Operational update July 2017
Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") hereby provides an update of the Company's operations:
- 26 drill holes are completed, accounting for 4,782 meters of core drilling at the Krasny project. In addition, 670 meters of trench sampling are finalized. Totally 5,527 fire assay tests for gold have been received. All activities are done within the 2017 Stage 4 exploration program.
- New drill results at the Krasny Central deposit confirmed strike extension of gold mineralization for further 160 meters.
- 160 meters of strike extension was also proved on the Krasny North gold mineralization, following positive drill results.
- The Pre-feasibility report, which will serve as a basis for decision over construction development on Krasny, is underway and is expected to be finalized shortly.
- Update of the JORC resource estimation for the Krasny project by Micon International is close to completion.
- The Northern Territories exploration program 2017 was commenced with target to run geochemical survey for seven gold anomalies on a total area of 122 sq km.
- Preparation for test mining operations on the Kopylovskoye license is underway with target to start bulk sample testing in summer 2017.
KRASNY CENTRAL AND KRASNY NORTH EXPLORATION RESULTS
During May and June, the exploration activities within the Krasny project were focused on Krasny North and Krasny Central expansion drilling. Drilling is developing with one drill rig. Kopy Goldfields is providing exploration management services.
Holes #141792 and #141793 were drilled within Profile 45 (see Figure 4 in the Attachment for location of the hole and Figure 6 for cross-section) with the target to clarify modelling of the south wing of the Upper Mineralization. This was done since the bottom the short hole #141561, previously drilled, was left in gold mineralization and did not cross it out. At the bottom of the new hole #141793, an interval of 4.2 meters with an average grade of 4.97 g/t was identified, which is located outside of the previously modelled mining pit, and again this hole did not cross out the mineralization. Hole #141792 returned an interval of 38 meters with an average grade of 3.5 g/t at a depth of 90 meters. This is clearly very positive and will add both total resources, minable during Upper mineralization mine development, and increase the average gold grade within the Upper Structure. Also, according to our interpretation of the cross section, the Upper Mineralization is now coming closer to the Lower Mineralization, and there is a possibility that the Upper and Lower mineralizations might meet somewhere. This would be very beneficial for the Lower structure mining economics; with the current model of the gold mineralization, we face reduction of ore when we expand the open pit from the Upper to the Lower structure. This results in decrease of revenues during the period when the project proceeds from the Upper to the Lower structure and increase costs for advance stripping and ore accumulation to preserve continuous ore feed to the plant. If it turns out that the Upper and Lower structure are not totally separated, this would as such be very positive for the mining economics.
The hole #141872, drilled on the eastern flank of the Krasny mineralization, aimed to confirm gold within the Lower structure of Profile 63. Profile 63 is located 160 meters eastward from Profile 59, which was previously the last one where the Lower structure was drilled (see Figure 4 in the Attachment for location of the hole and Figure 6 for cross-section). At the depth of 340 meters, the hole #141872 returned an interval of 41 meters with an average grade of 1.53 g/t at the cut-off grade of 0.4 g/t. This hole confirmed continuation of the Lower mineralization further to the East for 160 meters with the strike plunging at 10 degrees in East-South-East direction.
Within the Krasny North mineralization, several holes were drilled in Profile 178 (holes #141877, #141874, #141875) in order to upgrade category of resources and in Profile 172 (holes #141848, #14847, #141846, #141883, #141884, #141889) to extend mineralization along the strike (see Figure 5 for location of the holes and Figure 7 for cross-sections) to the West. Both targets were reached and the Krasny North mineralization was further extended for 160 meters along the strike to the West.
A geophysical survey within Krasny Central and Krasny North has been completed. The results are reviewed and will be implemented into the 3D model of Krasny.
Trench development and trench sampling has commenced within Krasny. Within trench #143612, a new gold anomaly was identified.
We have some delay with completion of the Investment justification report by TOMS Engineering. This report is nearly finalized and the delay is due to an increased scope of the report which includes some additional modelling and discussions. The report will include drafting of a detailed mining plan and production schedule, justification of the mill capacity, infrastructure layout, CAPEX for mill and pit construction, calculation of OPEX and a NPV-model for gold production. The report will focus on development of the Upper mineralization only and will be used as a basis for taking decision to proceed with Krasny project into mine construction. The final report is expected shortly.
In parallel with the Investment justification report, TOMS Engineering company is developing a Scoping study for development of the Lower Mineralization. This study will evaluate both open pit and underground mining possibilities and will recommend the most profitable and feasible approach. The report is connected to the Investment justification report and is also expected shortly.
Update of the JORC resource statement by Micon International is under completion and we expect the results soon. The updated JORC resource statement will include all exploration results from the Upper and Lower structures, as well as the results from Krasny North, until early March 2017 (new results of 2017 Stage 4 exploration program are not included into the current JORC update and will make basis for a future update of the JORC resource statement).
We are glad to report the following most significant mineralized intervals (at cut-off grade 0.4 g/t) for Stage 4 drilling program on the Krasny (this year results): 21 meters with an average grade of 1.41 g/t in the hole #141713, 7.5 m @ 1.70 g/t (hole #141845), 4.2 m @ 4.97 g/t (hole #141793), 41 m @ 1.53 g/t (hole #141872), 11 m @ 1.74 g/t (hole #141877), 23 m @ 1.55 g/t (hole # 141792), 38 m @ 3.37 g/t and 32 m @ 1.32 g/t (hole # 141792). See Table 1 in the Attachments for more assay data for the drilled boreholes.
We are finalizing environmental and safety permitting to commence test mining operations. We plan to start with bulk sample testing during the summer 2017.
The 2017 plans for Kopylovskoye project are either to sell the project for cash if the market allows, or to develop pilot mining with a partner. With very strong fundamentals for gold mining in Russia, we see opportunities for both options.
Exploration activities for the Northern Territories project have commenced.
The exploration program consists of a detailed geochemical survey that targets to further explore some of the stream sediment anomalies identified during the 2016 exploration program. Overall, the plan is to examine seven promising gold anomalies on a total area of 122 sq km, out of the total 23 targets identified (see Figure 8 in the Attachments for location of all seven targets). The plan is to collect 12,790 geochemical soil samples with a density of 200*50 meters.
With this exploration program, we aim to localize and detail the secondary bedrock gold and pathfinder anomalies and use the information to preliminarily estimate the potential bedrock gold resources (P2/P3 resources under Russian GKZ resources classification). This data will be further used to plan trench sampling and drilling activities. Timewise, the plan is to complete field operations by the end of September this year, and the geochemical tests by the end of 2017. We expect to report the exploration results in early 2018.
For the field operations, we contracted a company called OOO "Prognoz" from the city of Krasnoyarsk which has a good track record for similar operations. It will handle collection of soil samples on site. We will supervise their operations on site (QA&QC) and we will update geological maps of the anomalies.
We forecast the following events during the next few months:
- Soon - Release update of Krasny JORC report
- Soon - Release results of the Investment Justification Study
- Soon - Make decision over start of mine development for the Krasny project
- Soon - Release results of the Scoping study for lower mineralization mine development
Operation updates will be released on a regular basis.
For the complete press release including tables, images and maps see attached document.
För pressmeddelande på svenska se bifogat dokument (Swedish).
Stockholm, July 19, 2017
This information is information that Kopy Goldfields is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.45 am CEST on July 19, 2017.
About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The company holds 12 bedrock exploration- and production licenses and one alluvial license covering in total 2,049 sq km, of which the Krasny licenses (2 bedrock and 1 alluvial) are held 49% by the company. The target for Kopy Goldfields is to become a near-term gold producer in cooperation with a producing partner under JV agreement.
Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Aqurat Fondkommission acts as Certified Adviser, contact number: +46-8-684 05 800.
Outstanding shares: 79,866,054
Prospekteringsprojektet Maly Patom ("Norra territoriet") - flera guldanomalier och sulfidmineraliseringar upptäckta
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") har slutfört 2019 års prospekteringsprogram på Maly Patom-projektet ("Norra territoriet" eller "NT"). Flera guldanomalier upptäcktes, dock ännu inga med kommersiella guldhalter. Flera sulfidmineraliseringar identifierades och bekräftar att området har en stark prospekteringspotential. Resultatet bekräftar att det är möjligt att uppnå det långsiktiga målet om att göra en eller flera upptäckter om +1 Moz inom Maly Patom-licenserna.
Maly Patom ("Northern Territories") exploration project - several gold anomalous areas and sulfide mineralizations discovered
Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") completed its 2019 exploration program at the Maly Patom ("Northern Territories" or "NT") project. Several gold anomalous areas were discovered, however not yet with commercial gold grades. Multiple sulfide mineralizations were identified confirming strong exploration potential of the area. The results confirm that the long-term target of making one or several +1 Moz discoveries within the Maly Patom licenses is achievable.
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") har framgångsrikt genomfört det fältarbete som planerats för 2019 vid prospekteringsprojektet Maly Patom ("Northern Territories" eller "NT").
Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") has successfully completed all the planned scope of 2019 field operations for the Maly Patom ("Northern Territories" or "NT") exploration project.
Kopy Goldfields will participate in the "MINEX Russia Mining and Exploration Forum", which will take place in Moscow on 9-10 October 2019 under the theme of "Foresight of the Russian Mining and Exploration Industry Development". During the show, we will present our company and projects for investors, potential partners and other stakeholders in one of the largest mining events in Russia.
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") har påbörjat ett borrprogram vid prospekteringsprojektet Maly Patom ("Northern Territories" eller "NT"). Prospekteringsprogrammet syftar till att upptäcka guld inom en till tre tidigare identifierade guldanomalier. Hittills har sex hål borrats. Sulfidmineralisering har identifierats i flera prover och två prover innehåller synliga guldkorn.
Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") commenced a drilling program at the Maly Patom ("Northern Territories" or "NT") exploration project. The exploration program targets gold discoveries at one to three previously identified gold anomalies and so far, six holes have been drilled with sulfide mineralization identified in several samples and two samples containing visible gold grains.
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") är glada att kunna tillkännage att ett nytt lån om 15 miljoner kronor har beviljats från Scandinavian Credit Fund I AB med avsikt att finansiera Bolagets verksamhet, inklusive det pågående prospekteringsprogrammet på Maly Patom-projektet. Samtidigt har också det befintliga långfristiga lånet om 30 miljoner kronor omförhandlats och förlängts. Ny förfallodag är 13 september 2022.
Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") is happy to announce that a new loan of SEK 15 million has been granted from Scandinavian Credit Fund I AB for the purpose of financing the Company's operations, including the current Maly Patom exploration program. At the same time, the existing long-term loan of SEK 30 million was renegotiated and extended. The new repayment date is September 13, 2022.
Finansiell information för första halvåret 2019
- Bolaget rapporterar ingen omsättning
- Intäkter från försäljningen av Kopylovskoye-projektet 2,9 MSEK (0)
- Resultat efter skatt -0,6 MSEK (-9,3)
- Summa totalresultat 2,9 MSEK (-4,3)
- Resultat per aktie före och efter utspädning -0,01 SEK (-0,11)
- Periodens kassaflöde uppgick till -8,7 MSEK (8,0), inklusive betalda räntor -2,8 MSEK (0) och upptagna lån 0 MSEK (15)
- Investeringar i prospektering och licenser 0 MSEK (0,9)
- Investeringar i joint venture 0 MSEK (0)
- Likvida medel vid periodens utgång uppgick till 11,4 MSEK (13,8)
Financial information half year 2019
- The Company does not report any revenue
- Income from sale of the Kopylovskoye project MSEK 2.9 (0)
- Net income MSEK -0.6 (-9.3)
- Total comprehensive income MSEK 2.9 (-4.3)
- Earnings per share before and after dilution SEK -0.01 (-0.11)
- Total cash flow MSEK -8.7 (8.0), including paid interest of MSEK -2.8 (0) and new loans MSEK 0 (15)
- Investments in exploration work and licenses MSEK 0 (0.9)
- Investments into joint ventures MSEK 0 (0)
- Cash and cash equivalents amounted to MSEK 11.4 (13.8) at period end
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") påbörjar ett borrprogram vid prospekteringsprojektet Maly Patom ("Norra Territoriet" eller "NT") som inriktar sig på guldfyndigheter vid en till tre tidigare identifierade guldanomalier.
Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") is commencing a drilling program at the Maly Patom ("Northern Territories" or "NT") exploration project targeting gold discoveries at one to three previously identified gold anomalies.
Nettonuvärdet (NPV) för Krasny varierar mellan 100 och 300 MUSD före skatt enligt ny preliminär förstudie
Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") är glada att kunna presentera nya positiva resultat från den oberoende preliminära förstudien (eng: "scoping study") avseende företagets andel på 49 % i guldprojektet Krasny, som ligger i Irkutsk-regionen i Ryssland. Den preliminära förstudien, utförd av AMC Consultants Pty Ltd i Perth, Australien (AMC), omfattar flera produktionsscenarier för att utveckla Krasny-projektet, antingen som ett rent dagbrott eller som en kombination av dagbrott och underjordsgruva, med en årlig bearbetningskapacitet mellan 0,4 Mt (miljoner ton) och 3 Mt. Alla scenarier ger positiva NPV före tillämpning av potentiella skatteförmåner.
Net present value (NPV) for Krasny varies from MUSD 100 to MUSD 300 pre-tax according to new Scoping study
Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") is pleased to announce new positive results from the independent scoping study for its 49% stake in the Krasny gold project, located in the Irkutsk region of Russia. The scoping study, performed by AMC Consultants Pty Ltd from Perth, Australia (AMC), provides several production scenarios for developing the Krasny project either as an open pit alone, or combined open pit and underground mine, with annual processing plant throughput capacities varying from 0.4 Mt to 3 Mt. All scenarios would return positive NPVs before application of potential tax benefits.
Årsstämma med aktieägarna i Kopy Goldfields AB (publ) har hållits i Stockholm den 29 maj 2019. Ordförande för stämman var Claes Levin.
Valberedningen i Kopy Goldfields AB (publ) ändrar sitt förslag till val av revisor inför årsstämman den 29 maj 2019. Till ny revisor föreslås det registrerade revisionsbolaget PwC.
Kopy Goldfields AB