Global Metals Exploration has started drilling at their 100% owned Jutson Rocks Project in western Australia, which should be a fresh start for the company.
Introduction
Global Metals Exploration has started drilling at their 100% owned Jutson Rocks Project in western Australia, which should be a fresh start for the company.
The board fight
The company is coming out of a very rough time after a fight for control over the company. A dissident shareholder asked Global Metals to arrange an extraordinary general meeting to vote on the removal of Darby and Mortimer as directors and to appoint his nominee, Julian Ramirez to the board.
The request to arrange the shareholders meeting was subsequently withdrawn later in January – for reasons still unknown.
The capital raise
Subsequently to the board room fight, Global Metals was able to raise A$353k through a Share Purchase Plan at A$0.003/share. The funds will be used for the 2013 exploration program at Jutson Rocks and Leonora, both in Western Australia.
The exploration plans for this year
Managing Director Lia Darby has promised the market Global Metals would drill approximately 10,000 meters at Jutson Rocks with an aircore drill program and Phase I consisting of 3000 meters has already started.
This year will be very important for Global Metals as investor’s patience is wearing thin, and everybody wants to see results at Jutson Rocks. The aircore drill program is designed to follow up on some leads generated by BLEG-exploration and Rotary Air Blast drilling last year which returned an intercept of 4 meters at 3.5g/t gold.
The first phase of the drill program will target the Central and Target prospects, and aims to identify primary and secondary gold anomalies.
Conclusion
Now drilling has resumed at Jutson Rocks we hope all noses are pointing at the same direction now. We expect to see the first results of the drill program in early April, and we’ll know more by then.
Disclosure: Global Metals Exploration NL is a sponsoring company. The author holds a long position in Global Metals Exploration NL. Please see our disclaimer for current sponsors.
