IPO Watch
IPO WATCH: Companies scheduled to list soon on the boards of the Australian Securities Exchange.
Longreach Resources Limited
Proposed ASX code: LOR
Proposed listing date: 22 April 2013
Longreach Resources is seeking to raise up to $3.5 million through the issue of 17.5 million shares at an issue price of 20 cents each.
The aim of the raising is to enable the company to complete the acquisition of a 75 per cent interest in the Mt Olympus gold project.
The Mt Olympus project is located approximately 35 kilometres south-east of Paraburdoo in the Peak Hill mineral region of Western Australia.
The project is comprised of two tenements covering approximately 66 square kilometres, which the company considers to be prospective for Carlin-style gold mineralisation and base metals.
Longreach has an exploration program planned to go for the project once it has achieved its listing and upon completion of necessary permitting.
In addition to commencing exploration activities on the Mt Olympus project, Longreach has also indicated it intends to pursue new projects in the resources sector, both in Australia and overseas, by way of acquisition or investment.
Source: ASX
Macquarie Gold Limited
Proposed ASX code: MQX
Proposed listing date: 24 April 2013
Macquarie Gold acquired a 100 per cent interest in Challenger Mines in January 2011.
Challenger holds ML 1435, EL 5728 and 16 MCLs across the Adelong Gold Field in southern New South Wales.
Macquarie is offering 50 million shares at 25 cents each to raise $12.5 million.
After listing, and subject to obtaining the necessary approvals, the company has indicated it intends to construct a facility capable of handling 200,000 tonnes of ore per annum and capable of producing gold at a rate of 13,000 ounces to 15,000 ounces per year from an existing JORC defined resource in the Challenger and Currajong deposits.
The Challenger deposit has a resource of 930,000 tonnes grading 2.74 grams per tonne for 82,000 ounces of gold while the Currajong deposit measures 338,000 tonnes at 3.48g/t for 37,800 ounces of gold.
Macquarie Gold management believes there to be significant upside potential in gold resource extensions.
It claims the Challenger ore body deposit extends both along strike and at depth and considers it is likely the mine will continue to grow once the known resources have been mined.
The company is also confident gold resource potential exists in the Currajong deposit and within other known reefs within its tenements.
These additional potential resources will be the focus of the company’s exploration program and will be evaluated by drilling which is planned to take place soon after listing.
Macquarie Gold said it also believes its proposed gold production plan will generate cash flows that will fund ongoing exploration programs.
Source: ASX
Tropicana Gold Limited
Proposed ASX code: TPO
Proposed listing date: 19 April 2013
Tropicana Gold is a Western Australia-based gold exploration company, which has entered into a Heads of Agreement to acquire 100 per cent interest of Sulphide Resources.
Sulphide Resources owns 100 per cent of the Tropicana gold project, Kat Gap project and the Lake Johnston project – all located in Western Australia.
Upon listing Tropicana Gold intends advancing the eponymous gold project, which is located 50 kilometres from the Tropicana gold mine Joint Venture between AngloGold Ashanti and Independence group.
The project is also situated between the Hercules and Pleides projects of Beadell Resources.
The Kat Gap project is made up of seven tenements in Forrestania and is considered by the company to be an ‘advanced exploration’ play.
It appears little work has been conducted at Lake Johnston at his stage, however Tropicana Gold said it did have indications of potential gold mineralisation that had been identified from historical exploration work.
Source: ASX
Disclaimer: The above information is not investment advice. The Roadhouse accepts no responsibility for investments made from this information.