CGN Resources (ASX:CGR) listed on the ASX yesterday (18 October 2023) following a $10 million oversubscribed initial public offering (IPO).
The company currently has a $20.38 million market capitalisation company and is today trading at $0.185 per share.
Proceeds from the IPO will be used to test ‘high-quality’ targets at its Webb Project in Western Australia. CGN Resources has started a 1,200m diamond drilling campaign to test drill-ready iron oxide copper gold (IOCG) targets Tantor and Surus.
The Webb Project has a major 948km-square package of tenements in the ‘highly prospective’ West Arunta Region of Western Australia.
Increased exploration activity and results from the company’s neighbours WA1 Resources (ASX:WA1), Rio Tinto (ASX:RIO), IGO (ASX:IGO) and Encounter Resources (ASX:ENR) have highlighted the prospectively of the region.
Recent discoveries in neighbouring ground demonstrate the potential for large magmatic mineral systems similar to those being tested by CGN.
The company believes the West Arunta is the last great unexplored frontier in Australia and is ripe for discovery.
By deploying modern and disciplined exploration, CGN says it aims to unlock the West Arunta as Australia’s next major exploration hot spot for copper, nickel, and critical minerals.
Write to Adam Orlando at Mining.com.au
Images: CGN Resources
