Asaplus Resources continues to trade at a 5% premium to its IPO entry price one month on from listing. The company listed on November 16th 2012 following a a successful IPO which offered 10 million shares at USD 0.20 to raise USD 2 million.
Asaplus, through a subsidiary, owns the exploration rights to the Silverstone Project, a 5.6 square kilometre iron ore exploration tenement located in Datian County, Fujian Province in the People’s Republic of China.
The project already hosts JORC Resources within four areas, with the potential of additional ore resources being defined.
The JORC Resource is 1.52 million tonnes at 45.42% iron.
An exploration target of 4 to 6 million tonnes at 47% to 50% iron has also been outlined for the project, indicating the potential for further resources to be found.
The defined resources are either at the surface or close to the surface, and are of a grade suitable for use by nearby steel mills.
Importantly for the project, it is located near already established infrastructure with a major steel mill and several pig iron facilities close by.
There are also nine iron ore mines within 40 kilometres, which are either currently producing or have recently been mined further highlighting the prospectivity of the region.
Asaplus said that it intends to develop Silverstone into a producing mine, contingent upon successful completion of the exploration program and the grant of all requisite mining and other permits.
The funds raised from the recent IPO, together with existing funds, will be used primarily to carry out a defined exploration program and for construction of ancillary infrastructure and purchase of machinery for trial production.
Source - Proactive Investors
