A small gold exploration company has big plans to create Western Australia’s next gold super pit, with the discovery of a potential giant ore deposit at their tenements located near Meekatharra.
Following its acquisition of the prospects of Murchison Exploration Pty Ltd in 2006, Revere Mining was incorporated in January this year and this week launched its IPO to raise up to $4 million to fund its exploration activities.
With the offer opening on March 30, Revere will offer up to 15 million shares at 20 cents each to raise up to $3 million, with oversubscriptions of a further $1 million accepted.
Its Greater Revere Project area, located 90 kilometres north east of Meekatharra, covers 12 tenements over a total area 994 square kilometres.
According to Revere executive director exploration Syd Morete, the tenements occur at the intersection of two continental lineaments at a sub-circular footprint called the Greater Revere Anomaly.
It is at this footprint, which covers 86 square kilometers, where the prospective for giant ore deposits lie.
Revere managing director Tony Byrne said the timing of the IPO preceeded a two-year phase of attaining environmental approvals and conducting feasibility studies in the area.
“Two years ago, the conclusion was reached that the prospect was too exciting to do it a bit at a time,” Mr Byrne told WA Business News.
“You needed to do it properly and the only way was to get sufficient funds to do the exploration in a professional and proper way.”
The company is expected to spend about $2.9 million on exploration over two years if it receives the maximum $4 million raising.
Following the IPO, the company will start drilling at its Little Revere prospect in May-June this year, with drilling at the Greater Revere anomaly penciled for the July-December period.
The ASX listing is proposed for May 25.
