The offer is priced at $0.024, and offered on a first-come first-served basis. Up to $15,000 can be invested per application.
Funds will be allocated to: $500,000 for a 3000 metre reverse drilling program at Commonwealth; $250,000 to drill the Broken Hill Project; $190,000 working capital and business opportunities; and costs of the offer.
This new potential at the Commonwealth project has been identified using data from drill hole assays, two down-hole electromagnetic surveys and a ground gravity survey.
All three shoots are undrilled at depth and open, in particular below a previous Impact drill intercept of 4 metres at 41.8 g/t gold, 93 g/t silver, 5.5% zinc and 2.3% lead.
Gravity data has directly detected known high grade massive sulphide mineralisation and identifies possible depth extension. Gravity data also has identified three new nearby targets for massive sulphide mineralisation.
- Closing Date for SPP Offer (5:00 WST) 9 May 2016.
- Allotment and issue of Offer Shares 13 May 2016.
- Despatch of Holding Statements 13 May 2016.
- Quotation of New Shares on ASX 16 May 2016.
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