Drilling is already underway for gold and copper explorer Legacy Minerals (ASX: LGM), which saw its shares begin trading on the ASX today after it raised $5.8 million in an initial public offering.
Institutional investors strongly supported Legacy’s IPO – accounting for 23% of the offer’s bookbuild.
In the IPO, Legacy issued more than 29 million shares at $0.20 each.
Legacy managing director and chief executive officer Chris Byrne said completing the IPO was a major step in the company’s journey.
“We look forward to the future and are focused on delivering value to shareholders as we continue exploration across our diverse and prospective portfolio of exploration assets.”
Mr Byrne added the company was well funded to explore its “exciting portfolio”, which contains “numerous opportunities for discovery” and value creation.
Lachlan Fold Belt
The company’s strategy is to discover gold and copper within its five wholly-owned projects in New South Wales’ Lachlan Fold Belt.
Drilling is already underway at the most advanced exploration project Harden with a focus on historical high-grade gold mines at the property.
Legacy anticipates assays will be at hand from this drilling within six weeks.
More drilling is planned for the other more advanced project Bauloora along with a follow-up campaign at Harden.
IPO proceeds will also be used to progress the other three projects: Cobar, Fontenoy and Rockley.
Across the five projects, Legacy is targeting porphyry-related copper-gold, low-sulphidation epithermal, Cobar-type, volcanic hosted massive sulphide and low sulphide quartz-vein mineralisation styles.
Mr Byrne said the company had three drill campaigns across Harden and Bauloora on track to be completed by the end of October.
The company has facilitated another reverse circulation drill rig to facilitate these plans.