CGN Resources ready to test Webb potential after successful $10m IPO

CGN Resources (ASX: CGR) managing director Stan Wholley joins Small Caps to discuss the company’s successful $10 million initial public offer (IPO) and exploration plans for its large Webb iron oxide, copper-gold (IOCG) project in Western Australia’s highly prospective West Arunta region.

With an initial minimum raising target of $8 million at $0.20 a share, CGN was swamped by investors and eventually attracted $10 million in offers.

The company is now preparing to list on the ASX around the 12th October 2023 and looking to undertake a significant exploration campaign at Webb.

This includes a 1,200 metre diamond core drilling campaign at the Tantor and Surus targets ahead of expanded and more detailed exploration in the new year.

CGN holds an 86% interest in seven granted and one pending exploration licences across 948 square kilometres of tenure at Webb.

The company has already identified the significant copper potential of the IOCG target and opportunistically target magmatic nickel sulphides, rare earth elements and diamondiferous kimberlites within the Webb project tenements.

Article:
https://smallcaps.com.au/cgn-resources-ipo-advance-webb-project/

For more information on CGN Resources:
https://smallcaps.com.au/stocks/asx-cgr/

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