- $750,000 raised in rights issue.
- $1.1 million in cash at quarter end.
- 3 holes of 6-hole Burra program approved by GCR board
- Nickel intersections reported by Impact Minerals in GCR JV
- Sampling historic soil geochemical anomalies at Cullarin JV
- EGM called for shareholders to vote on funding proposals
Rights issue completed. $750,000 raised
GCR was able, in difficult market conditions and with the backing of supportive Australian shareholders, to raise just over $750,000 in the rights issue which closed on 15 November 2013. GCR’s cash position at quarter’s end was $1.1 million. Funds will be applied to GCR’s exploration programs, the first of which will be the planned drilling program at the Burra Copper Project near Cobar, NSW.
Burra Copper Prospect – Cobar Region NSW
Proposed Drilling Program
The historic Burra Copper Mine is 40 kilometres east of Cobar and 5 kilometres south of Canbelego and lies within GCR’s 100%-owned Burra Project, EL 7389.
The Burra Project has drill-indicated potential to host deep-seated, Cobar-style mineral systems. Near-surface drill results by GCR at Burra have yielded similar results to drilling in the early stages of Peel Mining’s Mallee Bull discovery southwest of Nymagee and comparison can be made by reference to Figures 1 & 2.
Following GCR’s recent capital raising, a staged drilling program of up to six holes totalling 2050 metres (RC pre-collars and core) is planned and the planning inputs are discussed below. Board approval for the initial three holes has been granted. The Burra Project is highly prospective, with copper and lead-zinc mineralisation plus gold/silver credits intersected in most of the thirteen RC percussion and core holes drilled to date.