++Golden Globe Resources (ASX: GGR)++ has closed an oversubscribed initial public offering (IPO) and made its debut on the Australian Securities Exchange.
The IPO was launched in October at $7.5 million and achieved the company’s maximum target of $8.5m, with bids from a mix of institutional, high net worth, and retail investors.
Proceeds will fund exploration across the 78 square kilometres of tenements at the company’s wholly-owned Dooloo Creek copper-gold project in Queensland’s New England Orogen.
Diamond and RC Drilling
The first phase of the campaign will comprise four diamond core and eight reverse circulation (RC) holes for a total 4,000 metres at the Northern Gold, Eastern Breccia, Silver Plain, Base Station Hill, and True Blue prospects.
A contractor has been mobilised to complete initial earthworks for access tracks and other infrastructure, and Central Deep Hole Drilling is preparing a multi-purpose rig for the start of drilling before month end.
Diamond drilling will target coincident geophysical anomalies reinforced by surface rock sampling, with elevated gold (up to 28.8 grams per tonne) and associated indicator elements including copper, bismuth, molybdenum, and arsenic.
RC work will aim to expand upon mineralisation and alteration intersected in previous drilling, as well as test beneath mineralised rock chip samples on new targets.
Historical Copper-Gold Intercepts
Managing director Colin McMillan said the campaign would test numerous targets where copper and gold had been intercepted in historic exploration.
“We have an enormous opportunity at Dooloo Creek and we are excited about the imminent drill testing of our newly-modelled exploration targets,” he said.
“During my nearly 40 years as a geologist, I have rarely seen such high-grade gold and copper results from surface rock sampling.”
Underexplored Portfolio
Golden Globe also owns the Neila Creek gold-copper project in New South Wales and the earlier-stage Alma project in Queensland, both of which sit within large, predominantly underexplored tenements.
The company plans to start exploration at Neila Creek after Dooloo Creek’s drilling campaign to test for the presence of a porphyry related gold-copper system based on proprietary targeting efforts, historical data, and small-scale historic mining activity.
At the 295 sq km Alma tenement, Golden Globe has identified multiple copper-gold targets through initial geochemical sampling of stream sediments and soils, selecting the most prospective targets for further mapping and auger drilling to determine the next phase of exploration activity.
