(MENAFN - ProactiveInvestors - Australia) Windward Resources (ASX: WIN) is preparing to hit the exploration trail in one of the hottest post codes in Australia, the Albany Fraser Range belt, with a company that knows a bit about the area - Yandal Investments Pty Ltd.
Windward is currently in the process of an IPO after raising 1.8 million privately, with the current prospectus offering up to 10 million shares at 0.20 to raise another 2 million.
The company's expected date of quotation on the ASX is the 5th December 2012.
Windward has entered into a Farm-in and Joint Venture Agreement with NBX, which is an entity controlled by Mark Creasy, who through Yandal Investments currently has a relevant interest in approximately 50.19% of the company.
The company has the right to earn up to 70% of NBX's Tenements located in the Albany Fraser Range belt at a project known as the Fraser Range South Project. The Tenements are considered prospective for gold, base metals and heavy mineral sands.
Windward is required to spend 600,000 over two years to earn the 70% interest.
Creasy effect
Mark Creasy knows a thing or two about the Albany Fraser Range belt, and holds close to a quarter of the shares in Sirius Resources (ASX: SIR), which recently discovered the Nova deposit. Sirius shares have increased in value by about 45 times in the past few months.
Fraser Range South Project backstory
The Fraser Range South Project is located 30 kilometres south and south east of Jerramungup and 40 kilometres north west of Bremer Bay.
The project has been subject to very little modern day exploration, with much of the exploration in the immediate vicinity of the Tenement area has been for heavy mineral sands, with only BHP Minerals (ASX: BHP) drilling for gold or base metals, and their work consisted of only drilling a holes.
Windward said that examination of regional magnetic data has highlighted several areas of interest of discrete magnetic "Highs" which are intersected by faults which are worthy of future investigation.
Gold is known to occur in the Yilgarn Craton just to the north of the Fraser Range South Project area at Calyerup Creek, and gold was once mined at the mouth of the Gardner River and some gold has been recovered from the heavy mineral sands concentrates.
Much of the tenement is underlain by the reworked Northern Foreland/Biranup Complex which is the host to AngloGold Ashanti (ASX: AGG) and Independence Group's (ASX: IGO) Tropicana deposit which currently contains a resource of 6.41 million ounces.
Existing Shareholders
Currently the substantial shareholders of the company are Yandal Investments with 7.75 million shares (50.19%), and Fleming SG Capital Special Opportunities Fund Pty Ltd with 3.125 million shares (20.24%).
The substantial Shareholders have each agreed to voluntarily escrow their shares which are not subject to compulsory escrow for up to 12 months.
