Bayrock Resources Limited has successfully lodged a Prospectus with ASIC, for the purposes of raising capital and listing on the ASX.
Through an Initial Public Offering (IPO), Bayrock seeks to raise a minimum of A$10 millon and a maximum of $12 million, via the issue of Shares at a price of A$0.20 per Share. Eligible investors will also be entitled to one free attaching Option for every five Shares subscribed for, exercisable at A$0.30 each on or before three years from the date of issue.
The Offer is open until July 29 and is being lead-managed by specialist resources advisory firm RFC Ambrian Limited.
Proceeds from the Offer will fund a multi-project exploration programme across the company’s project portfolio in Sweden which includes the flagship Lainejaur project, a high-grade nickel-dominant mineral deposit located in the mineral-rich Skellefteå mining district
The Lainejaur project comprises a historic nickel mine with a JORC 2012-compliant Inferred Mineral Resource estimate including 460Kt @ 2.2% Ni, 0.15% Co, 0.7% Cu, 0.68g/t Pd, 0.2g/t Pt and 0.65g/t Au.
The resource remains open down-dip, does not include surrounding low-grade mineralisation (less than 0.5% Ni and Cu) and contains numerous untested geophysical anomalies within the wider underexplored Exploration Permit.
To the north of Lainejaur, Bayrock is also exploring its Northern Nickel Line portfolio of tenements. These five Exploration Permits are located within a zone of mafic-ultramafic intrusive complexes near the Sweden – Finland border and each has near-surface historical, drill defined zones of nickel-copper mineralisation with potential for enrichments in cobalt, gold and platinoid metals.
With the funds raised, Bayrock plans to commence a multi-phase, step-down and infill drilling program at Lainejaur, with the aim of extending the existing nickel-dominant JORC Mineral Resource estimate.
Drill testing of nearby shallow prospects at Lainejaur as well as at the Northern Nickel Line tenements is also planned together with state-of–the–art geophysical surveys to improve drill target definition.
The Bayrock executive team is led by Managing Director Dr Ian Pringle, a geologist with several decades of successful exploration experience who is held in high regard as an expert in cobalt-nickel deposits. Ian’s recent career highlights include exploration successes in Canada and the USA as well as the discovery of the Railway Cobalt Deposit near Broken Hill, NSW, operated by ASX-listed Cobalt Blue Holdings Ltd.
“Our near-term goal is to deliver on a major exploration program at Lainejaur at a time when the rapid growth of battery metals is driving exponential demand for nickel and cobalt. Bayrock is focussed on near-term and low-carbon development of high-grade resources to feed the EU’s growing demand for new energy metals,” Mr Pringle said.
“While the asset already has a JORC 2021-compliant Inferred Mineral Resource, most of the wider Lainejaur Project is essentially unexplored. EM (electromagnetic) surveys have defined quality targets which may represent separate mafic intrusive-hosted nickel sulphide deposits similar to Lainejaur, but which are covered by a veneer of transported glacial sediments.
“BAY have assembled an experienced local team and the established Skellefteå mining district contains several operating base metal and gold mines and offers excellent infrastructure support facilities.”
Mr Pringle said the Offer gives investors a unique opportunity to participate in an attractive resources exploration project that includes an existing mineral resource estimate, a highly qualified management team and operations in a well-regulated, tier one mining jurisdiction in the battery metals-hungry European Union.
For further information please visit: https://www.bayrockresources.com/