Green & Gold Drills Mt Wandoo Targeting 32,000oz Gold Resource Expansion
Green & Gold Minerals has successfully listed on the ASX, raising $5.7 million to fund drilling at its Chillagoe Gold Project, with initial results expected soon. The company also holds promising critical minerals prospects in Queensland.
- Completed IPO raising $5.7 million before costs
- Drilling commenced at Mt Wandoo targeting resource expansion
- First drilling assay results expected within three weeks
- Holds 100% interest in multiple tenements including Nutgrove REE discovery
- Strong cash position of $5.6 million with minimal exploration expenditure this quarter
Successful IPO and Capital Raise
Green & Gold Minerals Limited (ASX – GG1) marked a significant milestone this quarter by successfully listing on the Australian Securities Exchange, raising $5.7 million before costs through the issuance of approximately 28 million shares at 20 cents each. This capital injection provides the company with a solid financial foundation to advance its exploration programs.
Drilling Commences at Chillagoe Gold Project
Immediately following the IPO, Green & Gold mobilised drilling rigs to its flagship Chillagoe Gold Project in northwest Queensland. The initial focus is on the Mt Wandoo area, where the company aims to increase confidence in the existing inferred gold and silver resource of 32,430 ounces of gold at 1.11 grams per tonne and 387,520 ounces of silver at 13 grams per tonne. Both reverse circulation and diamond drilling are underway, targeting resource expansion and better geological understanding of mineralisation.
Notably, diamond drilling has extended previous holes that ended in mineralisation or stopped short of interpreted mineralised structures, intersecting sulphide mineralisation within altered rock zones. While these visual indications are encouraging, Green & Gold cautions that assay results are necessary to confirm metal concentrations and economic potential. Investors can expect the first batch of assay results within three weeks, which will be closely watched for signs of resource growth.
Exploration Beyond Gold – Critical Minerals Prospects
Beyond gold, Green & Gold holds a 100% interest in the Nutgrove Rare Earth Elements (REE) discovery in southern Queensland. Rock chip sampling has identified a significant 2-kilometre diameter anomaly with total rare earth oxides reaching 1.44%, heavily weighted towards heavy REEs such as yttrium oxide. The company also plans to investigate historic fluorite workings along the Chillagoe project’s “Fluoric Line,” potentially tapping into critical mineral markets supported by government incentives.
Financial Position and Outlook
Despite minimal exploration expenditure during the quarter, Green & Gold ended with a strong cash balance of $5.6 million, reflecting prudent financial management post-IPO. There were no payments to related parties, and short-term loans used to fund IPO costs were repaid promptly. The company’s use of funds aligns with its prospectus commitments, focusing on exploration and working capital to support ongoing activities.
Looking ahead, the market will be keenly awaiting the upcoming drilling results from Mt Wandoo, which will provide the first tangible evidence of the project’s potential to expand its resource base. Meanwhile, exploration at Nutgrove and fluorite prospects adds an intriguing dimension to the company’s portfolio, positioning Green & Gold Minerals as a diversified explorer in both precious and critical minerals.
Bottom Line?
With drilling underway and cash reserves strong, Green & Gold Minerals is poised for a pivotal phase, investors await assay results that could redefine its resource potential.
Questions in the middle?
- Will the upcoming drilling results at Mt Wandoo confirm significant resource expansion?
- How will Green & Gold advance its critical minerals projects, particularly Nutgrove REE and fluorite prospects?
- What are the company’s plans for transitioning from exploration to development and potential mining studies?