North Perth-based gold explorer Revere Mining Ltd was trading flat in early morning trade after three days of strong gains since listing on Thursday.
North Perth-based gold explorer Revere Mining Ltd was trading flat in early morning trade after three days of strong gains since listing on Thursday.
Shares in the company rose 23.7 per cent yesterday, closing at 36.5 cents.
Revere, which raised $3.5 million in its intial public offer, has risen 82.5 per cent from its offer price of 20 cents.
The company aims to commence its drilling program in July.
The full text of a company announcement is pasted below
Gold explorer REVERE MINING LIMITED (ASX:RVM) plans to commence air core drilling in July following listing on Wednesday 20 June.
Revere has raised $3.5 million in its initial public offering to fund an extensive drilling program at key targets in and around a geological-geophysical-geochemical anomaly known as the Greater Revere Anomaly near Meekathara in Western Australia's Mid West region.
Greater Revere is considered highly prospective as it's 'footprint' sits over the intersection of two major ore rich continental lineaments (see figures 1 and 2). The project area covers Palaeoproterozoic rocks of the Bryah and Yerrida Groups affected by the collision of the Pilbara and Yilgarn Cratons. Exploration of the area to date has been largely superficial.
Revere Mining managing director Tony Byrne said an air core drill rig had been secured to undertake 26 holes at Little Revere and three holes at Doug's Find for a total of approximately 2000 metres of drilling to a depth of 60m each.
"We have also taken 283 geochemical samples for assaying and expect to have results in a couple of weeks that will help define a geochemical anomaly at Little Revere," Mr Byrne said.
A detailed airborne geophysical survey of much of Revere's almost 1,000km2 of tenements is also planned for July. In September, 202 drill holes to 8-10m depth on a 400m x 100m grid spacing are planned at Donald Well within the Greater Revere Anomaly.
Mr Byrne said Revere's primary objective was to become a successful and profitable exploration and mining company by finding a giant ore deposit or 'GOD' within the highly prospective Greater Revere Anomaly.
"Revere's initial capital raising will allow us to target highly prospective areas found at the crossroads of the two major ore rich corridors known as continental lineaments.
"Results to date provide enough evidence to indicate the possibility of a giant ore deposit in the Greater Revere Anomaly and our exploration program aims to confirm this exciting concept."
Revere issued 15 million shares at $0.20 per share to raise $3 million for the exploration program. Oversubscriptions to 2.5 million shares at $0.20 to raise a further $500,000 were also accepted.
