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- It’s been a happy first week of trade for the latest junior explorer to join the ASX, Native Mineral Resources (NMR)
- The company listed on the ASX on Tuesday after a 20-cent, $5.7 million IPO, and already shares have increased by almost a fifth in value
- The company has just kicked off some important reverse circulation drilling work at a flagship Queensland project
- On top of that, NMR is buying two key exploration licences in the Western Australian Eastern Goldfields region
- Managing Director Blake Cannavo says the ASX listing is a “tremendous milestone” for NMR
- Investors are liking what they’ve seen so far, too; NMR shares tacked on 11.9 per cent today to close worth 24 cents each
It’s been a happy first week of trade for the latest junior explorer to join the ASX, Native Mineral Resources (NMR).
Since listing on Tuesday with a 20-cent, $5.7 million initial public offering (IPO), shares in NMR have already increased by almost a fifth in value.
The company is planning to build itself up as a formidable copper and gold explorer, with exploration work at several prospective projects already underway.
Straight to work
NMR wasted no time getting to work after listing on the ASX, telling shareholders the day it listed it had kicked off a reverse circulation (RC) drilling program at its Leane’s copper prospect in Queensland.
Leane’s copper is part of NMR’s wider Palmerville Project, which covers an 1820-square-kilometre area in near Cairns.
The prospect was first discovered by Lodestone Exploration in 2007, but the last time any exploration work was completed in the area was in 2010, when it was proven to be prospective for copper.
Now, NMR is taking on its own 15-hole, 2000-metre RC drilling program in the area to follow up the shallow drilling from a decade ago. The first results from NMR’s program are expected during December 2020.
NMR Managing Director Blake Cannavo said the company’s ASX listing is a temendous milestone for the company.
“NMR is built on firm foundations, having assembled a world-class portfolio of advanced exploration targets, within close proximity to operating mines, in the premier mining regions of North Queensland and the Eastern Goldfields of WA,” Blake said.
“We have wasted no time and have hit the groun running at our Palmerville Project in QLD with the first drilling program underway at Leane’s,” he said.
On top of exploration work in Queensland, NMR announced yesterday it is buying up two exploration licences in WA, which form the Music Well Gold Property in the Eastern Goldfields.
The company is planning to buy out four key tenements under the licenses for $35,000 each — $20,000 in cash and $15,000 in NMR shares, which will be escrowed for 12 months.
“The Eastern Goldfields has long been regarded as one of the world’s premier gold producing regions and our strategy has been to identify and secure high-quality, underexplored tenements within close proximity to producing mines, and Music Well ticks both boxes,” Blake explained.
Finally, NMR also owns the Mount Morgan project in Queensland, which is prospective for copper and gold.
So far, investors have liked what they’ve seen when it comes to the newly-listed explorer. Shares in NMR tacked on 11.9 per cent today to close worth 24 cents each — brining their total gain since listing to 17.5 per cent.
