Coal minnow Lustrum Minerals floats above water on ASX debut
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Coal minnow Lustrum Minerals plans to begin drilling at its Consuelo coal project in Queensland’s Bowen Basin this month after listing on the ASX at a 10 per cent premium to its issue price.
On Wednesday Lustrum (ASX: LRM) finished its first day of trading at 22c after raising $5 million selling shares at 20c.
Lustrum has been busy exploring Consuelo — which consists of three exploration permits — during its initial public offer period.
A data review and field visit confirmed a cluster of shallow historical coal intersections at one of the permits.
Meantime, a 1.5km radar survey of the permits identified a thick reflective band — interpreted coal bearing sequences — at about 20 metres depth.
All this bodes well for its drilling program which is set to kick off later this month.
Two holes will be drilled at two of the permits and will aim to intersect the interpreted coal bearing sequence seen in the radar survey.
The permits lie regionally on the eastern flank of the Consuelo anticline, along strike from the Glencore Australia operated Rollestone coal mine.
The Bowen Basin is regarded as one of the world’s leading regions for high quality coking coal.