Navaho Gold (ASX: NVG) will hit the ASX boards at 10:30am today, after a successful IPO offering 45 million shares at $0.20 to raise up to $9 million.
Navaho has a targeted strategy focused on 'carlin style' gold mineralisation, with projects in Queensland Australia and Nevada, U.S.A.
The Carlin Trend is host to some of the largest and most productive gold deposits in North America and one of the richest gold trends in the world.
In the U.S., Navaho’s projects are located next to infrastructure and established mining operations conducted by some large industry players.
The Nevada-based projects, the Carlin East Project, Utah Clipper Project, Tobin Project, Stevens Basins Project, Rose Mines Project, Whitehorse Flats Project and the Taz Project target gold and silver.
Navaho is getting exploration activities underway immediately, with a ground survey at Whitehorse Flats kicking off this week, followed by surveys at the Rose Mine, Taz and Utah Clipper projects all commencing in April 2011.
Drilling at Steven’s Basin will start in May 2011.
Carlin East comprises 247 claims held by Genesis Gold in which Navaho holds an option agreement giving the company the right to purchase a 100% interest.
The claim block is 6 kilometres north-northeast of Newmont Mining’s (NYSE: NME) Leeville gold mining operation which holds mineralisation at a depth of 480 to 780 metres.
At Utah Clipper, Barrick Gold’s (NYSE: ABX) nearby Cortez Hills deposit holds more than 23 million ounces of gold.
The project is adjacent to Barrick’s Pipeline – Gold Acres gold mine complex where historic deep drilling has located Carlin-style mineralisation in the Lower Plate rocks.
In Australia Navaho has three projects, including the Bowen Project, which is a district scale tenement historic samples assaying a very promising 17.3 grams per tonne (g/t) gold.
D’Aguilar Group exploration manager Neil Wilkins said recently that key to recognising the potential of the north Bowen Basin was the availability of recent new Queensland Government run geophysical surveys over much of the area.
He said the company had targeted "a number of prospects with close similarities to the Crunchie Prospect in Central Minerals, which already has strong Carlin style credentials and long intersections of potential ore grades for gold previously announced”.
“On the basis of the regional geochemistry and airborne magnetic surveys we can see several target areas already," Wilkins said.
At Candlow historic samples included up to 17.8g/t gold, and at Texas gold and arsenic anomalies have been identified from regional drainage geochemistry.
Stream sediment sampling has already commenced on the Texas project.
When Navaho first trades today, there will be 60.2 million shares on issue.
Investment company, D’Aguilar Gold (ASX: DGR) has a company strategy of generating exploration and development companies across a diverse portfolio of minerals, and countries.
D’Aguilar then develops these companies into IPO's, while maintaining a significant shareholding in each company, which is effectively building D’Aguilar into a diversified holding company of small to mid cap miners.
D’Aguilar holds just over 27 million shares in Navaho, or 29.2%.
Currently D’Aguilar also holds 52 million shares in Mt Isa Metals Limited (ASX: MET), 35.2 million shares in Solomon Gold plc (LSE: SOLG) and 58.85 million shares in AusNiCo (ASX: ANW).
D’Aguilar is planning on floating another company, Archer Resources, later this year.