Apr 29 2017
Trek Mining Inc. has released its audited consolidated financial statements for the fiscal year ended December 31, 2016.
The Annual Financial Statements and accompanying Management's Discussion and Analysis are available for download on the Company's website at www.trekmining.com and on SEDAR at www.sedar.com.
The activities included in the Annual Financial Statements pre-date the March 31, 2017 closing of the plan of arrangement whereby JDL Gold Corp. acquired all of the outstanding securities of Luna Gold Corp. (the "Transaction"). Accordingly, the Annual Financial Statements do not include the financial results of Luna Gold or the proceeds from the financing completed concurrently with the Transaction.
Following completion of the Transaction, JDL Gold was renamed Trek Mining Inc. and changed its trading symbol to "TREK" on the TSX Venture Exchange. At March 31, 2017, Trek had approximately C$110 million (US$85 million) in cash and marketable securities, 177.7 million shares outstanding and no cash debt.
Aurizona Exploration Update
The Company has commenced an initial 5,000-metre exploration drill program at the Aurizona Gold Mine in Brazil. Current gold reserves at Aurizona are primarily contained within the Piaba ore deposit, which remains open along strike and to depth. The combined reverse circulation and diamond drill program is focused primarily on the 'Piaba West' target, a potential 900-metre long extension of the Piaba ore deposit. The drill program will also include drilling at the Genipapo target, which lies immediately northeast of the Piaba deposit. Genipapo is one of a number of prospective, near-mine, drill-ready targets identified from surface mapping, sampling and limited drilling that the Company intends to explore throughout fiscal 2017.
The broader Aurizona land package located outside of the Company's 100% owned Aurizona Mine and brownfields concessions (the "greenfields") is being explored in a joint venture with AngloGold Ashanti Holdings plc ("AngloGold"). In March 2017, AngloGold completed a 38,000 line-km regional airborne magnetic survey over the entire land package, including Trek's brownfields properties and the Aurizona Mine, and processing of the data is currently underway. Parallel work programs have focused on environmental permitting for the drilling program, geologic mapping of drill targets and regional soil geochemistry. AngloGold has mobilized a diamond drill rig to commence the planned 18,000 metre 2017 drilling program.
Initial results from drilling and related exploration activities at Aurizona are pending and will be reported when available during the second quarter.
Source: https://www.trekmining.com/investors/news/2017/trek-mining-releases-year-end-2016-financial-results-and-commences-exploration-drilling-at-aurizona