THE BOURSE WHISPERER: A new exploration company with a familiar face at the helm has set up residence on the boards of the Australian Securities Exchange.
The newest gold exploration play to hit the bourse is Miramar Resources (ASX:M2R) on the back of a heavily oversubscribed Initial Public Offering (IPO) that raised $8 million at an issue price of 20 cents per share.
The company has former Doray Minerals and Riversgold head, Allan Kelly sitting at the head of the Boardroom table in the executive chairman role.
Miramar Resources enjoyed a satisfying first day trading, opening at a healthy 56 cents before settling down to an impressive 41.5 cents.
The company is eager to get out on its highly prospective exploration projects within the Eastern Goldfields and Murchison regions of Western Australia.
Miramar’s immediate focus will be on the Gidji Joint Venture project (Miramar 80%) located north of Kalgoorlie.
The first drilling campaigns at Gidji will test several targets including the potential for extensions to the Runway gold deposit located immediately south of the project’s southern tenement boundary where KCGM outlined a Mineral Inventory of 314,000 ounces in 2017.
The company considers there to be potential for the oxide and primary gold mineralisation seen at Runway to continue to the north, onto Miramar’s tenements.
There is a lack of deep drilling across the Gidji JV project however limited wide-spaced aircore drilling has demonstrated anomalous gold extending for at least a further two kilometres north of the Runway deposit.
Miramar has planned initial aircore and RC drilling programs at Gidji and has recently received approval from the Department of Mines, Industry Regulation and Safety (DMIRS) for these programs.
The company has received statutory approvals from DMIRS for initial drilling campaigns at the Lang Well and Glandore projects and is working towards heritage approval for the Glandore project.
Miramar’s Executive Chairman, Allan Kelly, said the Company was overwhelmed by the level of interest in the IPO and welcomed the Company’s new shareholders.
“It is a great time to be a West Australian focused gold exploration company,” Kelly said in the company’s opening day announcement to the ASX.
“We have compiled a portfolio of under-explored but highly prospective exploration projects in two world class gold provinces and within close proximity to a number of existing gold mining and processing facilities.
“It’s fantastic to see that investors have enthusiastically embraced our strategy.”