Dalradian Resources On Track to Complete Feasibility

Dalradian Resources (TSX:DNA) reported its 2015 financial and operating results, noting that it has completed in-fill drilling at its Curraghinalt gold project in Northern Ireland, and that it remains on schedule to complete its feasibility study for the project in the second half of 2016.
As quoted in the press release:

Operational highlights as of March 23, 2016

• Regional exploration discovered quartz veins at Rylagh, approximately 12.5 km to the south west of Curraghinalt; samples from outcrop at Rylagh returned high-grade gold results including 168.0 g/t and 42.4 g/t of gold
• Infill drilling is completed, with 51,479 metres in 181 holes having been drilled and results from 142 holes for 39,582 metres in total released to date
• The mineral resource update is on track for press release by the end of April. The main goal of the infill drilling was to expand ounces contained in the Measured & Indicated categories in support of the FS
• Underground development other than test stopes has been completed, with 357 days working underground, 140 blasts and 690 m of 885 m of development completed. Test stoping on the V-75 vein will be completed during Q3. This will yield important information about dilution, ground conditions, mining methods and sequencing (see figures and photos at https://www.dalradian.com/news-and-events/news-releases/news-releases-details/March-24-News-Release-Figures/)
• FS is progressing well, with engineering, metallurgy/flow sheet planning and mine planning ongoing, and the geotechnical program almost complete. The FS remains on track for release in H2 2016
• Land acquisition is nearly complete for proposed mine site processing plant and associated facilities, with several additional small parcels targeted for addition during the first half of 2016
• Work on the ESIA has advanced considerably. The initial round of stakeholder consultation began in December 2015, with a presentation to the Department of the Environment. In January 2016, other regulatory group meetings were held and at the end of the month the first round of community consultation events was held. Additional community consultation is ongoing, including group and one-on-one meetings at residents’ homes. The community consultation process was begun several months in advance of legislated requirements so that the Company could incorporate feedback into the mine planning and ESIA. The final round of consultations is planned for this summer at which point final designs will be presented

Corporate and financial highlights of Q4 and year-end 2015 and subsequent period compared with Q4 and year-end 2014

• Closed a bought deal financing for gross proceeds of approximately $40 million on October 7, 2015
• Dr. Adshead-Bell joined the Board of Directors on December 3, 2015
• Cash and cash equivalents were $43.3 million at December 31, 2015 compared with $29.8 million at December 31, 2014
• Net loss of $2.8 million ($0.01 per share) in the three months ended December 31, 2015 compared with a net loss of $2.8 million ($0.02 per share) in the comparable period of 2014; net loss for the year ended December 31, 2015 was $7.5 million ($0.04 per share) compared with a net loss of
  $6.8 million ($0.06 per share) in the comparable period of 2014
• Spending on asset evaluation, which includes development planning, permitting and other activities associated with the Underground Program, in the three months ended December 31, 2015 was
  $9.0 million compared with $3.6 million during the comparable period in 2014 due to an increase in on-site activities associated with the Underground Program; similarly asset evaluation expenditures for the year ended December 31, were $31.0 million during 2015 compared with $6.5 million in 2014
• Exploration expenditures were $0.3 million in the three months ended December 31, 2015 compared with $0.9 million in the comparable period of 2014; for the year ending December 31, expenditures were $1.5 million in 2015 compared with $1.9 million in 2014
• As of March 23, 2016 Dalradian had 215,733,892 Common Shares issued and outstanding

Dalradian president and CEO, Patrick Anderson, said:

Curraghinalt is one of a handful of quality gold development projects that is being progressed toward production. We remain on-track to submit a planning application in the second half of this year to build a low-cost, high-grade gold mine, with cash of $43 million at the end of 2015. It is a flagship project for Northern Ireland and is creating a new industry that brings well-paid jobs, training and investment under the highest environmental standards.

Click here for the full press release.