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BMG RESOURCES LIMITED
ACN 107 118 673
Consolidated Interim Financial Report
For the Half Year Ended
31 December 2021
For personal use only
CONTENTS
Corporate Directory
Directors' Report
Auditor's Independence Declaration
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Consolidated Financial Statements
Directors Declaration
Independent Auditor's Review Report
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BMG RESOURCES LIMITED - INTERIM FINANCIAL REPORT - 31 DECEMBER 2021 | PAGE 2 |
CORPORATE DIRECTORY
DIRECTORS
only | COMPANY SECRETARY |
REGISTERED AND PRINCIPAL OFFICE | |
use | AUDITORS |
personal | SHARE REGISTRY |
HOME EXCHANGE | |
For | SOLICITORS |
BANKERS | |
Gregory Hancock | Non-Executive Chairman |
Bruce McCracken | Managing Director |
John Prineas | Non-Executive Director |
John Dawson | Non-Executive Director |
Sean Meakin |
Level 14
225 St Georges Terrace
PERTH WA 6000
Telephone: (08) 9424 9390
Facsimile: (08) 9321 5932
Website:www.bmgl.com.au
Email:enquiry@bmgl.com.au
BDO Audit (WA) Pty Ltd
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth WA 6000
Automic Group
Level 2, 267 St Georges Terrace
PERTH WA 6000
Telephone: 1300 288 664 (within Australia)
+61 (0) 2 96985414 (international)
Australian Securities Exchange Ltd
Central Park
152-158 St Georges Terrace
PERTH WA 6000
ASX Code: BMG
Blackwall Legal
Level 26
140 St Georges Terrace
PERTH WA 6000
St George Bank
Level 3, Brookfield Tower 2
123 St Georges Terrace
PERTH WA 6000
BMG RESOURCES LIMITED - INTERIM FINANCIAL REPORT - 31 DECEMBER 2021 | PAGE 3 |
DIRECTORS' REPORT
The Directors present their report together with the consolidated financial report of BMG Resources Limited (the Company; ASX: BMG), being the Company and its subsidiaries ('Group' or 'Consolidated Entity'), for the half year ended 31 December 2021 and the auditor's review report thereon.
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DIRECTORS
The names and details of the Directors in office during the half year and until the date of this report are set out below.
• | Greg Hancock | (Non-Executive Chairman) |
• | Bruce McCracken | (Managing Director) |
• | John Prineas | (Non-Executive Director) |
• | John Dawson | (Non-Executive Director) |
All Directors have been in office for the entire period, unless otherwise stated.
OPERATIONS REPORT
During the six months to 31 December 2021, BMG was focused on advancing its three highly prospective gold exploration projects in Tier 1 mining jurisdictions - the Abercromby Gold Project in Wiluna, the Invincible Gold Project in the Central Pilbara and the South Boddington Gold Project in the Boddington region of Western Australia.
BMG was primarily focused on the Abercromby Project during the reporting period. Abercromby is located on the Wiluna Greenstone Belt, one of Western Australia's most significant gold-producing regions with a gold endowment of +40Moz Au - second only to Kalgoorlie globally in terms of historic production.
The geology at Abercromby is very favourable for gold mineralisation, with historic drilling having intersected multiple thick intervals of high-grade gold mineralisation to confirm the presence of a large high-grade gold system.
BMG holds 100% of Abercromby, which comprises the gold and other mineral rights (ex-uranium) of two granted mining leases (M53/1095 and M53/336).
Abercromby
During the reporting period, BMG commenced a major drilling exploration campaign at Abercromby, with about 6,750m of reverse circulation (RC) and diamond drilling (DD) undertaken across 24 holes. The program was designed to further test the nature and continuity of known high-grade gold mineralisation at the Capital Prospect.
Prior to the commencement of this campaign, drilling to-date had recognised a number of gold zones or lodes at Capital with multiple thick high-grade gold intersections.
The RC component of the program was completed in October 2021 for 4,095m of drilling, with the DD component completed in the new year.
Some of the RC holes failed to reach depth due to water ingress and were completed in the new year as part of the DD program. Circa. 2,600m of DD was completed in March 2022 across 10 holes, including five tails to complete the previous RC drilling that didn't reach target depth, and deeper holes targeting high-grade depth and strike extensions.
BMG RESOURCES LIMITED - INTERIM FINANCIAL REPORT - 31 DECEMBER 2021 | PAGE 4 |
DIRECTORS' REPORT
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Assay results for the DD are currently being processed, however visual indications of key alteration zones intersected look very encouraging.
First laboratory RC assays, based on 4m composite RC assays, were reported in October, while the definitive 1m RC assays were reported on 25 January 2022, subsequent to the reporting period.
Selected results on a hole-by-hole basis for the returned 1m sampling assays are shown below:
- 6m @ 19.8g/t from 83m (21ABRC007), incl 1m @ 100.39g/t from 83m
- 34m @ 1.26g/t Au from 143m (21ABRC007)
- 5m @ 3.97g/t Au from 238m (21ABRC007)
- 60m @ 1.46g/t Au from 127m (21ABRC005), incl 19m @ 2.87g/t from 159m
- 50m @ 1.08g/t Au from 101m (21ABRC003), incl 4m @ 8.61g/t from 123m
- 33m @ 1.38g/t Au from 233m (21ABRC004), incl 12m @ 2.47g/t from 250m
- 35m @ 1.07g/t Au from 19m (21ABRC019), incl 13m @ 1.98g/t from 39m
- 2m @ 6.47g/t from 80m (21ABRC019)
- 25m @ 1.15g/t Au from 218m (21ABRC006), incl 9m @ 1.99g/t from 223m
All holes drilled at the Capital Prospect intersected gold mineralisation and confirmed significant extensions of the known mineralisation, inclusive of extremely high grades. These results reinforced the Company's belief in the strong potential to deliver a significant, high-grade gold resource at Abercromby.
The program also identified a new eastern lode not previously intersected by historical drilling, opening up an area for a sizeable extension of the potential resource envelope at Capital.
Step-out drilling to the north of the Capital Prospect continued to intersect gold mineralisation, providing encouragement that the high-grade mineralisation at Capital extends continuously for a further 500m to the Capital North Prospect - suggesting a much larger mineral system.
BMG also secured an aircore rig to undertake a major aircore drill program of about 10,300m at Abercromby targeting high priority structures identified by sub-audio magnetics to the south of the Capital prospect. This program was completed in March 2022 (across 130 holes), subsequent to the end of the reporting period.
Invincible
The Invincible Project, on Exploration Licence E45/4553, is located in the emerging gold district of Central Pilbara and immediately along strike from, and hosted by the same stratigraphy as, Calidus Resources' (ASX: CAI) 1.5Moz Au resource, which is currently being developed.
Invincible hosts more than 12.5km of the Warrawoona Shear Zone - the mineralised trend that hosts Calidus' gold resource and which is mostly comprised in the Klondyke deposit, as well as other prospective structures.
Reconnaissance field work and mapping to validate recently generated targets, together with further geochemical sampling to scope the extent of the existing anomalies and investigate new target areas is progressing.
Once this data has been compiled, the Company will finalise planning of a maiden drill program for Invincible and, subject to any unforeseen delays caused by the COVID-19 pandemic, will seek to commence drilling during calendar 2022.
BMG RESOURCES LIMITED - INTERIM FINANCIAL REPORT - 31 DECEMBER 2021 | PAGE 5 |
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BMG Resources Limited published this content on 16 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2022 06:27:02 UTC.