Special Report: An exciting new Western Australian focused base and precious metals explorer entered the ASX this morning, with the listing of Mamba Exploration.

Mamba (ASX:M24) formally lists with a suite of exploration projects under its belt, running from the north to the south of the state.

The flagship among these is the Darling Range nickel, copper and platinum group elements project in the namesake WA region, a project which places Mamba in outstanding company alongside such names as Chalice Gold Mines’ (ASX:CHN) landmark Julimar discovery, DevEx Resources (ASX:DEV), Mandrake Resources (ASX:MAN), Caspin Resources (ASX:CPN) Anson Resources (ASX:ASN) and Todd River Resources (ASX:TRT).

The largest of these, Chalice has an enterprise value (EV) around $1.26 billion. On entry to the ASX, Mamba’s EV sits around $5.1 million.

Darling Range will be the first of the company’s four projects to receive attention, with airborne electromagnetic surveys planned, followed by ground EM and drilling.

Targets include Batty Bog, Black Hills and the Mistake Creek tenements.

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The Darling Range tenements relative to Chalice’s Julimar discovery. Pic: supplied.

The Great Southern project – home of the historic Calyerup Creek gold mine where past gold intersections include 9m at 4.71 grams per tonne gold, 9m at 2.63g/t gold and 5m at 4.77g/t gold – will also be drilled early in the piece.

Mineralisation at Calyerup Creek is open along strike and at depth. Limited and shallow drill testing has been carried out in the area.

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A map showing historic drill results at Calyerup Creek. Pic: Supplied.

At the Ashburton gold project, past intersections include 2m at 32.85g/t gold and trench samples up to 46.5g/r gold with no past follow-up undertaken.

Nine shallow reverse circulation holes have been completed at Ashburton, with the deepest drilling only 89m.

Soil and auger sampling is expected to take place here in the June quarter, ahead of drilling planned for the second part of the year.

Meanwhile, Mamba’s Kimberley copper-silver project features trench sample up to 15m at 8% copper and 18g/t silver and 9m at 7.2% copper and 174g/t silver which are yet to be properly followed up.

The Kimberley project comprises three exploration prospects – Speewah East, Copper Flats and Ruby Plains. Geophysical surveying is planned for the June quarter here, ahead of soil and surface sampling in the September quarter.

Each of these prospects shows positive early exploration signs.

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Mamba’s Kimberley exploration project. Pic: Supplied.

Speaking to Stockhead ahead of Mamba’s listing to the ASX, managing director and CEO Mike Dunbar said the board was excited to bring value to a suite of exciting exploration plays.

“On behalf of the Mamba Board, I would like to welcome our new shareholders and thank everyone involved for their support and assistance in completion of the IPO and listing on the ASX, including the Project Vendors, Canaccord Genuity, Mining Corporate and DLA Piper.  To complete the IPO and listing in this short timeframe has been a credit to the whole team.

We are now focused on commencing exploration activities on our Darling Range project, approximately 30km east of the Julimar discovery and our Calyerup Creek gold project in the Great Southern Region of Western Australia, before turning our attention to the Kimberley and Ashburton projects in the June quarter,” he said.

Extensive experience at the helm

There is no shortage of experience at play when it comes to Mamba’s founders and board members.

Dunbar himself has fingerprints on some of the state’s biggest mineral finds of the last 25 years.

He was involved in the discovery, delineation and development of the 2 million ounce + Thunderbox gold mine and the 1Moz + Dalgaranga gold mine, and the discovery and delineation of the 1Moz + Glenburgh gold deposit.

Other credits include the discovery and delineation of the Waterloo, Munali and Mirabella nickel sulphide mines, the IOCG-Cloncurry copper, gold cobalt and magnetite project and a number of smaller deposits. He was previously a director of Gascoyne Resources from 2011 to 2018.

Alongside Dunbar is non – executive chairman Justin Boylson, who brings expertise courtesy of more than 25 years working as a commodity trader and resource project manager.

Boylson’s experience and knowledge base spans Australia, South East and North Asia and their markets, and he has been responsible for a number of high profile offtake transactions and involved in the start-up of several mining and recovery projects in Australia, the US and Asia. He was previously a director at Manuka Resources and  Riversgold.

The third board member is Simon Andrew, who has more than 20 years of experience in financial markets in Australia and Asia.

Andrew previously held senior management positions at various global banks including roles at BNP Paribas and Deutsche Bank, as well as spending five years as a research analyst at Hartley’s.

His most recent directorships include an ongoing role at Riversgold and time spent at Emmerson Resources.



This article was developed in collaboration with Mamba Exploration, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.