Hardey renews focus on NSW Burraga copper project
Hardey Resources Limited (ASX:HDY) has this week initiated a renewed focus on its core Burraga copper project in NSW.
The company sent its Exploration Manager, Tom Langley, as well as a team of NSW-based geologists to the project site this week to undertake further copper tailings data review and metallurgical testing.
Burraga is considered as HDY’s core asset, however recent news flow has placed an emphasis on its gold projects in Western Australia. The company has stated its intention to shift focus back onto the Burraga project over the next two quarters, with the recommencement of a drilling programme devised by the company in 2017, as well as ongoing metallurgical testing.
The company will go beyond the plan it devised last year, through an increase in the scope of the drilling programme and expedited mobilisation of the drillers in the near-term. It is budgeting a 6-month spend of ~A$500,000-$1,000,000 on Burraga, depending on the exploration results it gets from ongoing activities at the site in the coming months.
To support this budget, HDY will seek to undertake a capital raise for the above amount in the near-term, following consultation with corporate advisors to determine the best form that should take. The anticipated injection of funds should see the company maintain a good cash balance, enabling it to continue with the proposed exploration program at Burraga and activities towards its other metals projects.
It should be noted however, that HDY is an early stage play and anything can happen, so seek professional financial advice if considering this stock for your portfolio.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.