An ongoing IPO offer in the copper and zinc space by minerals player Tartana Resources Limited (Proposed ASX code: TNA) is gaining investors’ attention in the market. Tartana intends to establish itself as a significant copper-zinc company via the development of its existing projects and acquisitions of new projects.
Currently, the company has following Projects:
- Tartana Copper and Zinc Project located in Northern Queensland;
- Zeehan Zinc Slag Project, located in Western Tasmania;
- Amber Creek – Molybdenum-Tin-Tungsten Project, located in Queensland;
- Mt Hess Copper- Gold Project, located in Queensland.
In order to undertake drilling activities on its projects, Tartana Resources, formerly Riverside Energy Ltd, is currently raising Funds via an IPO (Initial Public Offering). The IPO has a minimum subscription amount of $4 million with a maximum subscription amount of $6 million.
As per the latest supplementary prospectus, the offer closing date has been extended to 21 October 2019.
Let us dive deeper into Tartana’s Projects.
Tartana Copper and Zinc Project
Located approximately 150 km west of Cairns and 40 km northwest of Chillagoe along the Burke Development Road, Tartana Copper and Zinc Project is the company’s flagship project which comprises four granted mining leases (ML 4819, ML 4820, ML 5312 and ML 20489).
The company has defined four separate exploration projects based on past exploration on the mining licenses with mineralisation in each relating to an interpreted deeper porphyry copper system:
- Copper Oxide Project– The company intends to drill the oxide mineralisation north of the existing open to potentially define a resource capable of supporting the restarting of Heap Leach – Solvent Extraction – Crystallisation plant to produce copper sulphate for sales to external customers.
- Copper Sulphide Project– The company’s Independent consultant, SRK has estimated JORC 2012 compliant Exploration Targets for both the copper sulphide mineralisation below the open pit area (Copper Sulphide Project) and also the Valentino Project to the east. The company has designed drilling programmes to test both exploration targets.
- Queen Grade Zinc Project– This covers a separate zone of zinc-rich skarn mineralisation. This project has a similar mineralisation style to the King Vol ore body and requires drilling to upgrade the current open pit exploration target.
- Valentino Copper/ Gold/Silver/Cobalt Project– The company is planning to conduct a step out drilling at the Valentino copper, silver, cobalt mineralised areas.
Zeehan Zinc Slag Project
Intec Zeehan Residues Pty Ltd, Tartana’s wholly owned subsidiary, owns Mining Lease ML 3M/2017 which contains an old smelter site along with residue stockpiles of zinc-rich slag.
The company is investigating opportunities to monetise the zinc in the slag to provide working capital to finance its other activities; and till now it has investigated a number of options which include:
- Leaching the slag to recover the zinc which includes leach testwork which has been carried out by Core Resources Pty Ltd, and demonstrates that high zinc recoveries are achievable in a leach process;
- Slag sales to a third-party processor in Europe. Samples have been collected and sent overseas for testing in a Waelz kiln in Europe;
- Slag sales to local smelters which involved the collection of a 5,000-tonne bulk sample which has been trucked to the Port of Burnie.
Tartana believes Zeehan Zinc Slag Project to be an exciting project in the current high zinc price regime, with the potential to generate cash flows as well as providing an opportunity to later restore an old smelter site
Mt Hess Copper-Gold Project
Located approximately 100 kilometres southwest of Mackay, the Mt Hess Project (EPM 18864 & 19252), covers part of the Gotthardt granodioritic intrusion.
Historic Exploration at the Project:
- Homestake Australia identified surface oxide copper mineralisation with continuous rock chip sampling returning up to 50 m @ 2.2% Cu & 0.3g/t Au;
- Geopeko intersected 38 m @ 0.5% Cu from a single vertical drill hole nearby;
- The results of the Oldfield drill hole programme identified narrow zones of copper mineralisation.
The company intends to target future exploration on these mineralised zones to determine whether they have the potential to contain economic copper oxide resources.
Amber Creek Molybdenum-Tin-Tungsten Project
The Amber Creek Project (EPM 18865) comprises an area covering several individual molybdenum, tin and tungsten prospects, located within the homogeneous metamorphics which could be related to the McDevitt Metamorphics.
Historical exploration at this project has identified extensive and cross-cutting mineralised veins structures. The company intends to conduct an initial exploration programme at this project which will be focussed on sampling historically identified structures.
The company believes that its existing projects provide an exciting base for its future growth.
To know more about Tartana’s IPO Click here.
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