Aldoro Resources Ltd (ASX:ARN)’s wholly owned subsidiary Aurum Resources Ltd has lodged a prospectus with ASIC to raise a minimum of $4.5 million and a maximum of $5 million in new equity via an IPO and ASX listing.
The spin out and related IPO will facilitate the fast-tracking of exploration and possible development of the Penny South Gold Project, the Ryans Find Project and the Unaly Hill South Projects.
With Aurum focussed solely on the development of the Western Australian gold projects, Aldoro will focus on exploring its highly prospective Narndee and Windimurra projects.
Aldoro shareholders registered on the record date of August 20 2021 will be eligible to participate in the priority offer for a minimum parcel of $2,000.
Indicative timetable for Aurum’s IPO
Penny South Gold Project
The Penny South Gold Project is in the Youanmi Gold District, about 30 kilometres south of the Youanmi Gold Mine and directly south of the Penny Gold Project owned by Ramelius Resources.
The project area contains over 2.5 kilometres strike extension of the Penny West Shear, which hosts the historical high-grade Penny West Gold Mine.
During the first half of 2020, Aldoro completed its first RC drilling program at the Penny South Project with results confirming a mineralised structure at the Southern Target over a strike length of at least 400 metres, with assays results up to 6.7g/t gold.