Gold: Former jewellery seller and dead duck Plukka flags big Chilean gold acquisition
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If everything goes to plan, Plukka — former online jewellery seller/current shell company — will transform itself into a Chilean gold explorer called Tesoro Resources.
Plukka (ASX:PKA) has been listed, in one form or another, since 2004.
It was most recently a jewellery maker and retailer until January 2018, when it closed the doors for good and embarked on a hunt for “new business opportunities”.
An agreement to buy something called “The Food Box” fell through in May this year. In August, the company flagged the left-field acquisition of Australian unlisted gold explorer Tesoro Resources.
Tesoro’s flagship asset is the El Zorro project in Chile, where recent drilling has hit decent grades like 10m at 4.53 grams per tonne (g/t) gold, 56m from surface.
This is well outside Plukka’s wheelhouse, so the company will naturally appoint a fresh management team once the deal is done.
Geologist and current Tesoro managing director Zeffron Reeves, who will retain his role at the new company, was most recently managing director of ASX listed Kopore Metals (ASX:KMT) which had a number of development and operational projects in Chile.
Plukka now wants to raise between $4.5m and $5.5m at an issue price of 3c per share to fund exploration and development “as well as seek out further complementary gold exploration, acquisition and development opportunities in Chile”.
But this is a big change in activity for Plukka. That means the company needs both shareholder approval at the upcoming AGM and to re-comply with ASX admission requirements.
The company is currently suspended from trading on the ASX and will remain that way until it re-complies with the ASX listing rules.
WA-based Ora Banda Mining (ASX:OBM) has increased its Siberia prospect open pit mining reserves by 42 per cent to 210,000oz.
“The delivery of this updated reserve statement is an essential step in the progression of the DFS,” managing director David Quinlivan says.
“The increase in reserve is pleasing and augurs well for the integration of these open pits into the larger project scale mining proposition.”
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“After careful consideration the company is relinquishing non-core assets in order to focus on what will deliver nearer term shareholder return,” managing director Cameron McLean says.
“Ahead of the name change to Great Northern Minerals the decision demonstrates our commitment to establish a new goldfield in the North Queensland region and this signals an exciting new era for the company and its shareholders.”