Nov 18, 2020

Explorer lists on ASX as FNQ drill program kicks off

Explorer lists on ASX as FNQ drill program kicks off

Copper and gold exploration company Native Mineral Resources Holdings has started trading on the ASX, while focusing on drilling at a Far North Queensland site.

The listing this week follows successful completion of the company’s Initial Public Offering, which raised $5.7 million before costs.

The company also announced it had kicked off an initial reverse circulation drilling program at Leane’s copper prospect, with first results expected to be available in December.

It is part of the Palmerville project, covering a strike length of 130km over an area of about 1820sq km 200km west-north-west of Cairns.

Native Mineral Resources is undertaking a 15-hole, 2000m RC drilling program at Leane’s prospect to follow up and extend the shallow drilling completed there in 2010.

The program has been designed to infill gaps in the previous program and test the mineralised horizon below the weathered zone, which is targeted to host higher grades of copper mineralisation.

The company hopes results will support a maiden Inferred Mineral Resource as defined by the JORC Code, and says further exploration is being planned across the Palmerville project in early 2021.

Managing director Blake Cannavo described the listing as a tremendous milestone for Native Mineral Resources.

“NMR is built on firm foundations, having assembled a world-class portfolio of advanced exploration targets, within close proximity to operating mines, in the premier mining regions of North Queensland and the Eastern Goldfields of WA,” he said.

“We have wasted no time and have hit the ground running at our Palmerville project in Queensland, with the first drilling program underway at Leane’s.

“Early indications from this drill program are extremely encouraging and we expect to be able to report initial assays in mid-December.

“We will also be providing further details on our pipeline of exploration programs planned for both Palmerville and the Eastern Goldfields as activity continues to ramp up over the coming months.”