Cape Lambert has announced it will commence drilling at Lady Annie in late February.
It will continue the drilling program over the next two years while aiming to spin off the copper mine.
After the failure of Lady Annie’s previous initial public offering, Cape Lambert has lowered the float from $214 million down to $165 million, with the new IPO expected to close 3 February.
The initial focus of the reverse circulation drilling program is to upgrade the defined resource at the Mt Kelly mining area and expanding the resource at its nearby Anthill-Python prospect.
It has contracted Swick Mining to carry out the work. Cape Lambert acquired Lady Annie from the failed miner CopperCo in May 2009.
It is located near Mt Isa, with Cape Lambert’s other projects located in the Pilbara region of Western