Battle North Gold Announces Filing of its Second Quarter 2020 Results
July 30, 2020
(All references to dollars herein are in Canadian dollars (“$”) unless otherwise specified)
TORONTO, July 30, 2020 /CNW/ – Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) (“Battle North” or the “Company”) announces that it has filed its interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) for the quarter ended June 30, 2020 (“Q2/2020”). Copies of these filings can be obtained at www.battlenorthgold.com or under the Company’s profile at www.sedar.com.
Financial Highlights from Q2/2020
- Cash position: As of June 30, 2020, the Company had cash and cash equivalents and short-term investments of approximately $12.2 million.
- Exploration and evaluation expenditures: For Q2/2020, the Company spent approximately $3.3 million in expenditures related to drilling, maintenance and technical consulting fees, including work on the feasibility study for the Bateman Gold Project (the “Project”). Expenditures were lower by $0.4 million compared to the same period in 2019 as the Company did not incur expenditures on underground development as part of its 2020 drilling campaign, which was focused on infill and exploratory drilling and delivering an updated mineral resource estimate for the Project1 to support the ongoing feasibility study.
- General and administrative expenses (including salaries and benefits, and consulting and professional fees): The Company spent approximately $1.0 million on expenditures related to general and administrative, salaries and benefits, and consulting and professional fees in Q2/2020, lower by $0.3 million due to less salary and benefit costs than Q2/2019.
As of July 30, 2020, the Company had cash and cash equivalents of approximately $11.5 million. The Company has sufficient financial resources to carry out the Company’s planned activities in 2020:
- Feasibility study for the Project remains on track for the second half of 2020 (“H2/2020”) completion
- Ongoing exploration at McFinley and Pen Zones: Battle North is on track to complete more than 5,000 m of underground confirmatory diamond drilling to determine the mineral resource potential of the historic McFinley Zone (“McFinley”)(approximately 420 m west of the F2 Gold Zone) and the Pen Zone (approximately 500 m northwest of the F2 Gold Zone). The drill program is designed to follow-up on the historic high-grade drill intercepts that were intersected in these two targets. Battle North plans to deliver mineral resource estimates for both the McFinley Zone and the Pen Zone in the 2020 and early 2021, respectively. Due to the proximity of these targets to the existing underground and surface infrastructure of the Bateman Gold Project, mineralized material at McFinley and the Pen Zone areas have the potential to augment the conceptual production profile of the Bateman Gold Project. On July 27, 2020, Battle North announced encouraging initial drilling results at the Pen Zone2.
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