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Yandal Resources up 10% in first afternoon of trading on ASX

The company will use $5 million raised in its IPO to support exploration of its WA gold projects.

ASX price board
Shares traded in the range of 20 to 22 cents

Yandal Resources Limited (ASX:YRL) was 10% higher than its 20-cent listing price late afternoon after it began trading on the ASX at 1pm today.

Shares opened at 21 cents with the first seven trades at that price, before dropping to 20.5 cents and then 20 cents.

READ: Yandal Resources shares quoted on ASX from 1pm on Friday, December 14

A trade just after 3pm saw shares jump to 22 cents after almost 129,000 shares had been traded.

Yandal was admitted to the ASX after raising $5 million in an initial public offering (IPO).

READ: Yandal Resources bags $5 million; prepares for ASX listing

There were 25 million shares issued at a price of 20 cents each with the funds supporting exploration of its prospective gold projects in Western Australia.

The gold explorer’s projects are within the prolific greenstone belts of Western Australia and are along strike or adjacent to known gold deposits.

Projects in prolific Yandal belt

It has three projects in the Yandal Greenstone Belt – Ironstone Well, Barwidgee and Mt McClure.

Ironstone Well and Barwidgee are southeast of Wiluna and south of major Northern Star Resources Ltd (ASX:NST) Jundee operation, which hosts more than 10 million ounces.

At Mt McClure, Yandal holds prospective mining tenements containing 20-kilometres strike of shear and contact related mineralised trends.

This project is 1-kilometre south of Echo Resources Limited’s (ASX:EAR) 1-2 million-ounce Orelia gold deposit, and 10-28 kilometres from the Bronzewing mill.

Yandal has 55-kilometres strike of contiguous mining tenements over prospective Yandal Greenstone Belt rocks, in which more than 20 million ounces have been defined to date.

A fourth project, Gordons, is near Kalgoorlie and 16 kilometres north of the Kanowna Belle Gold Mine, also operated by Northern Star.

Gordons tenements directly surround the operating Gordon-Sirdar underground gold mine and are along strike from the historical Mulgarrie Gold Mine.

Exploration plans

The company expects to receive new assay results from drilling programs at the Ironstone Well, Mt McClure and Gordons projects soon after listing.

Yandal is also well advanced with plans and preparations for exploration programs to kick off early in the new year.

Its initial goal is to rapidly commercialise deposits within economic haulage distance of a number of third-party processing plants.

Quick facts: Yandal Resources Ltd

Price: 0.26 AUD

ASX:YRL
Market: ASX
Market Cap: $17.38 m
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