Goodrich Resources
Goodrich Resources (ASX: GRX) has acquired interests in a portfolio of tenements prospective for gold and copper-gold in a specific geological region of New South Wales known as the Macquarie Arc. The company also holds interests in three projects in the Northern Territory.
Goodrich Resources on the hunt for copper and gold on the Lachlan Fold Belt, admitted to the ASX
Thursday, February 23, 2012 by Angela Kean
Goodrich Resources (ASX: GRX), a copper-gold explorer, will hit the ASX boards at 11am (AEDT) on Friday 24 February after being admitted to the official list today.
The company will list with around 18.5 million shares on issue following a successful IPO of 17.5 million shares at A$0.20 to raise a minimum of $3.5 million.
Goodrich has accumulated a diversified portfolio of projects in New South Wales and the Northern Territory that are prospective for gold and copper.
The initial focus of exploration activities will be on New South Wales projects located in the Macquarie Arc of the Lachlan Fold Belt, a major geological formation that hosts a number of major copper-gold deposits including Newcrest Mining’s (ASX: NCM) 2.2 billion tonne Cadia-Ridgeway deposits and Rio Tinto’s (ASX: RIO) 153 million tonne Northparkes mine.
The funds raised under the IPO will be used for exploration and development of Goodrich’s projects as well as working capital.
The company is targeting large porphyry-style copper-gold and epithermal-style gold deposits.
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