Applications have now closed for Resource Base’s $5.5 million IPO, with its ASX listing scheduled for 2 July under the ticker RBX.
The IPO was “significantly oversubscribed” with the company saying it had received “strong support” from Australian institutional and retail investors.
Resource Base is bringing to market the 124 square kilometre Black Range copper-gold project in Victoria which hosts multiple untested targets across the Stavely Arc volcanics.
The company describes Black Range as an analogue of Tasmania’s Mt Read Volcanics which hosts Mount Lyell, Rosebery and Henty.
It is acquiring the project from Navarre Minerals (ASX: NML), which completed an induced polarisation survey in 2014.
Resource Base’s priority target within the project is the Eclipse prosect, which is deemed prospective for volcanic-hosted massive sulphide mineralisation and is along the Stavely corridor.
Navarre’s 2014 survey highlighted a large anomaly that was coincident with gold in soils at Eclipse.
Resource Base noted three holes had been drilled for 1,497m over a portion of the wide target zone. Drilling intercepted gold, copper and other base metals.
Aggressive exploration campaign
Drilling did not test areas under cover, with Resource Base saying further work is required to determine the size and extent of mineralisation.
Executive chairman Shannon Green said the company would be undertaking an “aggressive exploration” program at the project – starting with Eclipse.
“We intend to test the potential of 4km of strike of the defined volcanic graben with an initial aircore drilling campaign planned for the second half of 2021, with reverse circulation and diamond drilling proposed for the first quarter of 2022.”
“We are targeting an initial inferred JORC 2012 resource from existing geological data by the end of the calendar year,” Mr Green added.
“Our board believes Black Range and the Eclipse prospect, which are located in one of Victoria’s best-known regions, potentially offer significant exploration upside and an opportunity to deliver significant value for our shareholders,” Resource Base noted in its prospectus.