Western Mines Group has listed on the ASX after its $5.5m Initial Public Offering closed oversubscribed amidst strong investor demand, a reflection of the major growth potential of WMG’s portfolio of gold and nickel sulphide-focused exploration projects in the Goldfields region of WA.
The IPO closed early after successfully raising $5.5m via the issue of 27.5m shares at 20 cents each.
WMG has a portfolio of eight exploration projects, strategically located in major mineral belts of WA. The company’s lead asset is the Mulga Tank Ni-Cu-PGE Project, a major dunite intrusive within the under-explored Minigwal Greenstone Belt.
Previous exploration indicates the presence of a working sulphide mineral system, and unlocking the exploration potential of Mulga Tank will be the prime focus of the company.
WMG’s other core projects include the Melita Gold and Cu-Pb-Zn Project in the Kookynie district in the heart of WA’s Goldfields and the Jasper Hill Gold Project, south of Laverton in the Eastern Goldfields.
Fieldwork is already underway with a high-resolution ground gravity survey recently completed at Mulga Tank last month, and a Moving Loop Electromagnetic (MLEM) survey scheduled to commence later this month to define drill targets.
Recent reconnaissance site visits, geological mapping and rock chip sampling has been completed at the Melita and Rock of Ages projects, and exploration will now ramp up across the project portfolio.