Rubix Resources Ltd has made its debut on the ASX.
Since it was incorporated in March this year, the base and precious metal explorer, which is exploring at brownfield and greenfield sites, has directed funds towards natural resource discoveries, earning investor trust by targeting high-value acquisitions.
The company, steered by executive chairman Eddie King raised $4.5 million from its IPO, issuing 22.5 million shares at $0.20 per share.
RB6’s enviable exploration portfolio and lean capital structure will make it one to watch.
Paperbark Project
RB6’s key asset is the brownfields Paperbark Project, just 25 kilometres from New Century Resources Ltd (ASX:NCZ)’s Century Mine in North Queensland.
Historical exploration at the Paperbark Project has uncovered highly prospective mineralisation in the area, which the company plans to drill imminently.
These include copper targets with copper sulphide and oxide potential including drill results such as 6 metres at 1.4% copper, rock chips up to 43% copper and anomalous strike zones spanning over 20 kilometres.
There is zinc to be found at the project too, including high-grade zones at the JB prospect including 7 metres at 8.8% zinc + lead.
A promising exploration target and shallow high-grade intercepts can be found at several regional targets – such as 2 metres at 8% zinc + lead from 22 metres at the JE Prospect.
Greenfield projects
Along with the Paperbark Project, the company plans to explore three greenfields projects.
Etheridge Project - this contains numerous high-grade shallow gold drill intercepts such as 3 metres at 33.7 g/t from 20 metres and 6 metres at 15 g/t from 11 metres, which has been under-explored at depths below 50 metres.
Lake Johnson Project - this area is prospective for nickel, copper and platinum-group elements, and includes a significant structural anomaly along the Jimberlana Dyke, known to contain layered mafic complexes and adjacent to the Maggie Hays Deposit (3.5 million tonnes at 1.5% nickel).
Collurabbie North Project - again prospective for nickel, copper and the platinum-group minerals, located on the northern extension of Gerry Well Greenstone Belt, along strike to the Olympia nickel-copper-PGE deposit (573,000 tonnes at 2.3% nickel equivalent).
“With quality brownfields projects, the 'King' at the helm, an EV of sub-A$3 million and loyalty options within four months, investors can expect smooth sailing,” non-executive director Colin Locke said.
"And the more shares investors buy, the more options they will be entitled to.”
RB6 shares opened today at $0.155 and have traded up to $0.185.