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Fitzroy Resources targeting base metals in Queensland, lists as ASX:FRY

Fitzroy Resources targeting base metals in Queensland, lists as ASX:FRY

After a successful IPO offering 25 million shares at $0.20 to raise $A5 million, the base metals focused Fitzroy Resources (ASX: FRY) will begin trading on the ASX on Thursday 9 December, after being admitted today, with the initial focus on the Rookwood Project and the Glentanna Project.

The Rookwood Project contains the Develin Creek Resource within an established VHMS base metal system, which the company considers to have potential for further exploration success.

Develin has an inferred JORC resource of; 1.757Mt at 1.71% copper, 2.05% zinc, 8.5ppm silver and 0.24ppm gold.

The company is ready to begin exploration almost immediately, with a number of ‘drill ready’ targets identified near Develin.

The Glentanna Project is at an earlier stage of exploration, with Fitzroy looking to immediately follow-up a drillhole which returned; 27.2m at 0.7% copper and 5.5% zinc, including 12.3m @1.2% copper and 8.9% zinc.

A total of 27,125,005 shares will be on issue when Fitzroy starts trading later this week, providing an initial market capitalisation around $5.4 million, if the shares trade at the IPO price.

 

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