Duke Exploration has listed on the ASX, after issuing 32 million shares to raise $8 million under an initial public offering.
The funds were being put to work immediately with geophysical surveys and drilling started at the Bundarra project, the company said.
Duke Exploration holds a portfolio of potential copper, gold and silver projects, including the flagship Bundarra project in Central Queensland.
The Bundarra project – centred on the historic Mount Flora mine – includes the Bundarra, Duania and Waitara tenements about 130km south-west of Mackay and 50km east of Moranbah.
“Bundarra has the potential to be a large tonnage copper and silver deposit with ongoing growth through discovery in a short timeframe as shown by the new discovery near Mount Flora,” the company said.
On its website, Duke Exploration says it expects to produce a maiden JORC resource for the project by June 2021.
The company lists its next most advanced project as Prairie Creek, with significant historic gold in soil anomalies and wide high-grade historic gold intersections.
The project, 80km north of the Cracow gold mine, is held in a joint venture with Capgold.
In the company’s prospectus, chairman Toko Kapea wrote: “With gold, silver and copper prices at historic highs, there is momentum in the equity market for near-term mining development opportunities exposed to the gold market.
“Meanwhile, the world’s electrification is increasing the demand for copper, a major component of batteries and electrical wiring.
“Recent research by the International Copper Association found that China’s Belt and Road Initiative is likely to increase demand for copper in over 60 Eurasian countries to 6.5 million tonnes by 2027, a 22 per cent increase from 2017 levels.”