Flying High With Drilling Underway At Cockatoo Island
Pearl Gull Iron Limited (ASX:PLG) has commenced trading on the Australian Securities Exchange (ASX) following completion of a successful Initial Public Offer (IPO) to raise A$4 million.
The company is targeting a premium iron ore development on Cockatoo Island off the coast of Western Australia.
Director, Jonathan Fisher, said the company is currently completing a focused diamond drilling campaign at the project, initially at the Switch Pit target and subsequently at the North Bay target.
“We’re very excited to be listing Pearl Gull on the ASX today,” Mr Fisher said.
“We believe we have a potentially world class iron ore project on a granted mining lease in a tier one jurisdiction.
“We have already commenced our drilling programme as outlined in our prospectus with focus on the southernmost (Switch Pit) and northernmost (North Bay) parts of our tenure area. We expect the first core assays will be coming through in the coming weeks, subject to turnaround times at the labs.
“Following the successful capital raising, we are now well funded to expedite our exploration and drilling programs and we look forward to updating the market as results materialises.”
Cockatoo Island has had a rich history of iron ore mining commencing in the 1950s. It is known to host some of the highest naturally occurring iron ore mineralisation in the world.
PLG has a granted mining lease in the central part of Cockatoo Island, adjacent to the 3rd party owned historic Seawall Pit mine, one of the world’s highest grade historic iron ore mines, with visual continuity of the ore body on to PLG tenements. The project has three identified targets: Switch Pit – near term DSO, North Bay and Magazine Pit.
A geological model has been developed and the company has commenced a diamond drilling programme across the project with the initial exploration focus on the southernmost (Switch Pit) and northernmost (North Bay) parts of its tenure area
Initial drilling commenced in July at the company’s Switch Pit target and subsequently moved across to North Bay. First assay results are expected in the coming weeks subject to turn around times at the assay laboratory.
The company also plans some confirmatory drilling to facilitate the reporting of “beneficiation grade” iron ore mineralisation in the Magazine Pit to be reported in accordance with the JORC Code 2012.
Taylor Collison and Canaccord Genuity acted as Joint Lead Managers to the IPO.
For further information please visit: https://www.pearlgulliron.com.au/
