Anyone here taking this one?
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Ballymore Resources Ltd Initial Public Offer to raise $11 million at $0.20 per share
Ballymore Resources Pty Ltd is a junior explorer / developer targeting three highly prospective, potentially company making projects in historically prolific Queensland gold belts that have been underexplored using modern techniques.
Investment Highlights:
Three highly prospective projects in prolific Queensland mineral belts
Drill ready targets
- Extensive historic workings for gold, copper, silver, lead and zinc exist across projects though there has been a lack of modern exploration
- Targeting bulk tonnage gold, copper, and other mineral deposits around historic workings
- Located nears existing processing infrastructure
Experienced team with track record of success
- 16,000m drill campaign planned to test multiple advanced targets
- Extensive pipeline of additional prospective targets will be worked up with geophysics and exploration
- Exploration success: Discovery of Mount Wright (1Moz) and delineation of the Nolans/Sarsfield mines (4.8Moz) in close proximity to Ravenswood Project
- Mining success: Start up / operation of Capricorn Copper and Ernest Henry Mine
- Commercial success: Founding of ASX listed Stanmore Coal and Renascor Resources
Project Overview:
Three highly prospective projects in prolific Queensland mineral belts
Ruddygore Project – Large copper porphyry target
Ravenswood Project – Drill ready targets in 17Moz gold province
- Major porphyry target defined at Ruddygore
- Historic mines sit within an extensive mineralisation corridor that hosts Red Dome and Mungana mines (combined 3.2Moz Au)
- Extensive historic workings – mined 29,293 t @ 3.9% CU, 56g/t Ag
- 26 drillholes completed for 1,669m demonstrating significant results
- Rock chips up to 32.5% CU and 471g/t Ag
Dittmer Project – potential rapid, low-cost reopening of historic mining area
- Multiple gold targets within Mount Leyshon Corridor
- Geological similarities to nearby Mt Leyshon (3.8Moz Au) and Ravenswood (4.8Moz Au) mines
- Historic drill results include 4m @ 301g/t Au
- Rock chip up to 582g/t Au & 260g/t Ag
- Mount Leyshon-style drill target to be drilled in 2021
- Fully permitted project at Dittmer
- Dittmer was the largest gold mine in the region – historically produced 54,500 Oz of gold at 151g/t Au plus 2.8% Cu (1935 – 1984)
- Bonanza grade silver drill result – 2m @ 5,395g/t Ag & 2.1% Cu
- Rock chips up to 304g/t Au, 67g/t Ag & 2.1% Cu
- Underground channel sampling up to 264g/t Au, 49g/t Ag & 4.2% Cu
- Numerous prospects, drill intersections and geochemical anomalies
Key offer statistics
Column 1 Column 2 0 Offer summary 1 Offer price per Share $0.202 Total number of Offer shares 55.0 million3 Gross proceeds under the Offer $11.0 million4 Total shares on issue at Completion 175.4 million5 Market capitalisation at the Offer Price $35.1 million6 Pro-forma Net Cash on Completion of the Offer $10.8 million7 Enterprise value (“EV” based on the Offer Price $24.3 million
Use of funds
Column 1 Column 2 Column 3 0 Uses (Net Proceeds) $m 1 Exploration & Development
- Field work
- Drilling
8.7 2 Admin expenses 1.4 3 Working capital / contingency 0.7 4 Total uses (Net Proceeds) 10.8
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