:30AM
Price at Release
$0.038
Full Release
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Summary
GCX Metals Limited presented their December 2023 Quarterly Report, highlighting significant advancements in their mineral exploration projects. The company completed the acquisition of the Dante Ni-Cu-PGE Project in Western Australia, near BHP's Nebo-Babel mine. This project is significant for its potential Ni-Cu-PGE-Au sulphide targets, validated by high-grade rock chip samples. They conducted a high-resolution airborne magnetics survey and identified multiple high-priority electromagnetic anomalies for future exploration. An approved program of work for drilling in 2024 aims to further explore copper, gold, PGE, and nickel targets. In parallel, GCX carried out a 1,300m diamond drilling program at their Onslow Cu-Au Project, supported by the WA government's EIS. The Southern Cross Li-REE Project showed promise with a large lithium soil anomaly discovered. Financially, GCX reported cash outflows due to exploration activities, with a plan for additional funding through equity or other financing methods to support ongoing projects.
Key Points
  • Completion of the Dante Ni-Cu-PGE Project acquisition in Western Australia.
  • High-grade mineralisation identified at the Dante Project with rock chip samples.
  • Completion of high-resolution airborne magnetics survey at the Dante Project.
  • Planned maiden drill program for March-April 2024 at the Dante Project.
  • 1,300m diamond drilling program completed at Onslow Cu-Au Project.
  • Discovery of a large lithium soil anomaly at Southern Cross Li-REE Project.
  • Financial strategy includes seeking additional funding for exploration activities.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.