Kingfisher Mining to begin ASX trade following oversubscribed IPO
IPO proceeds will fund exploration at Kingfisher Mining’s copper-gold tenements in WA.
One of the last junior explorers to make its way on to the ASX this year is Kingfisher Mining (ASX: KFM) which is due to begin trade this morning.
The company raised $6 million in an oversubscribed IPO, which issued 30 million shares at $0.20.
It will make its ASX debut this morning with a market cap of about $8.45 million.
Kingfisher holds 590 square kilometres of copper-gold tenements across the Ashburton and Gascoyne regions in Western Australia.
According to the company, the Ashburton and Gascoyne mineral fields are underexplored.
IPO proceeds will be used to begin exploration across its tenements early next year.
Kingfisher chief executive officer James Farrell said the company had received “extremely strong” support for its IPO.
“We are now looking forward to 2021 and the commencement of drilling and geophysical surveys at our projects in the Ashburton and Gascoyne mineral fields,” he added.
Advancing Ashburton and Gascoyne mineral fields
At Ashburton, Kingfisher will target the Boolaloo project which spans 410sq km over two exploration licences and two exploration licence applications.
The project is 160km west of Paraburdoo and 35km of Northern Star Resources’ (ASX: NST) Paulsens gold mine.
More than 30km of strike has been identified across the Boolaloo tenements.
Kingfisher has already secured a drill rig for the March quarter where 5,000m of drilling will be undertaken. It will test previously identified targets and extensions to mineralisation uncovered in previous drilling.
Over in the Gascoyne field, Kingfisher owns the Kingfisher, Mick Well and Arthur River projects which span 180sq km on granted exploration licences and are between 200km and 290km east of Carnarvon.
The namesake Kingfisher project is believed prospective for volcanogenic massive sulphide mineralisation.
Airborne and ground geophysical surveys have been planned for the all the projects.
Kingfisher anticipates the airborne electromagnetic surveys will begin next quarter and cover Boolaloo, Kingfisher and Mick Well.