Dundas Minerals: free options for shareholders ahead of drill results

Neesha Seth (Presenter): Welcome back to Market Index. Today, we're joined by Shane Volk from Dundas Minerals, a nickel, copper and gold explorer in the Albany–Fraser Orogen. Shane will be providing us with a quick update on the company's developments. Welcome, Shane

Shane Volk (Dundas Minerals): Thanks, Neesha, and it's very nice to be here today.

Neesha Seth: Dundas listed in mid-November and has already completed a considerable amount of exploration work. Can you give viewers a quick update on the progress made to date?

Shane Volk: Absolutely. Look, as you may know, Dundas has a very large tenement position in the Southern Albany-Fraser, 1200 square kilometres. What we've really been able to achieve in the last quarter is narrow down the search space using the very latest and best exploration technology. We've flown a helicopter-borne electromagnetic survey and what that is looking for is conductive rocks that may well host nickel and copper mineralization. We've then also completed an entire site wide ground gravity survey, the first time such a survey has been done, and this is helping us identify dense packages of rocks that are under the surface.

Neesha Seth: On Thursday, you released an announcement regarding an in-fill gravity survey at the Northeast Prospect. Can you explain to our viewers in plain English exactly what that is?

Shane Volk: This survey is a result of the early results that we had from the Airborne EM Survey and the wide space ground gravity survey. The initial survey we did, and again, this is looking for dense packages of rocks, mafic/ultramafic rocks and these are rocks that are typically associated with or can be associated with nickel and copper mineralization. The original survey was on lines that were one kilometre apart, and the stations were 250 metres apart. This new in-fill survey brings those lines to 250 metre spacings and the stations that are a mere 100 metres apart. Now, what that lets our geophysicists do is create much more accurate models of the anomalies that they're seeing below the surface. These anomalies can be up to 800 metres to a kilometre below the surface.

Neesha Seth: In the IPO Prospectus, you flagged a one for two loyalty option. Can you provide us with an update on this?

Shane Volk: In our Prospectus, we did flag that the company would consider issuing a free option to shareholders and this would be to shareholders on our register approximately three months after we listed. We listed in the 10th of November 2021. That three months comes up around mid-February, which is only a week or so away. So yes, the free option is still on the cards and the exercise price for that option would be 30 cents and the option would have an expiry date of two years. This is a great opportunity for shareholders that are already on the register, but maybe shareholders that are thinking about buying. If you get in before the record date, which is only beyond sometime next week, then you'll get the advantage of this free issued option.

Neesha Seth: What does the rest of the news flow look like for Dundas this coming quarter?

Shane Volk: We have an extremely busy quarter ahead. We're maintaining the exploration momentum that we started last quarter. One of the things we did initiate was our first drilling programme at our Jumbuck and Kokoda Prospects. We'll have the results of that programme starting to flow this quarter. Also, we completed a detailed survey, a soil survey at the Northeast Prospect. Those results will be coming through. As you mentioned earlier, the detailed gravity survey at Northeast that'll be coming through. We have a very rich flow of information for the next three to six months for shareholders.

Neesha Seth: Shane Volk, Managing Director of Dundas, thank you for joining us and we look forward to hearing more throughout the year. Thank you.

Shane Volk: Thank you. A pleasure to provide you with an update, Neesha.