Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2012quarterly activities report● Neutral
Quarter to 31 December 2011: cash $3.44m, down from $3.8m. Airborne EM and infill gravity surveys on Yorke Peninsula are complete, with one conductive anomaly noted, and Fitton targets were extended. Drilling on Yorke Peninsula is planned for next month.
Exploration licence EL 4816 (Sandy Point), over 200km2 about 40km south of Olympic Dam, has been granted. Together with the Roxby Downs application it covers about 400km2. A 10km gravity ridge is highlighted; the Roxby Downs grant is still pending.
New rock chip sampling at Fitton found a second shear zone 200m north of the main one, with 121ppm uranium. Another sample in the main zone gave 157ppm uranium. Infill sampling is planned for March and drilling for Q2 2012.
Conference presentation recaps Yorke Peninsula work and the PACE-funded airborne EM survey, now underway. It outlines a second phase of 20 RC holes (about 4,000m) from late January 2012. Cash is shown as $3.7m, against $3.8m in the AGM slides.
Fitton soil and mapping work extended the copper-uranium anomaly to about 1,500m long and up to 1,000m wide, and the shear zone to over 2km, up from the 650m mapped earlier. Drilling of priority targets is now planned for Q2 2012.
Core has started soil sampling and rock chip mapping at its 100%-owned Fitton project, following the earlier 10.5% copper result. Work is under a Work Area Clearance Agreement with native title holders ATLA. Results are expected late November.
Chairman's AGM address recaps the year: $5.0m IPO, the maiden Yorke Peninsula drilling and Fitton copper-uranium results. Cash was $4.36m at 30 June, and the company says it is also looking at acquiring or investing in projects. No new results.
AGM presentation repeats known facts: about $0.09 share price, $3.8m market cap, $3.8m cash at 30 September. Yorke Peninsula follow-up drilling is planned for January 2012 and Fitton results are due by end November. No new results.
All three AGM resolutions passed on a poll: the remuneration report, Greg English's re-election as director, and Grant Thornton's appointment as auditor. No votes were cast against the re-election or the auditor, and 60,000 against the remuneration report.
Quarter to 30 September 2011: cash $3.8m, down from $4.36m. Core says the air-core method was disappointing: hard cover stopped three of six targets being reached. Follow-up RC drilling is set for January 2012 after an airborne EM survey in November.
Core won $50,000 of South Australian government PACE funding toward an airborne electromagnetic survey on Yorke Peninsula. The survey is brought forward to start next month. Follow-up drilling is still planned for around January 2012.
First Yorke Peninsula air-core drilling gave anomalous copper and high silver at two prospects, e.g. 182ppm copper and 6.7g/t silver at Target A. Only three of six targets reached basement. Follow-up drilling is planned around January 2012, and an airborne EM survey is planned.
First annual report, covering 10 September 2010 to 30 June 2011. The chairman says the share price has fallen since the February listing and calls this of great concern. The company states it owns 100% of all its tenements.
Core has started its first drilling since listing: the 4,000m air-core program on Yorke Peninsula's gravity and magnetic targets. Drilling should take about 3 weeks, with assays 6 to 8 weeks after. This follows the July delay.
Quarter to 30 June 2011: cash $4.36m, down from $4.76m. Yorke Peninsula 4,000m air-core drilling is due to start within days. Mt Painter is now called Fitton; rock chip results of 10.5% copper are repeated.
Surface rock chips from the Mt Painter project assayed up to 10.5% copper and 624ppm uranium, from a shear zone up to 25m wide mapped over 650m. Core will return for more detailed mapping and sampling. Only surface samples so far.
Jarek Kopias replaces Josh Ward as Company Secretary and Chief Financial Officer from 21 June 2011. He has 15 years of resource-sector finance experience.
Core doubled its maiden Yorke Peninsula air-core program to 4,000m after gravity results. Drilling slips from mid-June to mid-July because the contractor is delayed. Soil results are due in July, and Mt Painter rock chip assays are also expected in July.
First gravity survey found large anomalies (2-4 mgal) along a 12km-long structural zone on Yorke Peninsula, offset from magnetic anomalies, which Core says suggests iron-oxide copper-gold style systems. Infill gravity over 50km2 follows; drilling still planned for mid-June.
First quarterly report since listing: cash was $4.76m at 31 March 2011, with no new results beyond the Yorke Peninsula drill targets already announced. Mid-June drilling remains planned; Michael Schwarz is now Exploration Manager.
3D modelling of Yorke Peninsula magnetic data identified definite drill targets resembling Rex Minerals' Hillside (170Mt at 0.7% copper). Access talks with farmers precede gravity and soil surveys; drilling of priority targets is planned for mid-June, slightly later than the earlier May-June plan.
The Yorke Peninsula survey identified high-priority copper-gold targets in a setting Core says is like Rex Minerals' Hillside (170Mt at 0.7% copper). Soil and gravity surveys come first; drilling is planned for May-June 2011.
First interim accounts, covering 10 September to 31 December 2010: net loss of $262,305. Only $779,500 of IPO subscriptions had been received by balance date, with the company having raised $500,000 seed capital in October.
Core received data from its Yorke Peninsula airborne magnetic survey, saying it exceeded expectations, with interpretation due within days. Breakaway Investment Group also began research coverage. No results yet.
Corporate governance statement against ASX principles. It notes the board is not majority independent, with one independent director of three, and the chair is not independent. Administrative.
Standard ASX listing application form. Records 41.5 million shares, 8.5 million unlisted options, Stephen Biggins as managing director and Greg English as chair. Administrative.
Updated pro forma balance sheet based on the $5 million raised. Shows net assets of about $7.2 million, with about $5.0 million cash and $3.2 million capitalised exploration. Administrative disclosure.
10 Feb 2011asset acquisition disposition▲ GoodMajor
Core confirms completion of its purchase of Sturt Exploration Pty Ltd, issuing 8,000,000 shares and 4,000,000 options at $0.25 expiring June 2014. This secures the main licences set out in the prospectus.
Escrow schedule: 13.875 million shares (11.6 million for 24 months, 2.275 million for 12 months) and 8.5 million options are restricted. Administrative disclosure.