Resilience Mining Mongolia
Metals/Mining - N/A, N/A, US
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Resilience Mining Mongolia Details
Adelaide-based Resilience Mining Mongolia Ltd is looking to list on the ASX following its June 2021 deal to acquire control of two exploration licences and a mining licence in the Southern Gobi Region of Mongolia, one of the fastest developing mining regions in the world. Limited exploration has already yielded multiple gold, copper and molybdenum deposits, including Rio Tinto's Oyu Tolgoi copper project. The mid-2021 agreement between Resilience Mining and Kincora allows for Resilience to take control of three projects (Kincora had previously distilled its holdings from a peak of 13 licences) extending over an area of 321km2. These are the adjacent large scale copper-gold porphyry systems at Bronze Fox and Tourmaline Hills, and the Red Wells project 100km to the southwest (near Oyu Tolgoi). Under the deal, Resilience Mining will acquire 80% of the projects through two wholly-owned Mongolian subsidiaries (Nadmin Ibex and Golden Grouse Ibex) that hold an effective 100% interest in a mining licence and two exploration licences. In addition, Resilience Mining benefits from Kincora's on-site White Pearl exploration camp and administration office in Ulaanbaatar. Resilience Mining is now in the throes of completing its pre-IPO financing and is in advanced preparations for a listing on the ASX, with associated funding of between A$5 million and A$7.5 million. Proceeds of the IPO will be used to explore and bring into production near surface copper and gold deposits. Resilience Mining intends drilling its new portfolio of shallow copper-gold porphyries, and to joint venture exploration of the deeper porphyries. Developing 20Mt of fully and partially oxidised copper mineralisation (0.25% Cu) within 100m of the surface at West Kasulu will be Resilience Mining's first objective after the IPO. Production is mooted as early as 2024. A second objective is to grow the JORC Inferred Resource (mainly above 325m), and to explore for other shallow porphyry targets.
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