CAPITAL MARKETS

Steady start for Lord

THE latest IPO from Arizona Lithium and Diablo Resources pair, Paul Lloyd and Barnaby Egerton-Warburton, hit the ASX yesterday making an initial splash, but closing just 5% higher.

 Lord's Gabyon project

Lord's Gabyon project

Shares in Western Australia-focused Lord Resources, which was recapitalised from the shell of Eneabba Gas, opened 10% higher at A22c and peaked at 24.5c, before closing at 21c, compared to the 20c issue price.
 
Lord successfully raised $4.5 million to chase a mix of metals in WA, initially with a focus on the Horse Rocks polymetallic and Cambridge nickel-platinum group metals projects.
 
Located just south of Coolgardie, Horse Rocks covers about 24sq.km over folded portion of an isolated greenstone belt near Coolgardie, immediately west of the Depot Dome that is believed to be the untested pegmatite that are conceptual lithium targets.
 
Past drilling has also noted potential for nickel sulphide and orogenic gold; however, the entire project sits within a timber reserve, and approval for the lease is still pending.
 
Cambridge covers 12sq.km around the Irwin Hills-Stella Range Greenstone Belt, 110km southeast of Laverton, and is considered prospective for intrusion-related magmatic nickel and PGEs. It was last explored by St George Mining from 2010-19.
 
It also has two projects in the Murchison region with potential for orogenic gold targets at Jarama in the Yalgoo-Singleton greenstones belt, and the Gabyon project, along the northern part of the Yalgoo-Gullewa greenstone belt. 
 
It also owns the small Viper polymetallic project in the Pilbara.
  
Five million shares were traded yesterday.

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