New ASX entrant Demetallica (ASX:DRM) has commenced trading today, with the copper-gold-silver explorer offering investors exposure to a diverse portfolio of advanced exploration plays across Queensland and South Australia.
Its successful raising of $15m is evidence of retail and sophisticated interest in the fresh faced public lister; raking in a total of 3,830 shareholders—despite overhead market turbulence, Demetallica’s IPO was oversubscribed.
Euroz Harley and Argonaut Securities were the joint lead managers for the offer.
Funds will predominantly support the existing Jericho copper-gold project in Queensland, nearby Cloncurry.
Jericho, part of the larger Chimera Polymetal Project, the target comprises two main lodes: J1 and J2, totalling together a 3.7km strike.
The existing Mineral Resource Estimate (MRE) covers some 2.2km of the 3.7km strike length.
Demetallica is intending to update the market with an upgraded JORC MRE from Inferred to Indicated in Q4 of the 2022 calendar year.
That existing resource specifically details an Inferred MRE of 9.1 million tonnes at 1.4% copper; 0.3 grams of gold per tonne and 1.6g/t of silver.
Managing Director Andrew Woskett comes from a high-profile mining background, having been instrumental at an executive level in the development of the Kalgoorlie Super Pit, as well as Papua New Guinea’s Bougainville copper-gold assets.
Minotaur Exploration first defined a significant copper-gold resource at the Jericho deposit in 2020, which remains open along strike and down-plunge.
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