Sydney based Ark Mines (ASX: AHK) has been admitted to the ASX and will hit the boards today, Monday 9 May 2011 at 11:00AM AEST, following a successful IPO offering 15.5 million shares at $0.20 to raise $3.1 million
When trading starts, Ark will have 22.4 million shares on issue.
Ark is an Australian based resources development company with a focus on gold, copper, zinc, iron and rare earth elements in the Lachlan Fold Belt, New South Wales, carrying out exploration on five projects.
The company said there is potential for discovery of zinc-rich, gold-rich and copper-rich resources in Cu-Zn-Pb-Au lodes in shear zones and Cu-Au-Fe-REE (Rare Earth Elements) in IOCG (Intrusive orogenic copper gold/ Olympic Dam/Ernest Henry Type) deposits.
The Lachlan Fold Belt region has a history of recent significant mineral discoveries and hosts a number of current world-class gold and base metal-silver mines.
Ark’s granted tenements fall into two general mineral styles:
- Porphyry copper-gold (Cu-Au) deposits associated with Ordovician and Silurian age volcanic sequences, similar to Northparkes and Cadia-Ridgeway, Cowal, Peak Hill and Marsden all further to SE.
These are covered by Arks; Gundabooka and Bald Hills, (Cu-Au-Fe-REE).
- Gold and copper deposits associated with the mineralised Gilmore Suture, a major structural feature which dissects rocks of the Lachlan Fold Belt and along which are located some major gold deposits and Cobar zinc-leadsilver/gold-copper type deposits associated with acid volcanic centres/stratabound sulphides.
These mineralised styles are covered by; Babinda, Bald Hills, Byrock and Gundabooka, (Au-Zn-Cu).