The AIM-quoted mining group, focused on projects in Nevada, put the spotlight on its strategic decision to focus on the CS Pozzolan-Perlite project where it is advancing towards a production start-up target in 2019.
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It also highlighted that the market for natural pozzolan, as a "green" replacement for Portland cement, in cement and concrete mixes is growing while the horticultural market for perlite is also growing, driven by the continuing legalisation of cannabis in the US.
A successful concept study was among the standout project milestones in the year, with the study endorsing proposed open pit mining and a simple processing method - the financial model indicates attractive financial returns based on low capital and operating cost estimates.
Meanwhile, the company also conducted a successful maiden drill programme at the project, confirming thick intervals of pozzolan and perlite in Main Zone and Tuff zones, and a second drill programme will zero-in on the proposed open pit areas.
“I am pleased to report on the evolution and delivery of our strategic plan in 2017 as we advance our CS Project towards potential production,” said chief executive Patrick Cheetham.
“We have achieved a number of project milestones during the year and have an active work programme planned for 2018 aimed at a start to mining operations in the first half of 2019.
“I look forward to reporting further progress and to meeting shareholders at our upcoming AGM."
The pre-production company reported a £311,046 loss for the twelve months ended September 30, with administration cost accounting for £276,568. It ended the period with £234,181 of cash and equivalent.