(MENAFN - ProactiveInvestors - Australia) Dacian Gold (ASX: DCN) has made a positive start in its first hour of life as a public company, and is currently trading at 0.57. The stock earlier hit 0.60.
Dacian recently offered an IPO of 40 million shares at 0.50 to raise 20 million, with the company currently having 61 million shares on issue.
The company acquired the Mount Morgans project earlier this year, which is strategically located in the south west of Laverton, with the area hosting numerous above one million ounce deposits, including the AngloGold Ashanti's (NYSE: AU) world-class Sunrise Dam and Barrick Gold's (NYSE: ABX) Wallaby gold mine.
Mount Morgans covers 320 square kilometres and hosts a JORC Resource of 842,000 ounces at an average grade of 3.1g/t gold, including JORC Reserves of 136,000 ounces at an average grade of 6.2g/t gold.
Dacian is planning an extensive exploration and resource definition drilling program over the next two years, with a view to developing the Mount Morgans Project into a stand-alone gold production centre - which would transition the company to gold producer.
Mount Morgans comprises 50 mining leases, ten prospecting licences, one exploration licence, several general purpose leases and two miscellaneous licences.