The new float, Centrex Metals, holds 2000 square kilometres of ground reportedly prospective for iron ore, stretching from the outskirts of Port Lincoln on the south-east coast moving north to the Western Middleback Ranges.

The ground comprises the Greenpatch, Bald Hill, Iron Mount, Carrow, Wilgerup, Cockabidnie, Bungalow and Stony Hill projects.

The company’s flagship is the Wilgerup project, which hosts an inferred resource of 7.9 million tonnes grading 59.8% iron, and remains open to the north. Centrex said there are more than 31 interpreted hematite targets in the project area.

At the Greenpatch project – 10km north-west of Port Lincoln – Centrex said hematite had been discovered at surface grading 60% iron. The company has allocated around $5.3 million for exploration and development for the first 12 months after listing.

In addition, Centrex said its ground was situated close to existing road and rail infrastructure and near deepwater port facilities, offering lower capital and operating costs for any future mine operations.

On the board front, Anderson will assume the role of managing director, with Norton Jackson and David Klingberg taking on the roles of non-executive directors. Rounding out the board will be corporate lawyer David Lindh, who will assume the role of chairman.

Centrex is looking to raise $10 million through the issue of 50 million shares at 20c each and is hoping to list around the end of June.