Mount Isa Minerals making inroads towards ASX listing

Mount Isa Minerals expects to lodge its prospectus and application to list on the Australian Securities Exchange (ASX) this month (October 2023).

Lodge Corporate has been retained as lead managers for the IPO, while Moore is working as auditor. EMK Lawyers in Perth, which has been working with the company for several years, is leading the work on the float. The firm is being supported by HopgoodGanim on the Queensland resources aspect. 

Speaking to Mining.com.au, Executive Chairman David Williams says Lodge Corporate is currently engaging a number of interested potential investors in anticipation of the company’s proposed listing.

There are 3 substantial shareholders of Mount Isa Minerals, with the largest holding being the vendors of the projects into the company. At this point in time, Williams says none of these shareholders have indicated they are looking to exit upon listing, however there is likely to be some escrow restrictions required by the ASX.

The Executive Chairman adds the company will raise enough capital to launch straight into an exploration program. Mount Isa Minerals has pulled together ‘an enormous amount of historical data’ – extensive geophysical database, 250,000 rock chip and soil samples and historic drilling (although most of that was only assayed for uranium). 

In 2022, the company undertook a small 4-hole proof of concept diamond drill program. 

Williams says: “So the company is now in a position to and is ready to start comprehensive drill programs and for that we need capital. At the same time, we are seeing the critical nature of copper supply versus demand growing and investors are starting to look for new early stage copper opportunities. So, with all that coming together we felt the time was right to push forward with an IPO.”

Mount Isa Minerals has 13 walk-up drill ready targets identified – with 3 test targets drilled in 2022 –  with comprehensive drill programs planned for after listing. 

The Executive Chairman says given the extensive database of geophysical and surface data, “now is the time for drilling, so it will be no surprise that the company’s current plan is that the large majority of funds will go into drilling”. 

“now is the time for drilling, so it will be no surprise that the company’s current plan is that the large majority of funds will go into drilling

“However, we will also be looking to get assays of the historic and previous drilling to assist with our targeting, along with infill surface work.”

The company’s tenements sit directly adjacent to Glencore’s (LON:GLEN) Mount Isa Mine and ‘world-class’ processing and smelting facilities, providing a ready potential pathway to commercialisation. 

Glencore’s Mount Isa Mine is the second largest copper producer in Australia. The ore body has been producing for more than 90 years and is believed to have held 300Mt @ 3% Cu and 395Mt zinc-lead-silver at 6.9% zinc, 3.6% lead, and 69g/t silver. The mine sequence is 1km thick and hosts 20 distinct clusters of lead-zinc mineralisation. 

Mount Isa Minerals’ plans are to develop a copper Mineral Resource Estimate (MRE) within 3 years and investigate the commercial potential of other critical minerals being hosted within the tenements. 

It is taking a mineral systems approach and is looking for trap sites of mobilised copper on the western side of the Mt Isa fault likely to have occurred within the May Downs Gneiss and Eastern Creek volcanics. The company says a copper emplacement event likely took place during deformation on the West Isa tenements area. This event is evident by the copper rich dolerites and pegmatite throughout the Western tenement boundaries.

Mount Isa Minerals has 8 granted exploration permits covering 345km-square of ‘highly prospective’ copper mineralisation along the west side of the Mount Isa fault.

Write to Adam Orlando at Mining.com.au

Images: Mount Isa Minerals
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Written By Adam Orlando
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.