Minerals 260 (ASX: MI6) will be making its ASX debut at 1:00 pm on Tuesday.
The company successfully raised $30 million at 50 cents a share following its spin-off from Liontown Resources Limited (ASX: LTR).
What does Minerals 260 do?
Minerals 260 is a spin-off of Liontown’s non-lithium assets.
The exploration company owns a portfolio of prospective gold, nickel, copper and platinum-group elements (PGE) projects across Western Australia.
The Moora Project is located in the same geological terrain as the Julimar project, owned by Chalice Mining Ltd (ASX: CHN).
Following Chalice’s “globally significant” discovery at Julimar, the region has become a highly sought-after exploration area with numerous ASX-listed companies actively targeting gold, nickel, copper and PGE deposits, according to Minerals 260’s prospectus.
A maiden drilling program was completed at Moora in the March 2021 quarter, with proposed follow-up work including diamond core drilling, ground electromagnetic surveys and a detailed aeromagnetic survey on the horizon.
Koojan JV Project
Liontown, through its wholly-owned subsidiary ERL, will retain a 51% interest in the Koojan Project.
The area was described as “effectively unexplored with no prior geochemical sampling or drilling”.
So far, Metals 260 has completed two phases of geochemical exploration, defining a number of high order PGE and/or gold anomalies.
Proposed work for Koojan includes follow-up geophysical programs to define bedrock targets for drill testing.
Dingo Rocks Project
Dingo Rocks is an early-stage exploration project focused on precious and base metals.
The company is currently compiling and reviewing previous exploration data to carry out an initial ground reconnaissance.
Yalwest is another early-stage exploration project focused on precious and base metals.
The project is in an area where there has been no previous recorded exploration.
What’s next for Minerals 260?
Minerals 260 will likely have a busy schedule ahead with a variety of geochemical, geophysical and drilling activities to grow its prospective mineral portfolio.
According to the company’s prospectus, it has a proposed budget of $14.3 million over the next two years to drive exploration activities across its four projects.
The post Minerals 260 (ASX:MI6) shares set to hit ASX boards today appeared first on The Motley Fool Australia.
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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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