ASX gives Mintails thumbs up to re-list as Orminex after $7m fund raising
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Junior explorer Mintails is aiming to be back trading on the ASX as Orminex Ltd by the end of April after receiving approval from the local bourse.
The company (ASX:MLI) has acquired 51 per cent of the Comet Vale gold project and 100 per cent of the Golden Lode gold project, both located north-west of Kalgoorlie, WA.
Mintails has also completed a $7 million capital raising and plans to relist by April 30 under the new ticker ONX.
The company was previously in the business of mining gold in South Africa until it was placed into business rescue in October 2015 and then administration in January 2016.
Administrators were successful in securing a deal with creditors and the company emerged from administration in June 2017.
Mintails’ plan now is to begin underground mining this year at Comet Vale and pursue high-grade stranded gold assets in Australia and New Zealand as part of a strategic alliance with mining contractor GBF Mining.
The Comet Vale project currently hosts an indicated and inferred resource of 750,000 tonnes at 8.4 grams per tonne containing 203,100 ounces of gold.
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured. By moving resources into the indicated category, it means a company has sufficient information on geology and grade continuity to support mine planning.