Copper-gold opens new chapter for SQX (ASX:SQX) Resources
February 20, 2023The time has come for copper and gold explorer SQX Resources, who have gone live on the ASX today following a successful IPO raising $5 million at 20c a share to explore exciting copper and gold porphyry targets at its Scrub Paddock prospect near the coal mining town of Nanango in the South Burnett Region in Queensland.
SQX is upbeat on bringing new life to religion by adding the shine offered by a potential gold and copper discovery.
It is a timely plan after the Queensland government vowed an end to the reliance on coal-fired power by 2035 under a 10-year $62bn energy plan with the company intent on preserving the mining community with the potential discovery of a large-scale porphyry deposit.
As demand for traditional industrial commodities – coal, oil and gas – is set to slide, potential discoveries will bring about new opportunities for the mining community of Nanango as the coal mining town slowly faces the effects of a phase-down of the coal mining industry.
The company’s two tenements have historical mine workings, known gold and copper mineralisation and are close to infrastructure.
In coal mining towns like these, where generations of locals have long been a part of the mines, potential porphyry deposit discoveries are what can keep Nanango’s proud mining community strong in the face of a country phasing out its reliance on coal.
SQX launched their IPO late last year, asking investors to tip in 20c a share for $5 million total with an expected market capitalisation of $6.25 million. The offer price included a one-for-two option with a 30c strike price.
The company intends to drill high-priority targets immediately upon listing to define an economic mineral resource.
From the same team that put together the recent success of TSXV-listed Q2 Metals Corp (QTWO.v), SQX is the next venture for the MPX team, and it’s time to get excited.
MPX identifies, acquires and invests in mineral exploration across Australia and has been behind the success of Q2 Metals, a Canadian mineral exploration company currently advancing exploration of a Lithium Project in Canada as well as two highly-prospective gold projects located in the historic goldfields of Queensland – where SQX’s Ollenburgs and Scrub Paddock prospects are based.
SQX Chair Bryan Granzien said the ASX listing is a significant milestone for shareholders and our management team.
“SQX is pleased to welcome new institutional and retail shareholders to our share register in what will be an exciting and transformational period.
“We are fully funded to explore our exciting porphyry prospects. We look forward to updating you with drill results from Scrub Paddock and other planned initiatives at both Scrub Paddock and Ollenburgs.
“I would like to thank our Lead Manager PAC Partners, our Legal Advisor CBP Lawyers, our Independent Geologist H&S Consultants, Investigating Account PKF and the SQX team for helping us achieve our IPO and ASX listing.
“The ongoing support of our foundation Shareholders has also assisted us in achieving this milestone, which is greatly appreciated.”
SQX Chair Bryan Granzien
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