Breaker says drill success means PFS numbers must wait
12 December 2018
Having felt it was stung by a disappointed market after releasing a maiden resource for the Bombora deposit while drilling was still hitting gold mineralisation, explorer Breaker Resources says it will not complete a prefeasibility study on the potential development until it finalises the boundaries of a pit.
Breaker’s statement came as the company reported “new high grade drill results (that) continue to grow Bombora along strike, to the east, and at depth”. MNN was unable to reach Breaker MD Tom Sanders to get further clarification, with the executive in transit to the site, east of Kalgoorlie in Western Australia. Breaker has four rigs in action “to expand the resource and identify the outer limits of expanding conceptual open pit(s)”.
Breaker said the Bombora deposit remains open at depth along its entire 2.3km strike extent. The company is also reportedly having success at a satellite prospect called Crescent, 2km north of Bombora.
Breaker raised A$10.5 million cash at the start of October to take is cash holdings past $13 million. It budgeted to spend $3.2 million in the current quarter.
Shares in Breaker were down 3% to 33c in afternoon trade – on a downday for the ASX gold patch – capitalising the company at about $60 million. Prior to releasing what it termed a “robust” maiden resource for
Bombora in April, the stock hit levels above 70c during 2017.