Kumarina Resources targeting precious and base metals in Australia, admitted to ASX
Tuesday, December 13, 2011 by John Phillips Kumarina Resources (ASX: KMR) is set to list on the Australian Stock Exchange after a successful IPO with offered up to 48 million shares at $0.25 to raise $12 million.
Kumarina will hit the ASX boards at 1.00pm EDST on Thursday 15 December, with around 46.6 million shares on issue, with the newly minted company having a specific focus on precious and base metal exploration within Australia.
The company has already acquired the Ilgarari Project, which is located in the Southern Pilbara region, while also entering into a binding agreement to acquire the Murrin Murrin Project in the North Eastern goldfields - which are both located in Western Australia.
Where the story gets interesting for Kumarina is that both projects have historical gold and copper production, with little recent exploration - allowing the company to potentially leverage off the current high prices of the resources - should there be any level of exploration success.
Prospectivity
The Ilgarari Project is prospective for shear-hosted copper mineralisation and supergene manganese mineralisation, with localised copper oxide mineralisation having been previously mined to a depth of 61 metres below the surface.
The southern portion of the Ilgarari Project area overlies Collier Sub Group rocks, with favourable geology and structural setting to host copper and or manganese mineralisation.
The Murrin Murrin Project contains both copper zinc and gold mineralisation, and is strategically located in a known gold area - 45 kilometres east of Leonora in the Mt Margaret goldfields.
http://www.proactiveinvestors.com.au/companies/news/23408/kumarina-resources-targeting-precious-and-base-metals-in-australia-admitted-to-asx-23408.html
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