JOHANNESBURG (miningweekly.com) – Mining shell Ausroc Metals has a new lease on life with the reverse takeover of Woomera Exploration and relisting on the ASX on Monday.
Woomera has successfully raised A$4.07-million at A$0.20 a share with its listing.
The company, which previously explored for base and precious metals in the US, is now a copper, lithium and cobalt minerals explorer focusing on South Australia and Western Australia.
Ahead of the relisting, Woomera acquired Volt Lithium and Liquid Lithium. It also executed a binding heads of agreement with Oz Minerals to develop its Musgrave assets through a farm-in and joint venture agreement. The company’s key assets include 19 tenements, covering 6 197 km2 in the Gawler Craton and Musgrave province, in South Australia, as well as the Pilbara and South East Yilgarn, in Western Australia.
Woomera MD Gerard Anderson said in a statement that company’s focus would be on development the Musgrave asset as part of its heads of agreement with OZ Minerals, which would fund up to $7.5-million of the exploration campaign.
“We look forward to commencing work at our highly prospective projects in the Gawler Craton and Musgrave provinces. Pilgangoora and Mount Cattlin are the priority lithium exploration targets and Carulinia, Nawa and Labyrinth are the priority iron-oxide/copper/gold targets,” said Anderson.
Ausroc was formerly also known as AusAmerican Mining.