Quintessential Resources (ASX: QRL) is targeting gold and copper systems in Papua New Guinea, and has been admitted to the ASX after a successful IPO which offered 30 million shares at $0.20 to raise $6 million.
The timing is difficult for Quintessential considering the current volatility in the market – but the company will hit the ASX boards at 12:30pm tomorrow, Wednesday 10 August.
The initial focus for the company is on exploring the Bismarck Exploration License for gold and porphyry copper-gold deposits in the Papua New Guinea highlands.
Quintessential’s portfolio also consists of two exploration licence applications in the prospective D’Entrecasteaux Islands for epithermal gold deposits.
The company’s initial strategy is to delineate additional gold mineralisation rapidly at the Tekem Gold District from an initial 5,000 metre drilling programme to commence soon after listing, and to explore the Mal Porphyry Copper District.
Two diamond drill rigs will be delivered in time to start the drill programme shortly after listing.