Parbo Resources lists on ASX in $3.47M IPO to hunt WA gold
What's the deal? Parbo ResourcesDealroom has a profile for this one. Try Dealroom → listed on the ASX last month in a US$3.24M IPO (roughly $3.47 million), backed by cornerstone investor New Murchison GoldDealroom has a profile for this one. Try Dealroom →. It is targeting gold and copper across the 1,226km² Mount Padbury and Bryah Basin projects in Western Australia's Murchison region.
Why now? New government geophysics completed in 2017 and 2018 suggested rock at Mount Padbury — long dismissed as barren granite — was far denser at depth, a sign it may be more prospective than thought. Parbo privately raised funds last year to run its own gravity surveys, which it says confirmed the anomalies.
What's the endgame? The company is named after former Western Mining CorporationDealroom has a profile for this one. Try Dealroom → boss Sir Arvi Parbo, under whom WMC found Australia's largest copper mine, Olympic Dam. It is betting modern exploration can uncover gold earlier prospectors overlooked.
Mount Padbury is Parbo's flagship greenfields target. The Bryah Basin ground, 461km² across 13 tenements acquired from Strickland MetalsDealroom has a profile for this one. Try Dealroom →, is prospective for copper and gold and sits further along the exploration path.
What's happening now? A maiden aircore program of 75 holes and 4,737m wrapped at the Brian's Mill gold prospect just days after the late-September listing. Parbo also has US$148.8K in co-funding from the WA government's Exploration Incentive Scheme for drilling at the Narracoota copper-gold target.
Narracoota drew attention because an electromagnetic signature overlaps gravity anomalies, and shallow drilling returned results including 12m at 0.95g/t gold from 32m. Director Peter Langworthy sees similarities to Sandfire ResourcesDealroom has a profile for this one. Try Dealroom →' high-grade Monty copper-gold mine.
The signal: Parbo joins a growing field of juniors chasing discoveries in the Murchison, echoing miners like Bellevue GoldDealroom has a profile for this one. Try Dealroom → and Northern StarDealroom has a profile for this one. Try Dealroom → that built value on ground larger players had written off.
Read more: stockhead.com.au
Image credit: Generated with Gemini
