GRASS-ROOTS explorer Tuart Resources NL listed on the bourse on Friday after raising $2.6 million to explore a diverse portfolio of properties in WA’s renowned Yilgarn region.
The Perth-based company will commence exploration immediately on a number of well-defined lateritic nickel and gold prospects in the Yilgarn, while also examining the industrial minerals potential of its cornerstone Cashmere Downs project in the Central Yilgarn.
This follows lodging of a prospectus with the Australian Securities and Investments Commission to raise up to $3 million through the issue of 15 million 20 cent shares.
The Cashmere Downs project is located 115 kilometres south of Sandstone. The tenements sit within a 40km long Greenstone belt which has a similar rock signature and geological background to numerous other areas in the Yilgarn that have yielded economic ore bodies.
Tuart managing director Bob Hendrie said further targets are expected to be outlined through ongoing exploration within the company’s ground holdings, which cover about 394 square kilo-metres of the Cashmere Greenstone belt between two regional lake systems.
“Cashmere is a substantial exploration project which will now be a key target for Tuart,” Mr Hendrie said.
“The industrial minerals potential of this region has significant indications of potential talc, magnesite and magnetite resources.”
