Nelson Resources Ltd (ASX:NES) has been admitted to the ASX following an initial public offer (IPO) which raised $5 million at $0.20 per share.
The company’s shares will start trading on the ASX from Thursday, 7 December.
Nelson owns the Woolshed Well gold exploration project in Western Australia.
The project comprises four prospecting licences having a combined area of 795 hectares and is located 20 kilometres east of Leonora.
Nelson’s tenure covers prospective greenstone stratigraphy transected by a number of regional faults which are well regarded as fluid-pathways for gold mineralisation.
The company is planning to complete first pass reconnaissance and soil- geochemical sampling across the prospect area.
Nelson has also entered into an agreement to acquire gold exploration tenements comprising the Socrates Project, Wilga Project, Yarrie Project and Happy Jack Project in Western Australia.
A significant gold-in-soil anomaly has been defined at Socrates, which is a virgin gold discovery in what is considered to be part of southern extensions of the Kurnalpi Greenstone Terrane.
Wide-spaced reconnaissance drilling has returned some significant intercepts well worthy of follow-up and additional exploration.
Following the successful IPO, Nelson is planning on undertaking targeted exploration programs at its projects as well as continuing to assess new business development opportunities.