(MENAFN - ProactiveInvestors - Australia) Paringa Resources (ASX: PNL) now has a A10 million kitty to tap into the Brazilian graphite, gold and copper sectors following a successful IPO which offered 33.3 million shares at 0.30.
Paringa has been Admitted to the ASX and will hit the boards at 1pm EST on Thursday 20th December 2012, and when the company first trades there will be close to 37.4 million ordinary shares quoted.
Graphite exposure
Paringa wholly owns two graphite projects, the Santo Antnio de P¡dua Graphite Project and the So Fidlis Graphite Project both located in northern Rio de Janeiro State, in regions that have produced very high grade and quality graphite.
Subject to exploration licenses being granted, Paringa intends to carry out a two year exploration program including geological structure mapping, rock-chip sampling, and preliminary petrography and trenching to sample mineralised zones.
Worth noting at Santo Antnio de P¡dua is that university research has also identified additional graphite and manganese occurrences to those known from the Mines Department.
The projects cover 36 square kilometres.
Gold and copper hunt to begin
Paringa also wholly owns two projects prospective for gold, with a key focus to be on exploration at the Minau Gold Project - which has several historical gold workings from which around 120,000 ounces of gold was mined by artisanal workers in the 1980's and 1990's.
Highlighting the modern day exploration opportunity for the company, the project area has had limited exploration since the 1990's, with the plan for a two year exploration program based on the existence of gold occurrences and deposits, regional geological features, gold anomalies, and the presence of gossanous material and quartz veins.
Minau comprises three exploration licenses covering 60 square kilometres in central Brazil.
The second project is known as the So Luis Gold Project, which comprises 13 applications for exploration licenses in seven blocks covering an extensive 1252 square kilometres in the north of the country.
So Lui is hosted within the So Luis Craton which is the extension of both the Guyana Shield (known gold endowment of over 100 million ounces) and the West African Craton.
The Paringa tenements cover a significant strike length of areas of high magnetic relief and overlie the interpreted extension to Proterozoic greenstones and structures associated with major gold deposits and occurrences.
The exploration plan here is a progressive two-phase program.
