Black Ridge popular as Resource Base IPO closes oversubscribed
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Resource Base’s IPO has closed oversubscribed, as the company moves a step closer to exploring its exciting copper-gold assets in Victoria.
The IPO will allow the company to aggressively explore and develop the Eclipse prospect within its Black Range project.
The Eclipse prospect is recognised as a volcanic hosted massive sulphide system located within 4km of defined volcanic graben. The company will also have the ability to explore an additional 100km of untested volcanics at Eclipse.
RBX executive chairman Shannon Green said Resource Base was happy with the outcome of the IPO.
“We are pleased to receive robust support from investors for Resource Base’s IPO,” he said.
“The company will be targeting an aggressive exploration program at the promising Black Range base metals project in northwest Victoria on completion of the IPO.
“We intend to test the potential of a 4km strike of the defined volcanic graben with an initial aircore drilling campaign planned for the second half of 2021, with reverse circulation and diamond drilling proposed for the first quarter of 2022.
“We are targeting an initial inferred JORC 2012 resource from existing geological data by the end of the calendar year.”
Black Range is being acquired from Navarre Minerals as part of that company’s decision to divest as it hones in on its flagship gold interests.
The deal is all scrip, and Navarre CFO, former geologist and stock analyst Paul Hissey will join the board as a director nominee.
The Black Range project spans 124km2 over approximately 100km of Stavely Arc volcanics – including the Eclipse, Lexington, Glenlyle and Pollockdale prospects.
Historic work programs at the project have targeted large volcanic-hosted massive sulphide mineralisation, porphyry copper-gold and epithermal deposits within the region and have successfully intercepted mineralised units within defined geological settings.
Review and research by Navarre concluded the area of potential mineralisation is large, with a 4km-long volcanic basin defined and modelled for its potential to contain copper-gold and base metal sulphide mineralisation.
A series of geophysical surveys and geochemical reviews have confirmed anomalous zones and high levels of hydrothermal alteration.
The Mount Stavely Volcanic Complex, on which Black Range is located, is considered analogous to the Mt Read Volcanics of Tasmania, which is host to the Mount Lyell, Rosebery and Henty mines.
Resource Base is now working towards finalising the process of its admission to the ASX.
This article was developed in collaboration with Resource Base, 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.