• The company’s share price is trading at $0.73 up from $0.20 in Jan
  • Zinc is currently sitting at over $4000 per tonne
  • Recent gravity results could potentially double the Belara resource


After IPOing in January with $6m at $0.20, Belararox’s (ASX:BRX) share price has surged 265%, now trading at $0.73 per share.

This makes it one of the best performing ASX IPOs for 2022, and the company has kicked off around 5,600m of drilling at its Belara project in NSW, which includes two historical copper-zinc mines: Belara and Native Bee.

Chief technical consultant Greg Partington largely puts the share price rise down to the soaring zinc price.

“Zinc is over $4,000 a tonne, I can’t remember ever seeing that,” he said.

“Lead is doing the same sort of thing and so is copper.

“Zinc is the main driver of the value at Belara – so if you just correlated the share price rise with the rise of metal prices, then that’s what you’re seeing.

“There’s no doubt it’s a reflection on the value of the metals that exist at Belara.”

Partington also said that because the company listed over Christmas, there were a lot of brokers who couldn’t get involved because of the holiday period.

“Then once we listed, suddenly everybody’s back from holiday – so we actually created demand if you like,” he said.

“And you put that on top of the metal prices rising, and our latest geophysical results which are obviously pretty spectacular.”


Gravity data could double the resource

BRX just reported that the high-resolution gravity survey at Belara has confirmed potential extensions of massive sulphide mineralisation to both the north and south of the project.

Plus, the new target along strike to the south of the Native Bee mine has been found to be much larger and continuous than the gradient array IP survey first indicated.

Partington said he’s done quite a bit of electrical geophysics and gravity work and that these results are exactly what you’d be expecting to see for from VMS mineralisation.

“It looks like it could make the project twice as big,” he said.

“Back in 2007 when the first resource was done it looked marginally economic and if it was just that size with the metal prices going up currently it starts to look economic.

“But if you double the size, then it’s starting to look like a pretty significant mining operation.

“I think once you combine all of those things together, that’s why the share price is doing what it’s doing.”


Resource upgrade flagged for mid-year

Luckily, the company has escaped the extreme weather conditions in NSW – so far – and is on track to report an upgraded resource at Belara mid-year.

Plus, the plan is to test 20 more kilometres on the same mineralised trend beyond its current activities along the 6km strike length.

“The project is going to have two sides to it,” Partington says.

“It’s going to have a solid resource base, but it’s got blue sky as well.

“It’s not just an exploration play, but it’s an exploration play with an underlying value to it and I can see the project growing organically – so we’re not going to actually have to buy other projects or anything like that to get something that could be economic.