Yandal Resources Ltd (ASX:YRL) has received the approval to be admitted to the official list of the ASX following a successful $5 million capital raising which was oversubscribed.
The company is planning to use the funds for exploration across a suite of projects in Western Australia.
Yandal’s projects are along strike or adjacent to known gold deposits.
Three projects - Ironstone Well, Barwidgee and Mt McClure – are within the Yandal Greenstone Belt, which continues to host new large-scale gold discoveries.
A fourth, Gordons, is 16-kilometres north of Northern Star Resources Ltd’s (ASX:NST) large Kanowna Belle gold mine in the prospective Kalgoorlie region.
Ironstone Well and Barwidgee are southeast of Wiluna and south of another major Northern Star operation, Jundee, which hosts more than 10 million ounces.
Imminent ASX listing
Over the course of the next few days, Yandal will work with the ASX to satisfy the remaining standard conditions required and determine the official listing date.
With gold trading well over A$1,700 per ounce and the clear prospectivity of its projects, the company is aiming to embark on its exploration programs shortly.