PERTH (miningweekly.com) – A former director of ASX-listed Commissioner Gold, Chris Battye, on Friday launched a new exploration venture in Peru, a day after a board spill at Commissioner.
Battye and fellow director Wesley Harder were removed from the Commissioner Gold board following a shareholder vote during an extraordinary general meeting (EGM) on Thursday.
Graham Kavanagh and Eric Kam were appointed as new directors.
The EGM was called at the end of April.
Battye on Friday announced the launch of unlisted Kinsha Exploration, of which he would act as MD.
The company has started due diligence on a potential acquisition of a small gold-mining operation in central Peru, with a current 200 000 oz inventory and substantial silver credits. Mineral veins within the project are reported to host ore grades of 10 g/t to 15 g/t gold in veins around one metre wide.
“Kinsha’s immediate push into Peru is not surprising as we built up considerable on-the-ground experience there when we took Commissioner Gold from its ASX listing in mid-2011 with a focus on gold exploration in New South Wales, into the gold production potential of Latin America,” Battye said.
“Our strategy with Kinsha is to acquire selected gold projects in Peru now under due diligence. The lead project currently being considered is in production and offers solid exploration upside to increase gold reserves.
Subject to those outcomes, and the right market timing, Kinsha would go through an initial public offering process through an ASX Bookbuild facility.
“In the current challenging global equities climate for junior explorers and miners, Peru offers excellent near-term opportunity for small gold plays to be brought into increased levels of production, or reactivated from historic workings,” Battye said.
Battye said the newly formed company could also look to Peru’s official Lima-based stock exchange – the Bolsa de Valores de Lima – as a new project funding source.