- OreCorp subsidiary Solstice Minerals will focus on gold and nickel assets in WA
- Sarama Resources plans to advance its flagship Sanutura project in Burkina Faso
- Allup Silica has high hopes for its 5 silica sand projects in WA
Three explorers are listed today. That’s how they’ve fared so far.
IPO: $12M at $0.20
A wholly owned subsidiary of OreCorp (ASX:ORR), Solstice, which is biased toward gold and nickel, rose 30% above its list price to $0.26 per share before settling down about $0.225, or 12.49%.
SLS has four WA assets; Yarri, Kalgoorlie, Yundamindra and Ponton.
“We believe the demerger and separate listing of Solstice Minerals represents an exceptional opportunity to realize the inherent long-term value of WA assets through the creation of a WA-focused corporate vehicle,” said Executive Director Alastair Morrison.
“With cash on hand of $17 million (before charges, including the Company’s cash on demerger) and an experienced board and senior management team, we look forward to advancing exploration and development activities on the WA assets over the longer term Creating value for shareholders and other stakeholders.”
The advanced Hobbes license on the Yarri project is the initial focus with an infill RC and diamond program planned for Q2/Q3 2022 to deliver an initial resource.
IPO: $8M at $0.20
Already listed on the TSX, this West African gold explorer traded down 10% from its ASX listing price today.
The Company aims to advance its flagship Sanutura project in Burkina Faso, which is already quite large with a Mineral Resource of 2.9Moz.
Funds raised from ASX’s IPO will be used for the first major drill program in 5 years with 50,000m of primarily appraisal drilling planned over the next 12 months.
The Company also has two other assets in the region – the Koumandara Project and the Karankasso JV with Endeavor Mining (TSE:EDV).
Soil geochemistry, auger and reconnaissance drilling at Koumandara have all returned high-grade results to date, including 4m at 13.55 g/t gold.
Approximately 5,000m of scout drilling is planned to follow up good historical hits.
Karankasso has an inferred gold resource of 0.7Moz (~130,000oz Au attributable to Sarama) with exploration ongoing.
Allup Silica (ASX:APS)
IPO: $5M at $0.20
This explorer traded up 5% on its debut today at $0.19 a share.
The company has high hopes for its quartz sand projects. The raw material is essential for the production of photovoltaic (solar) modules and other important industrial applications, it is said.
APS holds the Unicup, Antwalker, Pipeclay Tree, Esperance and Argyle projects in WA.
The Unicup project has an Inferred JORC Mineral Resource of 73 million tonnes grading 96.6% silica estimated for the first phase of the project.
Executive Chairman Andrew Haythorpe said the company’s strategy is “to become a leading supplier of premium silica sands to meet the growing demands of global markets”.
“This is an extremely exciting time for the silica sands sector and we look forward to taking shareholders with us on this journey and building a strong, safe and sustainable industrial minerals business,” he said.
The Asia-Pacific region accounts for around 5-6% of demand and the company expects the region to remain the largest regional consumer of industrial sands through 2025, supported by the dominant Chinese market.
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