A Brisbane-headquartered mining company hopes to revive Central Queensland’s historical goldfields through a $6.5 million capital raising on the sharemarket.
Traprock Mining has announced an initial public offering (IPO) on the Australian Securities Exchange for its Mount Chalmers Gold and Copper Project, 17km northeast of Rockhampton.
The project comprises of a volcanic-hosted massive sulphide system, which has produced encouraging gold and copper grades that are promised to offer high potential for Traprock to establish its first gold and copper mine.
If the company succeeds in selling 32.5 million shares at a rate of 20 cents each, it could see the renewed activity in one of Central Queensland’s historic goldfields.
Traprock also plans to use the money for exploration at the Mount Morgan Gold Mine as well as Zhong Hao mining’s exploration of the Cawarral area.
“The best place to find a gold mine is in a goldfield and that’s exactly where Traprock will be exploring with the funds raised from this IPO,” Traprock managing director David Jelley says.
“We also have a number of drill-ready targets beneath past mining operations that need to be drill tested to define resources. We will be moving to speed development with the aim of quickly moving into production and capitalising on the current upturn in gold and copper prices.”