Strong debut for E79
E79 Gold Mines has rocketed onto the ASX. In its first day of trading, shares in the junior traded as high as A27.5c, 37.5% above the 20c issue price of the initial public offering (reports MiningNews).
7th October 2021
The company raised $7 million in an oversubscribed IPO managed by Euroz Hartleys.
After offer costs and combined with existing cash, E79 has $9 million to advance its projects.
Chaired by Stavely Minerals boss Chris Cairns, E79 will focus on underexplored areas of Western Australia.
The company's flagship project is the Laverton South project, comprising 346sq.km of tenure in the Laverton tectonic zone.
The project comprises the 100%-owned Lake Yindana project and a farm-in over St Barbara's Pinjin ground.
Lake Yindana close to Apollo Consolidated's 1 million ounce Lake Rebecca projects and has the same gneiss host units.
E79 CEO Ned Summerhayes said the ground was underexplored as it was mapped as a granite.
E79 believes the granite sits over a previously unrecognised greenstone belt.
"It's had extraordinarily little work probably because it was mapped as a granite," Summerhayes told MNN.
Only 65 rotary air blast holes have been drilled across 40km of greenstone, of which half weren't even assayed for gold.
"As an exploration geologist, that's what I'm most excited about," Summerhayes said.
"Less than six holes probably hit greenstone."
A 20,000m aircore drilling program will begin later this month.
E79 also holds the 336sq.km Jungar Flats project, 70km west of Meekatharra.
The project sits under hardpan cover, meaning soil sampling has been ineffective.
E79 will trial CSIRO's ultrafine soil geochemistry technique on the ground.
Joining Cairns on the board is fellow Stavely director Peter Ironside and geologist Deborah Lord.
Stavely director Amanda Sparks is company secretary.
E79 shares closed 25% higher at 25c.
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