Sprott-backed HGM hits bourse

HIGH Grade Metals has returned to the ASX with plenty of interest from buyers and sellers, as the recapitalised former Quest Minerals completed its repositioning as an explorer in historic Central European mining centres.

Sprott-backed HGM hits bourse Sprott-backed HGM hits bourse Sprott-backed HGM hits bourse Sprott-backed HGM hits bourse Sprott-backed HGM hits bourse

With the backing of Canada’s Sprott Resource Holdings the company recently completed a A$4.5 million capital raising, and intends to start on-the-ground exploration in the northern summer, primarily surface sampling, geophysical studies and mapping, with the aim of developing drilling programs in Austria.

Its nine projects, secured for the issue of shares, are all in areas with former mine workings that have seen no real exploration since the since the Napoleonic Wars.

Managing director Torey Marshall said the backing of Sprott, which owns 1.84% of HGM, was “a testament to the potential of High Grade Metals suite of assets”.

The vendor of the Austrian projects, EuroCan Mining, is the largest shareholder with 5.52%, Marshall has a 1.88% stake and fellow director Hayd...