Spencer Resources to list on ASX with IOCG interest in the Olympic Dam corridor Tuesday, March 13, 2012 by Christine Feary Spencer Resources (ASX: SPA) is scheduled to hit the boards of the ASX on Tuesday March 20, with an interest in a tenement block in the same corridor that hosts BHP Billiton's (ASX: BHP) giant Olympic Dam project.
The company is offering 16 million shares at $0.20 per share to raise $3.2 million, with a minimum subscription of $2.5 million.
Name: Spencer Resources Proposed listing date: 20 March 2012 Proposed code: SPA Principal activities: Exploration, development and investment in resource opportunities covering a suite of minerals Issue price: $0.20
Spencer Resources has a number of tenement purchase agreements in place, with Carbine Tungsten (ASX: CNQ) and Minotaur Exploration's (ASX: MEP) wholly owned subsidiary Minotaur Operations.
The agreement with Carbine allows for Spencer to acquire a 75% interest in the Iron Pot Creek tenement, 21 kilometres southwest of Warwick in Queensland.
Spencer’s focus at Iron Pot Creek is the Crystal Mount porphyry copper gold prospect.
Under the tenement purchase agreement with Minotaur, Spencer can acquire a 70% interest in the Mt Double tenement and an 80% interest in the Yudnapinna, Pandurra and Koolcutta tenements which comprise the Pandurra Block.
All of the tenements under the Minotaur agreement are located in South Australia.
The Pandurra Block is prospective for iron oxide copper gold (IOCG) accumulations and is located in the centre of the corridor that hosts Olympic Dam and OZ Minerals’ (ASX: OZL) Prominent Hill and Carrapateena Projects.
Spencer also plans to explore for unconformity related uranium accumulations within the block.
Mt Double is prospective for base metal occurrences, similar to the Menninnie Dam Project, 75 kilometres to the east.
Previous exploration has identified a number of prospective lead and zinc prospects at the site.
The company is also targeting the acquisition of other prospective resource projects in Australia, and possibly overseas.
MEP Price at posting:
21.0¢ Sentiment: Hold Disclosure: Held
