Mining for Gold:
junior explorer Macquarie Harbour Mining plans to focus on tin and gold in Tasmania's north after a modest debut to public life.
Macquarie Harbour Mining (MHM) rose 10% to 22 cents a share on its debut on Friday.
The Tasmanian-based explorer issued 30 million shares at an offer price of 20 cents per share.
In its prospectus, the company said its projects are all within well known mineralised areas and have each been subject to previous prospecting and exploration activity.
Tenements are based in Tasmania and divided into the West Coast and North Eastern Tasmania Tenements Area.
In the West Coast Tasmania Tenement Area the company's regional targets are prospective for gold, copper, nickel, zinc, iron ore and platinum group metals.
In the North Eastern Tasmania Tenement Area, Macquarie Harbour is exploring two readily identifiable projects prospective for gold and tin.
"The company plans to initially target the gold and tin prospects within the North East Tasmanian project area. These tenements contain 10 old gold mines and 13 alluvial tin deposits," chairman Basil Conti said in the prospectus.
Stock in Macquarie Harbour opened 0.5 cents up at 0.205 cents, and closed at 22 cents
Macquarie Harbour opened at 20.5 cents on the Australian stock exchange yesterday, or 2.5 per cent higher than the 20 cent share price under its $5.5 million initial public offer. Shares in the company closed two cents higher at 22 cents.
The company is exploring for a range of commodities including gold, copper, nickel, zinc, iron ore and tin in Tasmania.
Macquarie Harbour's initial focus will be tin and several historic gold mines near Gladstone in the north-east of Tasmania.
The junior explorer said it had a drill rig booked to begin an exploration program in the new year, with the company targeting an open-cut gold operation.
On the west coast of Tasmania, Macquarie Harbour is exploring for gold, copper, nickel, zinc, iron ore and platinum group elements on four tenements covering about 800 square kilometres.
"The company believes that Tasmania is re-emerging as an important future contributor to world gold, nickel, tin and base metals markets," chairman Basil Conti said in the company's prospectus.
Macquarie Harbour plans to spend about $3.8 million on exploration over the next two years.