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Important approval achieved as copper play Resource Base nears ASX listing
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Prospective copper explorer Resource Base has officially received conditional approval for its admission to the ASX.
The latest positive news for Resource Base (proposed ASX:RBX) comes on the back of a busy few months, which culminated with an oversubscribed IPO as the market took serious interest in its plans to aggressively explore the Black Range base metals project in Victoria.
That project is home to the Eclipse prospect, defined by now-gold explorer Navarre Resources (ASX:NML) as a 4km-long volcanic basin which is modelled to have potential for copper-gold and base metal mineralisation.
Once listed, the company will also have the ability to explore an additional 100km of untested volcanics at Eclipse, which sits on the highly prospective Stavely Arc.
RBX executive chairman Shannon Green said the receipt of conditional approval was another important step in the company’s path to listing on the ASX.
“We are pleased to have received conditional approval following the closing of Resource Base’s initial public offer over-subscribed,” he said.
“We have worked closely with the ASX over the past several months to make sure we are well positioned to support an efficient IPO process and we will continue to work with them to achieve admission to the ASX as soon as possible.”
Resource Base’s admission to the ASX is subject to compliance with certain conditions precedent, including those relating to the ASX listing rules and certain matters detailed in the prospectus, as well as standard ASX procedures.
A promising place to start
Resource Base intends to hit the ground running at Black Range, with a goal to define an initial JORC resource within six months of listing.
That resource will be shaped by data from historic work, including that of Navarre, which will divest the project to Resource Base in an all-scrip deal which allows it to maintain exposure as an RBX shareholder.
Navarre CFO, former geologist and stock analyst Paul Hissey has been put forward to join the RBX board as a director nominee – a sure sign of that company’s confidence in the asset as it moves its attentions to its flagship gold interests.
On the exploration front, an aircore drilling campaign is planned for the second half of 2021 and reverse circulation and diamond programs are in the pipeline for Q1, 2022.
The company has stated that it will also consider further M&A activity where appropriate with the view to growth and creating shareholder value.
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.
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