Thursday, 21st October 2004 (2625 views)

Australian mining firm Marathon Resources has reportedly announced a target of $5 million to be raised through its initial public offering (IPO).

The company says the cash will be used to fund the exploration of new gold and copper deposits in western Victoria and South Australia's Gawler Craton and is particularly interested in using tectogenetic analysis to define its exploration and conceptual modelling.

Marathon's chairman Peter Williams told The Age: "The potential to identify further major ore bodies in the Gawler Craton remains very high.

"While Australia's easily accessible surface mineral deposits have been intensively explored, the company believes there remains a wealth of mineral deposits untapped below the ground and now able to be identified through advanced geophysical techniques."

Based in Adelaide, the company owns or is earning interest in four prospective gold, copper and iron-oxide copper-gold (IOCG) tenements in the Gawler Craton, three gold, copper and base metal tenements in the Adelaide Geosyncline areas of South Australia, and two similar mineral style tenements on the western perimeter of Victoria's gold belt.

The exploration firm also hopes to list on the Australian Stock Exchange on December 8.

 

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