Citigold Corporation shares spike on June quarterly report

Shares in gold developer Citigold Corporation (ASX:CTO) have spiked 25% this week following the release of its quarterly report for the three months to the end of June 2023.

The company, which has an $11.49 million market capitalisation, says during the quarter, it advanced its goldfield development plans, with upcoming work to designed to cover the three existing major surface mine sites of its Charters Towers Gold Project in Queensland: Central, Warrior, and Stockholm. 

By focusing its efforts on these sites, the company says it can complete its exploration work with a ‘minimalist surface footprint’, which could facilitate the mining of the whole goldfield without the need for other major surface areas. 

Citigold shares closed 25% higher at $0.005 on Tuesday afternoon (25 July). 

While no drilling work was conducted during the June quarter, Citigold took on soil and rock sampling over three Exploration Permits between Stockholm and Warrior, about 5km south of Charter Towers. 

The company says a review of geochemical data from the last 12 months of sampling work highlights the potential for strike extensions of previously mapped or mined mineralised lodes. 

Looking ahead, Citigold’s sampling work is now continuing to the north of the Warrior mine area

Looking ahead, Citigold’s sampling work is now continuing to the north of the Warrior mine area, and the company continues to optimise its future plans for an ‘intensive’ exploration program, which it says will prioritise areas outlined by its current and previous exploration work. 

Meanwhile, the company continues to review its long-term mine plan as it works to optimise the deployment of major mining equipment across underground work areas. 

Citigold claims to be in various stages of discussions with potential financing partners or other companies expressing interest in helping develop its gold mine, though the company stopped short of naming any of these potential partners. 

Citigold had $4.43 million cash at hand at the end of June.

With a core focus on the Charters Tower Gold Project, Citigold aims to produce more than 300,000 ounces of gold per year using cost-effective and ‘state-of-the-art’ technologies. The company says it’s ‘production-ready’ after completing a 100,000-ounce gold production test and establishing its mine site, while broad regional exploration programs are ongoing. 

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Images: Citigold Corporation Ltd
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Written By Joshua Smith
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.