Emerging explorer Eastern Metals Ltd is set for an ASX listing as it seeks to raise up to $6m to fund a multi-year exploration campaign across its portfolio of ‘drill-ready’ base and precious metals projects.
The miner, headed by an experienced team of exploration and operational professionals, is the owner of three projects including Arunta in the Northern Territory, along with the Cobar and Thomson Projects in New South Wales. Both Arunta and Cobar are classified as advanced exploration projects under the 2015 Valmin Code.
The raise will include an offer of 22,500,000 to 30,000,000 shares @ $0.20/share, with one option issued for each three shares purchased. The company’s ASX debut is expected in mid October.
Drill-ready projects set for exploration
Eastern Metals’ flagship assets, acquired from Kidman Resources, include the Home of Bullion deposit at its Arunta Project, which includes a total identified JORC 2012 mineral resource of 2.5Mt @ 1.8% Cu, 2.0% Zn, 36g/t Ag, 1.2% Pb and 0.14g/t Au, along with the Browns Reef deposit at its Cobar Project, which includes a JORC 2012 exploration target of 27 to 37Mt @ 1.3-1.4% Zn, 0.6- 0.7% Pb, 9-10g/t Ag and 0.2-0.3% Cu.
The company’s Thomson project is less-explored than Arunta and Cobar, but is described by the company as including targets in basement rock, with geology thought to be similar to the Cobar region.
Experienced team with a history of delivering assets to production
Eastern Mineral’s experienced board and management team delivers a proven track record of taking advanced explorations projects from acquisition through to production, with previous projects including the Peculiar Knob iron project, the Challenger underground gold mine and the open-cut Tarcoola gold mine.
- Non-Executive Chairman Bob Duffin (ex Peko-Wallsend, MIM Holdings, Centennial Coal, Midwest Corporation, Ferrowest, Burmine, Austmin Gold, Mt Lyell, Europa Minerals Group, and Mancala, WPG Resources)
- Managing Director and CEO Wayne Rossiter (ex WPG Resources)
- Deputy Chair and Lead Independent Non-Executive Director Cathy Moises (ex Perseus Mining. Current roles with Pacgold, WA Kaolin, Arafura Resources, Australian Potash, Podium Minerals, Pearl Gull and Argonaut Securities)
- Independent Non-Executive Director Dr Jason Berton (ex BHP Billiton, SRK, Estrella Resources. Current role with PolarX)
“Our team’s collective experience with the mineral systems of Central Australia and New South Wales has been built up over more than 50 years”
Eastern Metals Chairman Bob Duffin said: “Our team has spent several years searching for advanced mineral exploration assets with resource or near resource status, where we believe potential exists to increase the metal inventory with further well targeted exploration. We have identified targets both within and outside the existing Exploration Target envelope at Browns Reef that we are excited about, and we have taken out two additional exploration licences as well in this area. Our team’s collective experience with the mineral systems of Central Australia and New South Wales has been built up over more than 50 years. Core members of our team have a good track record in these environments, and have been responsible for bringing two open pit mines to production in the last 10 years.”
Images: Eastern Metals Ltd