Brisbane-based company Traprock Mining has launched a $6.5 million initial public offering (IPO) as it prepares to list on the Australian Securities Exchange (ASX) amid the upturn in copper and gold prices.
The company plans to list on December 21, with the funds to be used for exploration and development of their Queensland copper-gold asset portfolio.
“The best place to find a gold mine is in a goldfield, and that’s exactly where Traprock will be exploring with the funds raised from this IPO,” Traprock managing director David Jelley said.
“We have resources with compelling grades and proximity to existing infrastructure that we believe can be developed into production. We also have a number of drill-ready targets beneath past mining operations that need to be drill tested to define resources.”
Traprock has identified four copper gold projects throughout Queensland, as well as a range of drilling targets.
The projects consist of Traprock’s flagship Mount Chalmers gold-copper operations near Rockhampton – which was intermittently in production between 1898 and 1982; the Warroo copper-gold project near Stanthorpe – which includes an abandoned open cut mine and several high-grade drill intercepts; the Herries Range gold project near Warwick – with six drill ready targets to be tested; and the Kabunga copper-gold project near Gympie.
In terms of the project’s future, Traprock chairman Tony Fawdon said the company had “the right ingredients for success” due to a portfolio of projects and an experienced board and management team.
“I am very confident that we can add considerable value to our asset base through a highly targeted drilling program post-listing, which will drive increased shareholder value by fast-tracking development to deliver near-term cash flow,” he said.