A NEW-LOOK Navigator Resources IPO officially opened last week with the same people – chairman Barry Bolitho, managing director Tom Sanders and non-executive director Ian Macpherson – at the helm, but an East Kimberley project portfolio somewhat...
A NEW-LOOK Navigator Resources IPO officially opened last week with the same people – chairman Barry Bolitho, managing director Tom Sanders and non-executive director Ian Macpherson – at the helm, but an East Kimberley project portfolio somewhat different from last year’s abandoned float offer.
Last July the company opened a 20-cents-per-share offer to raise $4.5 million, and extended this with a supplementary prospectus in late September without the initial underwriting agreement with Hudson Securities.
Then, in November, the proposed float was called off and Navigator executed a backdoor listing through gold explorer Golden Valley Mines.
Mr Sanders said the company had intended to remain within Golden Valley, but the spin-off has eventuated following Golden Valley’s decision to focus long-term on its overseas interests.
In the meantime, Navigator has gained a promising platinum project, flown aeromagnetics and outlined anomalies within a gold venture, and shed four predominantly copper projects, Mr Sanders said.
Navigator’s portfolio "star", the Eastman platinum project, had already attracted some international interest from potential joint venture parties, Mr Sanders said, but the nickel and gold holdings were also very timely to put to the market.
He compared Eastman with Aquarius Platinum’s regional Panton project, in terms of high grades over considerable distances.
Navigator’s second key project, the Laura River gold venture, already has a 200,000 tonne-a-year gold treatment plant.
This project had near-term production potential, Mr Sanders said, although anomalies needed to be tested, and it "was early days yet".
The Laura River holdings also contain nickel-platinum anomalies and copper-zinc-lead-gold indications.
Navigator also believes the Wills Creek nickel project, which has 20 kilometres of strike extensions not far from the Sally Malay project, will prove a market attraction. The company’s two other projects are gold-copper, and gold with possible diamonds.
Mr Macpherson said Navigator was confident of half of the required undertaking already, mostly out of Sydney and Melbourne. This year’s $2.5 million offer is also at 20 cents, with a free attaching option.
More than $1.5 million is designated for exploration over two years, and oversubscriptions of up to $500,000 will supplement the $339,000 working capital, after broker fees. A pro-rata in specie distribution of 14,313,434 shares will go to Golden Valley Mines shareholders.
LionOre on ASX
TORONTO-BASED LionOre Mining International’s nickel and gold subsidiary, LionOre Australia, begins trading on the ASX this week. LionOre Australia operates the Emily Ann nickel mine and is developing the nearby Maggie Hays nickel sulphide project.
The eastern goldfields Thunder-box gold mine, which commenced production last November, is 60 per cent owned by LionOre Australia, as are two nearby nickel sulphide deposits.
LionOre Australia also controls metals processing, consulting and testing company Western Minerals Technology, which is developing a proprietary hydrometallurgical nickel sulphide oxidisation process with applications to other nickel and zinc concentrates and gold ores.
