High-grade gold drilled by Manuka at Mt Boppy

BOOM IPO Manuka Resources has hit high-grade gold below its Mt Boppy pit in New South Wales and is planning further drilling this month.
High-grade gold drilled by Manuka at Mt Boppy High-grade gold drilled by Manuka at Mt Boppy High-grade gold drilled by Manuka at Mt Boppy High-grade gold drilled by Manuka at Mt Boppy High-grade gold drilled by Manuka at Mt Boppy

Manuka's Mt Boppy mine in NSW

The drilling hit 10m at more than 1 ounce gold to the tonne 7m below the pit floor, and 14m at 14.5 grams per tonne at 29m below the pit floor.

Manuka is mining and processing ore at Mt Boppy and said in its prospectus in July it was expecting to produce more than 20,000oz over the next 12 months.

The company has also started drilling its 52 million ounce Wonawinta inferred silver resource, which, like Mt Boppy, is in the Cobar Basin of NSW.

Wonawita also features a 850,000 tonne per annum processing plant.

Manuka recently raised A$7 million in its IPO by issuing new shares at 20c each.

Shares in Manuka were up 19% to 68c in late trade, capitalising the company at $49 million.

Manuka had total borrowings of $24.3 million as at June 30.