The long-awaited Perth-based explorer Condamine Resources with exploration plans for the South Island has told the Australian market it is seeking $A4.75 million ($NZ5.18 M).
The plan is to raise the funds through the issue of 23.75 M shares at A20 cents each.
An information memorandum for Condamine says it plans to tap new targets in the historic Reefton goldfield that has produced 2.5 M ounces of gold.
Up till yesterday the proposed float was not listened on the ASX’s “upcoming floats” list.
The company originally planned to take up the Sams Creek gold project from the partnership of MOD Resources Ltd (ASX: MOD) and OceanaGold Corporation (TSX & ASX: OGC) but that deal lapsed several months ago.
Condamine was established early in 2017 and said it has built a team to seek an IPO to explore a portfolio of targets in an historic, high-grade mining district.
This takes in Big River and Alexander River where there remained untested targets from earlier operations that produced 136,000 oz of gold at a grade of 34.1 grams/tonne gold.
Another target, Reefton South, takes in a granted permit covering 333.6 square kilometres on the same corridor that contains the major Blackwater mine held by Australian company Tasman and permit holder OceanaGold.
Condamine said Alexander River takes in targets explored by OceanaGold predecessor Macraes Mining and also tapped earlier by CRA Exploration (Rio Tinto) that produced some high grade intercepts.
NZResources.com reported work carried out at Alexander River several years later by a Canadian company, though it did not appear to have a sustained programme.
Managing director of Condamine is Perth-based Don Harper, a mining engineer and a non-executive director is well known Dunedin geologist Paul Angus.
Companies mentioned in article