The company raised its minimum subscription of $4 million and intends to raise up to $7 million in the IPO.
Funds will be used to fund exploration activities over a 6,590 square kilometre portfolio of exploration properties in South Australia and Western Australia.
Targeting copper, nickel, cobalt and lithium
The company is targeting copper, nickel, cobalt and lithium, most of which have seen significant increases in demand and price over recent times.
Its projects are in regions with proven prospectivity for the target metals.
These include the Gawler Craton and Musgrave province in South Australia, and areas surrounding large lithium deposits in the Pilbara and Yilgarn Cratons of Western Australia.
Farm-in with OZ Minerals
OZ has committed to drilling seven shallow targets for magmatic nickel-copper sulphide systems similar to the Nebo Babel deposits, 500 kilometres to the west in Western Australia.
In the joint venture, OZ Minerals can elect to earn 51% in the project by spending $2.5 million on exploration within 18 months.
An additional $5 million on further exploration would increase the stake to 75%.
This would be capable of annually producing 25,000 tonnes of nickel, 30,000 tonnes of copper and 1000 tonnes of cobalt.
Prospects on Woomera rocket range
In the Gawler Craton, access to Woomera’s prospective copper ground was made possible in 2011 when the government eased restrictions for explorers to the Woomera rocket range.
On this ground, the company has three main areas of interest, the Carulinia and Nawa Domain iron oxide copper-gold projects and the Labyrinth copper-nickel project.
Woomera’s estimated first-year exploration budget ranges from circa $430,000 to
$1.250 million depending on the amount raised in the IPO.
The second-year exploration budget ranges from $1.06 million to $1.82 million.
Planned activities will vary according to the project area, but will include reconnaissance geology and geochemistry, ground geophysical surveying and drilling.
The initial focus will be on the Musgrave and Pilgangoora projects, however, work is planned for all.