THE BOURSE WHISPERER: Ardea Resources (ASX: ARL) is advancing its spin-out of the company’s New South Wales assets via an Initial Public Offer (IPO).
Ardea Resources said it had completed technical reviews and field programs confirming high-prospectivity mineral targets across the IPO tenure.
Ardea controls a suite of tenements in NSW within the Lachlan Fold Belt that hosts multiple bulk-tonnage deposits such as Northparkes, Cadia-Ridgeway and Cowal.
The company has data validation underway for the Lewis Ponds gold-base metal project with resource estimation to follow.
The Mount Aubrey epithermal gold project has had a 3D model completed for historic gold drilling, while at the Yeoval, Copper Hill East, Ophir and Wiseman’s Creek projects located on the Lachlan Transverse Zone and at Gundagai, historic exploration data has been compiled.
Where land access was secured, vehicle mounted soil auger or conventional manual soil geochemistry has been completed with a view to defining drill targets.
Data compilation is current at Calarie and Restdown, and land access negotiations have commenced.
“The IPO of our NSW assets is a part of Ardea’s three-pronged value creation strategy,” Ardea Resources CEO Andrew Penkethman said in the company’s announcement to the Australian Securities Exchange.
“This prospective 2,000 square kilometres of gold and base metal tenure across our 100 per cent-controlled NSW projects will underpin a dedicated IPO, with distribution of free in specie shares to Ardea shareholders.
“The IPO is advancing as planned, with target definition followed by on-ground exploration completed over key components of each project area.
“Initial results are highly encouraging and have confirmed multiple base and precious metal targets, which highlight the prospectivity of the NSW project portfolio with follow up programs planned to test these targets post IPO.”