Announce Financial Report Half Year to December 2013
Perth, Mar 7, 2014 AEST (ABN Newswire) - At the end of the half-year Dacian Gold (
ASX:DCN) had $13,254,139 (30 June 2013: $15,068,282) in cash and at call deposits. Capitalised mineral exploration and evaluation expenditure is $8,131,847 (30 June 2013:$8,131,847).
The Company incurred exploration costs of $2,435,687 during the 6 months ended 31 December 2013 (2012: $925,342).
Exploration
During the 6 months to 31 December 2013 the Company's exploration activities have been focussed on the Company's Jupiter and Westralia prospects at the Mt Morgan's Gold Project.
Jupiter
Drilling programs at the 2km long mineralised Jupiter corridor during the period were designed to define the depth extensions of the syenite bodies and to outline the structural framework and broad geology of the prospect.
Initial drilling during the period was focussed at the southern end of the 2km long Jupiter prospect and consisted of a program of wide-spaced diamond drill holes. Subsequent drilling at Jupiter was targeted beneath the existing Jupiter pit and in the Link Zone Shear, which is located between the southern zone and the Jupiter pit.
Drill programs completed at Jupiter during the period to 31 December 2013 comprised of approximately 512 metres of RC drilling and 5,605 metres of diamond drilling for a combined total of 6,365 metres.
Westralia
Drilling at Westralia during the period commenced with a broad spaced diamond drill infill program at the high grade Millionaires Shoot, followed by the publication of an updated mineral resource of 610,000 oz at 5.9g/t for the wider Westralia Project on 19 December 2013 (see ASX announcement 19 December 2013).
Following the resource upgrade the Company completed a step-out drill hole along strike and 100 metres to the north of the Millionaires Shoot. RC pre-collars were completed during the period for further diamond drill testing to be completed in the March 2014 quarter.
Drill programs completed at Westralia during the period to 31 December 2013 comprised of approximately 248 metres of RC drilling and 2,257 metres of diamond drilling for a combined total of 2,505 metres.
To view the full Financial Report, please visit:
http://media.abnnewswire.net/media/en/docs/76729-ASX-DCN-670102.pdf
About Dacian Gold Ltd
Dacian Gold Limited (
ASX:DCN) Mt Morgans Project hosts high grade Mineral Resources of 2.1 million ounces at an average grade of 2.6 g/t gold, including Ore Reserves of 136,000 ounces at an average grade of 6.2 g/t gold. In addition, the Company has identified multiple exploration targets and resource extension opportunities. If proven, they will enable growth of the Mt Morgans' existing Mineral Resource and Ore Reserve base.
Dacian's strategy at Mt Morgans is evolving toward mine feasibility and potential mine development. It has identified two large mineralised systems at Westralia and Jupiter where it believes mine development at each site is a possibility, and will be the subject of ongoing drilling and feasibility studies. Dacian considers a high grade Ore Reserve of at least 600,000 ounces of gold is reasonably likely to provide sufficient returns to justify the investment capital required to construct an ore processing facility at the project.
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