Currently viewing Global edition

Inflection to drill hot spot now IPO complete

Inflection Resources is poised to start drilling in an exploration hot spot in New South Wales, Australia, having completed a C$3.5 million initial public offering.
Inflection to drill hot spot now IPO complete Inflection to drill hot spot now IPO complete Inflection to drill hot spot now IPO complete Inflection to drill hot spot now IPO complete Inflection to drill hot spot now IPO complete

Inflection Resources is preparing to drill in NSW’s Lachlan Fold Belt

Staff reporter

The gold and copper-focused company (CSE: AUCU) is set to start trading on the Canadian Securities Exchange tomorrow.

Inflection has 20 drill-ready targets in the northern Lachlan Fold Belt.

The belt is home to Newcrest Mining's huge Cadia copper-gold mine, and became an exploration hot spot after Alkane Resources' Boda copper-gold discovery in September with a 502m intercept grading 0.48g/t gold and 0.2% copper.

Inflection's IPO comprised 14 million units priced at 25c.

"The net proceeds from the IPO combined with our pre-IPO working capital totals approximately $4.68 million and will be used to execute our planned drill programmes on our northern NSW Romardo project … and for general working capital," president and CEO Alistair Waddell said.

Waddell was earlier the vice president of greenfields exploration for Canada-based producer Kinross Gold.

Inflection's northern NSW technical team are all experienced former BHP geologists.

The company flew a 15,000 line kilometre high-resolution magnetic survey on 100m spacing to refine the targets in 2019, with Waddell telling sister publication MiningNews.net the move was almost unheard of for a junior.

"It's a major company programme run on a shoestring," he told MNN last year.

The company said in a presentation this month it had "multiple new tier-1 scale targets - all to be drill tested for the first time".

It also controls the Carron gold project in Queensland and has the "Artificial Intelligence Project" in southern NSW, where it's built a portfolio of exploration licences covering several key areas of interest.

Management and insiders own 38.25%, according to the presentation, with Resource Capital Funds and Sprott Inc holding 9.5% and 3.67% respectively.