Western Australian gold explorer Ordell Minerals (ASX:ORD) has debuted on the ASX today, advancing 10% on its first day of trade.
The listing follows the completion of a $6 million IPO, comprising the issue of 30 million shares at $0.20 each. Shares rose to $0.22 shortly after the company lit up the boards before edging back in line with the IPO price.
Over 865,000 shares changed hands in the first two hours of trade.
Ordell Minerals’ board includes the founding team of the now $2.4 billion Genesis Minerals (ASX:GMD).
Michael Fowler, former Genesis Managing Director, takes the reins as Managing Director, while former Genesis Chairman Tommy McKeith now Chairs Ordell’s board.
The company’s flagship asset is the 80%-owned Barimaia Gold Project in the Murchison region of Western Australia, which was acquired from Genesis and is an advanced gold exploration project.
Historical drill results include 15m @ 11.4 grams per tonne (g/t) gold from 74m; 17m @ 3.4g/t gold from 49; and 19m @ 1.5g/t gold from 18m.
Fowler says Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming the potential for a shallow resource.
“Given its location right on the doorstep of Ramelius Resources’ (ASX:RMS) Mount Magnet Gold Project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5km strike extent at Barimaia to target Eridanus-type discoveries,” he says.
Eridanus hosts a resource of 21 million tonnes @ 1.7g/t for 1.2 million ounces of contained gold and a reserve of 2.1 million tonnes @ 1.4g/t for 95,000 ounces of contained gold.
Ordell Minerals also owns the Goodia and Fisher South projects, both located in the Kalgoorlie region of Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Ordell Minerals