Iondrive Limited · ASX:ION
Iondrive — Southern Gold — Corporate Update (November 2020)
14 slides from Iondrive's corporate update, Nov 10, 2020
Slide 1: Quarterly Investor Briefing and Corporate Update
SOUTHERNGOLD PRECIOUS METALS IN SOUTH KOREA SOUTHERNGOLD Quarterly Investor Briefing and Corporate Update Drilling at Weolyu Project, South Korea, September-October 2020 10 November 2020 ASX Ticker: SAU
Slide 2: Disclaimer
SOUTHERNGOLD Disclaimer Forward-looking statements The information in this presentation is published to inform you about Southern Gold Limited (“Southern Gold”) and its activities. Some statements in this presentation regarding estimates or future events are forward looking statements. These may inc
Slide 3: Strategy Remains the Same
SOUTHERNGOLD Strategy Remains the Same “The discovery and definition of high-grade precious metal deposits in South Korea.” ✓ Actively drilling – now augmented with Ausino Drilling Services ✓ New project generated – Janghwal ✓ Funded – no debt, cash now at A$11m + A$1.5m drill-for-equity deal* ✓ New
Slide 4: Developments – Last months
SOUTHERNGOLD Developments – Last 3 months ❑ Drilling ❑ Multiple typhoons have moved across Japan and the Korean peninsular ❑ Weolyu – first 2 drill holes completed ❑ Dokcheon – rig to commence drilling shortly ❑ Aphae – drilling to follow drone aeromagnetic survey (KIGAM), likely over winter ❑ Proje
Slide 5: Drilling
SOUTHERNGOLD Drilling Drill Operations relatively unimpacted by COVID19 Aphae Assays Received – high grade gold intercepted, wide low grade in breccia Shin Adit, Deokon – Narrow intercept Weolyu – Drilling in progress Dokcheon – Drilling just started Aphae Round 2 drilling shortly Drill Pipeline Dir
Slide 6: Drilling: Aphae
SOUTHERNGOLD Drilling: Aphae • Au grades returned in all scout drill holes • Petrological study completed with conclusion the mineralised fluids are epithermal in nature – albeit an unusual deposit for this type • Drone aeromagnetic survey to be done by Korean Institute of Geoscience and Mineral Res
Slide 7: Aphae – A Broader Context
SOUTHERNGOLD Aphae – A Broader Context >9g/t Au in rock chips >1.6km away Koryong Clay Mine >1km away See ASX Release 12th August 2020: High Grade Gold in Maiden Drilling Program at Aphae and Quarterly Report 30 September 2020 7
Slide 8: Drilling: Weolyu
SOUTHERNGOLD Drilling: Weolyu Southern Shoot 330 Level – 25m strike at avg. 0.44m vein thickness @ 13.1 g/t Au & 522 g/t Ag Southern Shoot 310 Level – 30m strike at avg. 0.42m vein thickness @ 8.3 g.t Au & 193 g/t Ag • Drilling impacted by 2 typhoons (~10 day delay) • Two holes complete • WUDD008 –
Slide 9: Drilling: Dokcheon
SOUTHERNGOLD Drilling: Dokcheon • Recent and historical sampling reporting gold up to 6.89g/t gold and anomalous arsenic and manganese • Interpreted high-level in the epithermal vein system • Quartz Textures: Bladed quartz pseudomorphs, chalcedonic, weak colloform banding • Alteration: Argillic • Ve
Slide 10: Funding
SOUTHERNGOLD Funding Ordinary Shares 213.3m Share Price (6 November 2020) AUD$0.12 Market Capitalisation AUD$25.6m A$10.2m placement @ A$0.12/share announced Cash ~AUD$11m# Debt Nil Enterprise value (EV) AUD ~AUD$15m EV USD (US$0.725 fx rate) ~USD$10.9m Placement approved EV CAD (US$0.764 fx rate) ~
Slide 11: JV Interest Sale Process
SOUTHERNGOLD JV Interest Sale Process Southern Gold Ltd (ASX) Bluebird Merchant Ventures Ltd (LSE) Enterprise Value ~US$11m# Enterprise Value ~US$29m# >SAU x3 100% Sale Process Current* 50% International Gold (IGPL) 50% [Singapore subsidiary] Gubong Project Kochang Project JV Co Ltd JV Co Ltd 100% [
Slide 12: Our Peers
SOUTHERNGOLD Our Peers North Asia Gold Play World class Au deposits in World class Au deposits in Kyushu, Jiaodong Peninsula, China Japan e.g. Xiling orogenic Au deposit e.g. Hishikari epithermal Au deposit (>17Moz Au, recent discovery) (>10Moz Au, discovery pre 2009) Southern Gold (SAU.AX) Irving R
Slide 13: What's Coming Next?
SOUTHERNGOLD What’s Coming Next? Funded to complete diamond drilling programmes across the portfolio in 2021 and 2022 ❑ Drilling results at Weolyu (SAU 100%) 2020Q4 ❑ First pass scout drilling at Dokcheon (SAU 100%) 2020Q4 ❑ Follow-up drilling at Aphae (SAU 100%) Winter 2020-21 ❑ First pass scout dr
Slide 14: Contacts
SOUTHERNGOLD Contacts Simon Mitchell Managing Director Office: +61 8 8368 8888 smitchell@southerngold.com.au info@southerngold.com.au Web Address: www.southerngold.com.au Physical Address: 10 George Street Stepney, South Australia 5069 Australia Postal Address: PO Box 255 Kent Town SA 5071 14