Recharged from the IPO, Ordell Minerals Ltd (ASX: ORD) made its debut on the ASX last Friday, showcasing a robust portfolio of exploration assets in Western Australia.
The company successfully raised a maximum of A$6 million through its initial public offering (IPO) at an issue price of 20 cents per share.
With a fully funded treasury, Ordell is set to advance its flagship asset, the Barimaia Joint Venture (JV) Gold Project in the Murchison Province, where it holds an 80% stake.
This project is considered an advanced exploration venture with significant historical drill results.
With the second day of trading closed, Ordell’s shares peaked at A$0.22, with nearly 1.7 million shares traded to date (Figure 1).
Figure 1: Ordell trading volumes (Source: ASX.com)
Genesis Minerals Reunion
Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals, making Genesis a major shareholder with an 8% stake.
The company has also reunited key members of the Genesis team, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler.
McKeith and Fowler have taken on the same roles at Ordell, alongside industry veteran Darren Gordan as a non-executive director.
Furthermore, experienced resources sector executive Graeme Smith is the company secretary.
Prime Location in a Tier-1 Mining Jurisdiction
Barimaia is located in a Tier-1 mining jurisdiction, near several gold processing plants (Figure 2)
It is adjacent to Ramelius Resources’ Mt Magnet mill, 70 kilometres from Spartan Resources’ Dalgaranga mill, and 80 kilometres from Westgold Resources’ Tuckabianna mill.
“Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow resource,” said Managing Director Michael Fowler.
Previously, Barimaia was not systematically explored by Genesis due to its focus on assets in the Leonora region.
In addition to Barimaia, Ordell holds the Goodia Lithium Project in WA’s Kalgoorlie-Norseman lithium district and the Fisher South Gold Project in the Laverton gold district, both considered promising greenfield discoveries.
Figure 2: Barimia Locations (Source: Investor Presentation)
Forward Plan
Fresh from the ASX debut, Ordell’s immediate focus is the Barimaia Project.
The company plans to undertake systematic reverse circulation (RC) drilling along a 2.5-kilometre strike extent at Barimaia, targeting Eridanus-style discoveries (Figure 3).
Additionally, aircore drilling is planned to test for strike extensions to the known mineralisation.
Fowler stated, “Given its location right on the doorstep of Ramelius’ 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 2.5-kilometre strike extent at Barimaia to target Eridanus-type discoveries.”
The Goodia Lithium Project in the Kalgoorlie-Norseman lithium district and the Fisher South Gold Project in the Laverton gold district are also on the agenda for further exploration as well.
Figure 3: Ordell’s Forward Plan (Source: Investor Presentation)
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