Matador Mining (ASX:MZZ) will start trading on the ASX from Wednesday after raising $3.35 million via an initial public issue of shares at $0.20 each.
The company is exploring five projects which are considered prospective for hosting a multitude of commodities in a variety of geological settings.
The projects include:
- The Oriental Project located 40 kilometres to the north of Kalgoorlie. The gold mineralisation at Oriental comprises of multiple, east-northeast striking, north-northwest dipping lodes.
- The Copper Hills Project located 42 kilometres to the south of Meekatharra in Western Australia.
Historical drilling at Copper Hills has confirmed the presence of copper and gold mineralisation over a strike length of at least 2.2 kilometres.
- The Laverton West project located near several significant gold and nickel mines which have been operated in recent times.
These include the Lancefield, Beasley Creek, Gladiator and Lancefield North for gold and Windarra and Windarra South for nickel.
- The Pyramid Hill Project located about 70 kilometres northeast of the township of Gascoyne Junction within the Carnarvon Basin, Western Australia.
The mineralisation identified to date within Pyramid Hill is predominantly tungsten (scheelite) with lesser uranium, beryllium, tantalum and bismuth.
- The Snake Hill Project located 185 kilometres northwest of Kalgoorlie and considered prospective for gold mineralisation with near term small scale mining potential.
Matador will use the funds raised from the issue of shares towards exploration and drilling at its various projects.