Dome Gold Mines has opened its initial public offering to list on the Australian Stock Exchange in a bid to raise at least Aus$7 million. Funds raised will go towards a two-year exploration program at the company’s tenements, primarily the gold and magnetite bearing alluvial deposits of the Nasivi River delta on the north coast of Viti Levu.
Dome says this project has strong scope to advance rapidly to cash generation at relatively low capital cost. Chairman Garry Lowder says, “This is an opportunity for investors to participate in the development of significant copper, gold and iron sands prospects and be part of ongoing exploration success.”
Dome has assembled a significant and diverse portfolio of copper, gold, silver and magnetite sands exploration projects within Fiji which cover about 48,000 hectares. The projects range from advanced exploration requiring resource definition drilling to conceptual opportunities requiring further mobile metal ion (MMI) testing and induced polarization (IP) geophysical surveying to determine targets for future drilling. All projects are in close proximity to existing and planned infrastructure.
The company has completed preliminary work to define walk-up drill targets for the flagship Nasivi delta project, and drilling is expected to define an initial JORC resource this year and a feasibility study in 2013. Dome will use new sonic drill technology for the exploration program.
“We are particularly encouraged by the results of preliminary exploration at the Nasivi delta where gold and abundant magnetite have been identified. The project could provide Dome with a near-term advanced iron ore development opportunity in its own right, irrespective of how much gold we may find in the same materials,” said Garry Lowder. The offer closes on July 8.