Set to list on the ASX this month, CGN Resources Ltd has transitioned from diamond exploration to targeting a suite of battery metals including copper, nickel and rare earths in Western Australia's Eastern Kimberleys. The company has secured full funding for its upcoming drilling program, slated to commence shortly after listing, and has already mobilised the drills. It will list under the ticker 'CGR'.
Stan Wholley, representing CGN Resources, laid out the company’s history: "We've been operating at our asset for about 10 years as a private company, initially looking for diamonds. But in the last few years, we've really pivoted and recognise the potential for large magmatic systems."
The shift aligns CGN with the burgeoning market for electric metals, a strategic move that has helped them raise a full A$10 million in their initial public offering (IPO).
Drilling to swiftly follow IPO
Speaking of the upcoming drilling program, Wholley added, "We will be drilling these drill holes as we come on listing in hopefully a week to 10 days.
“They'll test two of our larger IOCG (iron oxide copper gold) targets, the Tantor target and the Surus target. Both of them are large gravity anomalies in really interesting geological settings."
The drilling will be conducted at their 950-square-kilometre project in the West Arunta Orogen of Western Australia, just south of mining firms WA One and Encounter Resources.
As for what makes their project stand out, Wholley emphasised its untapped potential: "It's a really highly prospective set of geology rocks, which hasn't really been explored effectively. We've also got these really impressive looking geophysical targets which the Tantor target, particularly, is very similar to Prominent Hill in its layout and scale."
The CGN Resources team comes with a cumulative 100 years of experience in the field, instilling investor confidence as they prepare for their ASX debut. "We're in a great position to actually push ahead and do what we said we're going to do," concluded Wholley.
CGN Resources is building toward a promising future as it transitions its focus to copper, nickel, and rare earths, backed by full IPO funding and a robust drilling strategy.