IPO Watch: Viridis rockets 90pc on debut, preps for Canadian gold exploration

Diversified resources explorer Viridis Mining and Minerals (ASX:VMM) listed today after raising $5m at $0.20 per share.

It has gone off like a frog in a sock with shares peaking at $0.40 before levelling off at $0.38 cents – a massive 90pc above issue price.

The company has five projects in Australia and Canada: South Kitikmeot and Boddington West (gold), Bindoon (nickel, copper, PGEs) and Poochera and Smoky (kaolin-halloysite).

“The excellent support we have received from investors means we are now well funded to execute work programs across our portfolio,” Non-executive chairman Adha Shahzad said.

“The company’s initial focus will be to undertake a drill target generation program at the South Kitikmeot Project, with follow-up drilling to be completed at defined targets.”

Doubling down on drill targets

Early-stage exploration has been promising with a significant, partially tested drill target already defined at the Esker Lake prospect.

The company say that re-interpretation of existing surface magnetic and electromagnetic data is required, with possible re-surveying if data can be improved with more contemporary techniques.

And if positive geophysical and geological survey results continue, the focus will be to delineate potential diamond drill targets.

Holds ground near the big boy Boddington mine

Mapping and sampling programs will kick off at the remainder of the projects including Boddington, a greenfields opportunity just 1km from Newmont’s (ASX:NEM) mammoth Boddington mine in WA.

Limited exploration has been undertaken within the Boddington West Project, with much of the exploration in the broader area focussed on exploration for additional tonnages surrounding the existing Boddington Mine.

Viridis says that the interpretation of regional geology and airborne magnetics suggests that similar structures to the Boddington Mine could continue westwards and north-westwards into the Boddington West Project area, warranting detailed review and on-ground exploration.