ASX Release
31 July 2020
VALOR RESOURCES LIMITED
ACN 076 390 451
22 Lindsay Street
PERTH, WA
Australia
Tel: +61 8 9200 3467
Fax: +61 8 9227 6390
Contact: Dr Nick Lindsay
E-mail:
info@valorresources.com.au
@valorresources
Directors
Brian McMaster
Nicholas Lindsay
Paula Smith
Company Secretary
Paula Smith
ASX Code:
VAL
Ordinary Shares:
1,920,848,085
Options:
400,000,000 ($0.015 - 31/12/2021)
JUNE 2020 QUARTERLY ACTIVITIES REPORT
Valor Resources Limited (Valor) or (the Company) (ASX: VAL) is pleased to provide its report for the quarter ended 30 June 2020.
OPERATIONAL UPDATE
Radio Gold Project
Valor announced on 14 April 2020 that it had signed a conditional sale agreement (Sale Agreement) with Summit Resource Holdings Pty Ltd (Purchaser), a wholly owned subsidiary of Nu-fortune Gold Limited, an unlisted public company, to acquire Valor's interests in the Radio Gold Project tenements held by its 100% owned subsidiary Bullfinch One Pty Ltd for total consideration of $900,000 cash in several instalments with the final $150,000 for the reimbursement of expenses to be paid in three instalments of $50,000 following completion. During the quarter and prior to settlement, Valor undertook $144,000 of de-watering and development activities for the Radio Gold Project.
On 5 May 2020, Valor announced that the settlement of the sale agreement was completed and Valor had negotiated with the Purchaser to pay the $150,000 payable in instalments at settlement in exchange for a $20,000 discount. Total consideration of $880,000 was received and Valor and Bullfinch One no longer hold any interests in the Radio Gold tenements or Project.
Peru Projects
As previously announced, the documentation has been completed to transfer the entities which hold rights to the Berenguela Project back to SSR Mining Limited (SSR) (or its nominee) on terms where the consideration for the transfer is the release and discharge of Valor's acquisition obligations including the release of outstanding amounts of USD $10.8m owed to SSR and relevant security interests. Settlement of the transfer was anticipated to be completed by 31 July 2020 however delays experienced with lodging the necessary documentation with Peruvian Regulators (due to Covid-19 closures) have necessitated an agreed extension for settlement to 31 October 2020.
Picha Project & Berenguela South
As announced on 31 January 2020, Valor intends to continue its focus on developing the exploration potential of its 100% owned Berenguela South and Picha Projects however during the quarter a strict Covid-19lock-down regime was applied in Peru preventing any substantive mining exploration activities being undertaken. Desktop studies have continued with the emphasis on facilitating a restart of field activities as soon as circumstances allow.
CORPORATE UPDATE
As at 30 June 2020 and following settlement of the Radio Gold Project sale, the Company held approximately $626,000 in cash (31 March 2020: $117,000).
In accordance with Listing Rule 5.3.5, Valor advises that the payments to related parties as advised in the Appendix 5B for the period ended 30 June 2020, pertain to accounting fees and serviced office rent and IT support paid during the quarter.
This announcement has been authorised for release by the Board of Directors.
For further information, please contact:
Dr Nicholas Lindsay, CEO
Email:nlindsay@valorresources.com.au
Phone: + 61 8 9200 3467
Appendix 1 - Interests in Mining Tenements Held
Ownership | Ownership | Acquired | Disposed of | ||||
Project | Concession Name | Tenement | Location | at beginning | at end of | During the | During the |
of quarter | quarter | Quarter | Quarter | ||||
Berenguela | 13-000001Y03 | ||||||
Berenguela 01-09 | 01-01116-09 | ||||||
Berenguela 01-18 | 01-00819-18 | ||||||
Berenguela 02-18 | 01-00904-18 | ||||||
Berenguela 02-09* | 01-01115-09* | ||||||
Berenguela 03-09** | 01-01341-09** | ||||||
Berenguela 04-09 | 01-01342-09 | ||||||
Berenguela | Berenguela 05-09 | 01-01344-09 | Peru | 100% | 100% | - | - |
Project | Berenguela 06-09 | 01-01345-09 | |||||
Berenguela 07-09 | 01-01340-09 | ||||||
Berenguela 08-09 | 01-01343-09 | ||||||
Berenguela 97 | 01-01289-97 | ||||||
Lagunillas 01-04 | 01-01350-04 | ||||||
Lagunillas 02-04 | 01-01351-04 | ||||||
Lagunillas 08-04 | 01-01512-04 | ||||||
Lagunillas 10-04* | 01-02710-04* | ||||||
Corona 02-18 | 01-01209-18 | ||||||
Berenguela | Corona 03-18 | 01-01210-18 | |||||
Corona 04-18 | 01-01211-18 | Peru | 100% | 100% | - | - | |
South | |||||||
Corona 05-18 | 01-01212-18 | ||||||
Corona 06-18 | 01-01213-18 | ||||||
Picha 2 | 01-03853-05 | ||||||
Picha | Picha 3 | 01-03854-05 | Peru | 100% | 100% | - | - |
Project | Picha 7 | 01-00578-07 | |||||
Leon 3 | 01-04638-08 | ||||||
Radio Gold | ML77/633 | Western | |||||
Radio Gold Project | M77/81 | 6.25% | - | - | 6.25% | ||
Project | Australia | ||||||
P77/7792 | |||||||
- 01-02710-04and 01-01115-09 overlap a pre-existing and current title known as Santa Lucia 14.
- 01-01341-09 overlaps a pre-existing and current title known as Lucia Josefina I.
Appendix 2 - Summary of Exploration Expenditure Incurred per Project
Project | Quarter Cash Spend |
$A'000 | |
Berenguela Project | 3 |
Picha Project | - |
Total | 3 |
Attachments
- Original document
- Permalink
Disclaimer
Valor Resources Ltd. published this content on 03 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2020 07:43:03 UTC