Australia based gold company, Bassari Resources Limited (ASX: BSR) is currently focused on the development of the Makabingui Gold Project and exploration and resource definition within two permit areas located in Senegal – Moura and Makabingu. The company intends to commence production and delineate additional mineral (primarily gold) deposits that meet commercial parameters of grade and tonnage needed for profitable exploitation.
The company recently published its half-year results report, in which it provided update related to the Makabingui Gold Project as well as on the Moura exploration.
Currently, the Makabingui Gold Project is in the development phase. Bassari Resources is rapidly progressing to bring the Makabingui Gold Project into production. During the first half of 2019, the company made significant progress in the development of this project. This includes:
With regards to the Moura exploration, the company has informed that a drilling program has been designed to follow up mid-2018 drilling results with the aim of defining preliminary resource estimates at both Konkouto and Konkouto Hill prospects. Programs designed include 1,000 metres of diamond drilling and 3,500 metres of reverse circulation drilling.
For the half-year period ended 30 June 2019, Bassari Resources reported a loss of $941,000 and basic and diluted loss per share of 0.04 cents. At the end of the half-year, the company had current assets of $629k, significantly higher than $186k reported at the beginning of the year, and the current liabilities stood at $11.33 million. By the end of half-year, the company had total equity of $57.28 million.
During the year, the company paid $1.34 million of cash to suppliers and employees as payments, taking the total net cash used in operating activities over the half-year period to $1.34 million.
During the half-year, the company paid $3.86 million as payments for capitalised exploration, evaluation and development expenditure and $2.29 million as payments for purchase of property, plant and equipment. Further, the company received $7.84 million as proceeds from borrowings. Cash and cash equivalents at end of the half-year period was $521k.
Recently in September 2019, the company issued 15,928,573 ordinary shares at $0.014 (1.4 cents) per share, raising $223,000 for additional working capital.
On 17 September 2019, BSR’s stock was trading at a price of $0.015, up 7.143% as compared to its previous closing price (As at AEST: 2:08 PM). The market capitalisation of BSR stands at circa $32.25 million.
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