IPO opens as Tartana eyes Chillagoe plant restart
Tartana Resources chairman Steve Bartrop said the raising was being sponsored by Taylor Collison, but was also supported by a number of other brokers.
This recognised the fact that, unlike most junior resource companies, Tartana had the potential to generate a self-sustaining cash flow from the production of copper sulphate, he said.
This involves restarting an existing heap leach- solvent extraction-crystallisation plant which has been on care and maintenance since 2014.
“Part of the IPO proceeds will be directed towards drilling the copper oxide mineralisation evident in the base and to the north of the open pit as well as financing the restarting of this plant,” Dr Bartrop said.
“However the exploration appeal comes from the presence of a large porphyry copper target which occurs below the open pit and which appears to plunge to the north as reflected in a geophysical IP survey.”
In addition, Dr Bartrop said the company would start drilling its Queen Grade zinc project, which occurs separately on the mining leases.
The IPO closes on July 26 if not earlier, and the ASX has indicated that the listing date for Tartana Resources will be August 13.