Askari Metals Ltd (ASX:AS2) started trading on ASX after successfully completing its initial public offer (IPO) which raised $5.75 million at 20 cents per share.
The capital raise exceeded the minimum subscription of $5 million after securing strong support from North American and Australian investors.
Askari is a copper and gold exploration and development company which is focused on the Burracoppin Gold Project, Horry Copper Project, Callawa Copper Project, and Mt Maguire Gold and Base Metal Project, all in Western Australia, along with the Springdale Copper-Gold Project in New South Wales.
Multiple copper and gold opportunities
Commenting on the successful completion of the IPO, Askari executive director Gino D'Anna said:
"Askari Metals is delighted with the success of the capital raising and the listing of the company on the ASX.
“The launch process brings about many opportunities for the company to continue its development, and to become one of the prominent Australian exploration companies in the copper and gold sector.
Drilling shallow high-grade targets at Burracoppin
Askari’s initial focus will be on drilling the shallow high-grade targets at the Burracoppin Gold Project and conducting follow up exploration on the high-grade copper at surface identified within the Horry Copper Project.
Burracoppin is in close proximity to the Edna May Gold Mine owned by Ramelius Resources Ltd (ASX:RMS) in the eastern wheat belt of WA.
Historical high-grade shallow drilling results at Burracoppin includes:
- 18 metres at 5.64 g/t gold from 0 metre;
- 14 metres at 13.7 g/t from 32 metres;
- 9 metres at 2.8 g/t from 0 metre; and
- 2 metres at 9.1 g/t from 18 metres.
Askari is planning to start a ~2,000 metres reverse circulation (RC) drilling campaign at the Burracoppin Gold Project in July 2021.
Exploration campaign at Horry Copper Project
The Horry Copper Project is in the Kimberly region of northern WA along strike of the Halls Creek Copper Project owned by Cazaly Resources Ltd (ASX:CAZ)
Askari will begin a field reconnaissance exploration campaign at Horry Copper Project in July 2021.
D'Anna added: "Askari has appointed a Board of Directors, management and technical team who possess experience operating in Western Australia and New South Wales, across exploration, mining and strategic transactions, with strong technical, legal, and financial management skills.
"The company has a very clear exploration and development strategy for our portfolio of Projects, and we believe that the near term catalysts will drive confidence in our approach and deliver shareholder value."