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OVERSUBSCRIBED $6M CAPITAL RAISING COMPLETED
Nickel, lithium and gold focused explorer, TG Metals Limited (TG Metals or the Company) (ASX:TG6), is pleased to announce the successful completion of its initial public offer to raise $6,000,000 via the issue of 30,000,000 ordinary shares at A$0.20 per share (Public Offer).
- TG Metals Limited shares commence trading on the ASX at 11:00am AWST, 26 May 2022 under the code TG6
- The Company successfully raised $6M under its IPO, at an indicative market cap of $11.4M
- The Company’s main focus is the 100% owned Lake Johnston Project in Western Australia
- The Lake Johnston Project covers approximately 50km strike of greenstone with an historical nickel focus and growing lithium prospectivity
Proceeds from the Public Offer will primarily be used to fund exploration activities on the Company’s wholly owned Lake Johnston Project located approximately 120km west of Norseman in Western Australia, encompassing 50km of prospective Lake Johnston greenstone belt. The exploration activities are aimed at defining nickel, lithium and gold mineralisation along known ultramafic, mafic and felsic host rocks.
The Company will commence trading today on the Australian Securities Exchange (ASX) at 11:00am AWST under the ASX code TG6. TG Metals wishes to thank its Lead Manager to the Offer, Barclay Wells, together with Trident Capital as Corporate Advisors and AGH Law as Legal Counsel.
TG Metals’ Chairperson, Richard Bevan, said:
“On behalf of the Board and Management of TG Metals, we welcome all shareholders to the Company at what is an exciting time of growth for the forward facing metals market. TG Metals has a strong board and experienced management and is ready to execute our exploration strategy at the 100% owned Lake Johnston Nickel Project in Western Australia.
"The Project is located within a highly prospective area of greenstone belt with recent past nickel production. It is prospective for both nickel and lithium discoveries, and our aggressive exploration strategy bodes well for near term discovery potential and optionality into multiple commodities.
We look forward to undertaking our planned exploration programs and keeping our shareholders updated with our progress.”
Authorised for release by TG Metals Board of Directors.
About TG Metals
TG Metals is an ASX listed company focused on exploring for nickel, lithium and gold at its wholly owned Lake Johnston Project in the stable jurisdiction of Western Australia. The Lake Johnston Project boasts proximity to current and past producing nickel mines and processing plants, and geochemical and geophysical targets for immediate exploration.
Contact Mr David Selfe Chief Executive Officer 0439 030 921 | Investor Relations Evy Litopoulos ResolveIR Email: evy@resolveir.com |
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This article includes content from TG Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TG6:AU
Lake Johnston South Lithium Project Review Confirms High Prospectivity
A review of the Lake Johnston South project (“Lake Johnston” or “the Project”), a license area of >1,870 square km (km2) west of Norseman in Western Australia, confirms the licenses cover a large portion of the Lake Johnston greenstone belt in the new shallow high-grade Lithium province. The project is adjacent to TG Metals recent spodumene discoveries and is approximately 20km from the Charger Metals and Rio Tinto Exploration joint venture project.
Highlights
- Lake Johnston review indicates the Project is highly prospective for spodumene bearing pegmatites.
- The licenses cover the southern half of the Lake Johnston structural corridor, where the Company has a dominant landholding.
- White Cliff Lake Johnston Project is immediately adjacent to pegged ground to be explored by Rio Tinto Exploration and Charger Metals JV and significant lithium discoveries by TG Metals.
- Government open file coarse magnetic data indicates the continuation of the Lake Johnston greenstone belt within White Cliff’s licenses.
- Further sampling and mapping will be conducted in the new high-grade Lithium province.
- The tenements were recently granted, and a Program of Work (PoW) for drilling will be submitted.
Commenting on the exploration results, White Cliff Chairman Roderick McIllree (FAusIMM) said:
“The Company has been working through a top-to-bottom strategic review of the existing portfolio while we deliver on our acquisition of large-scale high-grade copper projects in Canada.
I am delighted to inform existing and incoming shareholders that while we continue to deliver on our stated copper objectives in Canada, we have uncovered a stunning lithium prospect in our portfolio in what is now proven as a new shallow high grade lithium province. Given the several large discoveries by the adjacent TG Metals (TG6.ASX), and Rio Tinto Exploration and Charger Metals (CHR.ASX) commercially significant transactions, we have enormous confidence in the potential value of the Project.
We look forward to getting our exploration underway during December, intending to drill subsequent targets in early 2024.”
Figure 1: Location Map showing White Cliff licences and recent lithium discoveries
ABOUT THE PROJECT
The Lake Johnston Project (refer ASX News Release dated 24 October 2022) consists of 13 exploration licenses totalling 1,874.2km2. It is immediately adjacent to and along strike from recent large-scale discoveries of spodumene bearing pegmatites by Charger Metals and TG Metals. Based on high- resolution magnetics, these greenstone and magnetic trends continue for more than 30 linear kilometres into the project area. The broader region is located within the Phillips River Goldfield in the Southern Cross Domain of the Youanmi Terrane in the southern Yilgarn Craton.
The area is underlain by granites, gneisses and migmatite and hosts greenstone belts that daylight through the quaternary transported cover, all of which can be found at the Project.
Historical Exploration
Whilst numerous old, cleared grid exploration tracks exist in the project area, the only reported exploration within the area has been by Magnetic Resources NL and Uranex NL.
In 2006-2008, Magnetic Resources NL completed a shallow vertical air core drilling program of 34 holes for 1217m on several magnetic anomalies within the region. Samples were analysed for Au, Pt, As, Co, Cu, Ni, Cr, Zn, Mn and U in 4 metre downhole composites. A selected suite of 7 bottom hole samples was also analysed for Ba, Ca, Ce, Co, Cr, Cu, Dy, Er, Fe, K, La, Mg, Mn, Nb, Ni, P, Rb, Sr, Ti, Y and Zn. The targets were discrete magnetic anomalies within the basement.
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This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.