Newfield Resources (ASX: NWF) will hit the ASX boards on Friday June 8 at 1.30pm (AEST), with a primary exploration focus on gold projects in Western Australia.
The company successfully completed an IPO offering 11.5 million shares at an issue price of A$0.20 per share to raise A$2.3 million.
Name: Newfield Resources
Proposed listing date: 8 June 2012
Proposed code: NWF
Principal activities: Gold exploration
Issue price: $0.20
Newfield has entered into two agreements to acquire interests in tenement holdings in Western Australia.
The company has signed an option agreement giving it exclusive rights to acquire a 100% interest in two granted mining leases and a granted prospecting licence, known as the Newfield Project.
The Newfield Project is located at the northern end of the prospective Southern Cross greenstone belt.
Historical gold workings, mostly at surface, were limited to areas of outcrop and subcrop areas, with a considerable strike length of the fault zone still untested by drilling.
Newfield has also inked an option agreement securing exclusive rights to acquire an initial 70% interest group of 14 prospecting licences covering a total of 2,455 hectares, known as the Crest Yard Project.
The project, which the company has an additional right to acquire the remaining 30% in, is located between the historical gold mining centres of Kintore and Dunnsville, around 60 kilometres northwest of Kalgoorlie.
Historical exploration over the Crest Yard Project with broad spaced auger drilling has outlined a 2.5 kilometre long gold geochemical anomaly which Newfield considers a high priority gold target.
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