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Dundas Minerals Ltd (DUN)

___:___ · Basic Materials

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Dundas Minerals IPO Deep Dive

Dundas Minerals is a West Australian mining exploration company with tenements situated in the highly mineral rich Albany-Fraser Orogen (AFO) region of Southern Western Australia.

The region rose to prominence due to discoveries such as the ~8 million ounce Tropicana-Havana gold deposit by AngloGold Ashanti in 2005 and the ~15 million tonne Ni-Cu-Co discovery in 2015 by Sirius Resources.

It holds eight exploration licences and has applications for four further licences. The tenement position covers approximately 1,100 square kilometres of land. This holding was carefully assembled in 2020-21 through extensive analysis of past exploration data in the region predominantly performed by international geological consultant, CSA Global, on behalf of Norseman Gold PLC.

Dundas Minerals aims to begin exploration with six initial mainly gold targets and is poised to commence significant exploration programs in the southern AFO.


Secured a dominant position in highly prospective Albany-Fraser Orogen

Meticulously selected tenement from in depth analysis of exploration data

Poised to commence significant exploration programs with six exploration targets

Highly experienced management and technical team, positioned to propel Dundas’ success

Showcase your ASX company to 500k+ investors

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Board and Management

Mark Chadwick


Mark is a Chartered Accountant with in excess of 25 years experience in corporate advisory and management, primarily in restructuring and turnarounds.

He commenced his career in Perth, Western Australia and subsequently spent 16 years working and living in Asia where he led restructuring engagements involving debt totalling more than US$15 billion.

Shane Volk

Managing Director

Shane has 30+ years commercial experience in Australian and international mining operations.

A qualified Chartered Secretary and a Bachelor of Business (Accounting) RMIT, Melbourne, he has previously worked across a diverse range of mining-related capacities such as exploration (Placer Dome and Emmerson Resources), operations (BHP and Placer Dome), business development and corporate governance.

Tim Hronsky

Technical Directory

A Geologist with 30+ years of international experience, Tim is a Graduate of the WA School of Mines (1990).

His varied career commenced with operational roles at various mines, before moving to mineral exploration. He was 15 years with Placer Dome, where he was Exploration Manager – Asia, and later Risk and Assurance Advisor as part of the group’s internal assurance function.

He specialises in green fields exploration, developing innovative geological and exploration concepts.

Mike Northcott

Exploration Manager

Mike is a highly experienced geologist across all facets of exploration, project evaluation, project generation and management.

He has explored across a range of commodities and throughout a diverse range of geologic terrains globally.

Mike has held senior leadership roles in numerous mining houses most recently at MMG Limited, and previously at Newmont Mining and Normandy.


Map of Jumbuck prospect


The Jumbuck prospect is an enigmatic target that nominally covers an area of approximately 250 x 250 m.

The prospect is indicated by three rotary air blast (RAB) holes drilled as part of a program by Ausquest Limited in May 2011. 

Assays performed by Ausquest show anomalous levels of Nickel, Chromium, Copper and Cobalt. However no follow up drilling was completed at the site. Dundas Minerals plans a re-interpretation of the data using more advanced software than was available at the time.

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Terra Firma

The Terra Firma prospect was identified from the review of historic hard-copy exploration reports. Noted in the report was a shallow air-core drill hole that recorded a 4m intersection of gold at 1.06g/t (36m-40m) at the bottom of hole. The 1995 gold price was ~US$380/oz, and no follow-up exploration has ever been undertaken in the area of this intercept.

The 1995 exploration drilling was widely spaced, with the distance between the only two shallow air-core holes at the Terra Firma prospect being ~1.6km.


Cynite Pty Ltd, the exploration company that drilled the Terra Firma holes concluded in its 1996 annual report submitted to the WA Department of mines that “exploraiton work completed . . identified a geological terrane that bears market similarites to the Archean greenstone-gneiss terrain of the highly prospective gold-nickel Yilgarn Craton”. 

Although further exploration work was recommended, there is no evidence of additional work in the area being report, after 1995.

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Map of Terra Firma
Map of Kokoda Gold project

Kokoda Gold

Kokoda is a somewhat enigmatic gold prospect indicated by a large and diffuse series of gold anomalies that sit on the northern section of an inferred extensional structure that traverses an area of approximately 30 km from the Kokoda prospect, south to the Southern Cross prospect.

Kokoda was identified from assay data derived for a soils and calcrete sampling program (AngloGold Ashanti 2010-11) and a subsequent air-core drilling program (AngloGold Ashanti 2011-12). 

Bottom of hole air-core drill samples that were anomalous for Au, Cu, Zn and Ni closely correlated with the zones of the soil samples anomalous for Au.

Importantly for Dundas Minerals, the AngloGold Ashanti soil/calcrete sampling and air-core drilling was constrained by the eastern boundary of its then held tenement position – meaning it could not expand its exploration programs to the east, whereas Dundas Minerals has secured that area. A similar situation exists for the untested southern continuation of soil/calcrete sample anomalies – AngloGold Ashanti were constrained by its tenement boundaries, again Dundas minerals has secured that area. These eastern and southern extensions which were not accessible to AngloGold Ashanti can now be tested as both of these areas now sit securely within Dundas Minerals' tenement package.

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Mulga Gold

The Mulga prospect is a Mesoproterozoic (1580 Ma) gold target situated approximately 5.8km north at 15 degrees from the Dundas Minerals Bullseye IOGC prospect. There may be a relationship between the Bullseye (1600 Ma) and the Mulga gold target (1580 Ma), but further research is needed to establish this. 

 The Mulga prospect is defined by an area of 4,000m x 1,000m area of anomalous soil samples (10+ ppbAu). A central area of 1,200m x 1,000m contains bottom of the hole RAB samples (AngloGold Ashanti 2011-12) that range as high as 134 ppbAu. The data above shows the prospect maybe of noticeable size.

Importantly for Mulga, the primary pathfinder for a Mesoproterozoic gold deposit is potassium. There is strong potassium geochemistry observed in the AngloGold Ashanti sampling at both Mulga and Kokoda.

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Map of Mulga prospect
Map of Norseman prospect


The Norseman Prospect is an exploration target that was generated by CSA Global in 2009, for Norseman Gold PLC. The prospect was identified from magnetic imagery interpretation and a calcrete sample program. The underlying rocks are interpreted as an area of “re-worked Archean”.

 An initial exploration program of air-core drilling was designed by CSA Global for Norseman Gold PLC, and in its annual report to the WA Department of Mines and Petroleum for the 12 month period to 31 October 2010, Norseman Gold reported that road and access lines had been cleared in preparation for drilling. The tracks and drill lines were indeed established, and in June 2021 were confirmed as still navigable by Dundas Minerals.

Drilling did not proceed however – presumably due to working capital issues that Norseman Gold was experiencing at the time, and not long after Norseman Gold PLC entered voluntary administration. Consequently, Norseman Gold relinquished all of its Southern Albany-Fraser Orogen tenements on 29 September 2011.  

There are no public domain reports that show Norseman Gold as having conducted any on-ground exploration activities on its tenements, however a calcrete sampling program at the Norseman is mentioned as having been conducted.

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The Anzac prospect was identified in 2008 by CSA Global in its report to Norseman Gold PLC, which held an exploration tenement immediately north of Anzac at the time. Norseman Gold appears to have immediately acted on CSA Global’s recommendation to secure the areas to the south of Anzac, making an application on 10 April 2008, which was subsequently granted but surrendered in September 2011 without the conduct of any exploration.

Anzac sits on the intersection of a north east magnetic trend (structure) and the lower limb of NE fold structure, underlying is a moderate gravity high. Anzac has not been subject to any prior ground based exploration. AngloGold Ashanti held large tenement positions in the Southern Fraser Range until ~2012, but its soil and calcrete sampling, air-core drilling and RAB drilling did not extend to Anzac, due to the prospect falling just outside of its ground position. 

 Norseman Gold relinquished all of its Southern Fraser Range tenements on 29 September 2011. There are no reports of any on-ground exploration being conducted by Norseman Gold on any of its Southern Albany-Fraser Orogen tenements, despite the strong recommendations from CSA Global.

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Map if Anzac Prospect
map of Bullseye prospect

Bullseye And Associated Prospects

The Bullseye and Southern Cross prospects present as coincidental magnetic and gravity highs that were first identified in 2005, initially from regional scale aero-magnetics data by GoldPort Pty Ltd.

Bullseye was soon-after verified as prospective via anomalous assays from a soils and calcrete sampling program conducted by GoldPort (2006). A localised closer spaced ground based gravity survey was the next exploration step taken – as an effort to better define the anomaly.

Bullseye/Southern Cross and Matilda represent Iron-Oxide-Copper-Gold (IOCG) exploration targets that currently warrant exploration beyond the depth of the single shallow and widely spaced air-core drill program undertaken by GoldPort Pty Ltd in 2007.

In June 2012, the Bullseye prospect was included in an exploration tenement held by ASX listed Segue Resources. However, the tenement was relinquished in June 2017, without Segue undertaking any drilling to further test the targets identified by Goldport. Bullseye had remained “open ground” since being relinquished by Segue, and subsequently applied for by Dundas Minerals.

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Primary Investors

Shane Volk


Dundas Minerals Managing Director

Tim Hronsky


Dundas Minerals Technical Director

Capital Raises

Initial Public Offering
|Oct 2021

Dundas Minerals seeks to raise a minimum of $5,000,000 and a maximum of $6,000,000 via the issue of Shares at an issue price of $0.20 per Share under the Offer. The purpose of the Offer is to provide funds to implement the Company’s business strategies.

Raised $5-6m
Offer Price $0.20
Notes One option for each 2 shares held 3 months from listing date. The Options would have a proposed strike price of $0.30 per option and a 2-year expiry date.


March Quarterly Activities Report

28 Apr 2022 | report
PDF (2933.4 KB)

Issue of Free Loyalty Options

11 Feb 2022 | Report
PDF (367 KB)

Dundas Bonus Issue Prospectus

11 Feb 2022
PDF (384.6 KB)

December Quarterly Activities Report

31 Jan 2022 | Report
PDF (2810.5 KB)

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