Widgie Nickel (ASX:WIN) trades for the first time on ASX

Highlights 

  • Widgie Nickel started trading on the Australian Securities Exchange (ASX) following a well-supported entitlement offer.
  • Today, the Company also reported the assay results from drilling carried out at Widgie’s Munda deposit by Auric Mining Ltd, in a separate announcement.
  • The stock WIN, on its first day, closed at AU$0.250 per share on ASX.

ASX-listed Nickel explorer Widgie Nickel (ASX:WIN) commenced trading on the Australian Securities Exchange (ASX) today after a well-supported entitlement offer. The Company successfully raised AU$24 million, before costs, through a fully underwritten entitlement offer at an issue price of AU$0.20 per share.

According to today’s announcement, the indicative market capitalisation of the Company at the offer price is AU$50 million. It is to be noted that Widgie is a mineral exploration company with the purpose of maximising value for the Mt Edwards Nickel Project.

The Mt Edwards Nickel Project is a unique consolidation of a vast package of highly prospective nickel and new economy metal prospects, with a large nickel sulphide resource base.

Widgie Nickel Limited controls a dominant ~240 square kilometre land package over the prolific nickel producing Widgiemooltha Dome located 80km south of Kalgoorlie in Western Australia.

In another announcement today, the Company also reported assay results from drilling carried out at Widgie’s Munda deposit by Auric Mining Ltd (ASX:AWJ), which has returned thick massive nickel sulphide intersections at Munda. Widgie held that the purpose of the drilling was primarily targeting gold.

The Assay Results state:

  • The nickel enriched zone is defined by a mineralised envelope of 0.7% nickel. This mineralised zone relates itself well with the results and logging obtained from the Auric drilling.
  • Of the 27 drillhole programs carried out by Auric, just one drillhole (AMRC003) lies within the footmark of the Mineral Resource.
  • AMRC003 encountered a zone of enriched nickel mineralisation grading above 1% Ni.

Bottom Line:

Widgie has established itself as a standalone nickel focused company in a great location. With substantial cash in the bank, the Company is looking forward to new exploration results from its planned drill programs. Besides, the nickel explorer will kick off our maiden drilling program in the next month, which is mainly targeted towards nickel and associated by-products.

Meanwhile, the drilling results at the Munda deposit released today best illustrates the potential of the Mt Edwards Nickel Project.

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