Corella Resources Ltd (ASX:CR9) has resumed trading on the ASX after raising $5 million from a public offer at 2 cents per share.
The company’s shares have surged from the issue price following its reinstatement to official quotation, last trading at 4.3 cents.
Corella has a trio of Western Australian shallow, free-dig kaolin projects – Tampu, Wiltshire and Kalannie, as well as the Bonnie Rock Silica Project.
Tampu - significant bright white kaolin mineralisation
Tampu has seen two historical and one modern phase of exploration drilling and metallurgical programs.
This drilling has sufficiently determined the validity and potential of Tampu to host significant bright white kaolin mineralisation with very low levels of contaminants.
Further drilling and metallurgical testwork will be required in order to achieve a JORC compliant resource at Tampu.
Wiltshire
Wiltshire is adjacent to the Wenmillia Dam kaolin deposit, which is held by Blue Diamond WA Pty Ltd to the north of Mullewa.
Bright white kaolin is known to extend to the south and west of Wenmillia Dam along exposures in Wenmillia creek toward Wiltshire.
Chemical analyses by the Geological Survey of Western Australia (on kaolin samples drill samples from Wenmillia Dam) show high purity kaolin with low levels of contaminant elements.
Exploration and production
The company’s main objectives are to systematically explore its projects for kaolin and silica through geological mapping, surface sampling, drilling and metallurgical test work.
Corella will also assess the viability for, and if viable implement, a low capital expenditure kaolin production project at the Tampu, Wiltshire and Kalannie Projects and silica production project at the Bonnie Rock Silica Project.