The company reported an oversubscribed IPO, successfully raising A$5 million at 20c per share, but with the top 20 owning almost 60%, many investors had struggled lock in an allocation under the float, resulting the Narryer's shares opening up 50% at 30c.

 

On paper, Narryer has a lot going for it. 

 

Its main namesake project in Western Australia's Gascoyne region is an underexplored slice of the emerging Yilgarn margin nickel-copper-platinum group metals play that Chalice Mines has put on the map.

 

Desert Metal's interesting Innouendy nickel project is in the immediate neighbourhood, and just two days ago Krakatoa Resources confirmed the potential for ionic clay-hosted rare earth elements, with high-grades reported in reconnaissance drilling within the adjacent Mt Clere project.

 

Managing director and largest shareholder at 9.24%, Dr Gavin England, said a helicopter electromagnetic survey would soon commence, the first step in what it hopes will be a fruitful journey of defining new economic mineral deposits.

 

Other key shareholders are geologist Ian Neilson, Damon O'Meara, and executive chair Richard Bevan. 

 

The Narryer projects cover some 1500sq.km of Yilgarn Craton and it is primarily targeting the potential for intrusion-related deposits at the Mt Nairn and Mt Gould sub-projects, where were has been limited exploration for nickel and copper, despite the definition of nickel along the Milly Milly Trend in the 1960s.

 

The area has primarily been a focus for iron ore explorers since the 1970s.

 

Narryer also has two just-granted projects, Sturt and Ceduna, in South Australia's Gawler Craton.

 

Narryer shares traded between 26.5c and 30c, before closing up 45% at 29c.