Uranium-focused Ilala Metals is looking to raise AU$5 million via an initial public offering (IPO).
Proceeds will mainly go toward exploration and initial drilling at Ilala’s Botswana-based Serule uranium project.
The company has completed 1,062 metres of drilling at Serule, with grade-confirming analysis planned after the IPO.
“We’ve already drilled eight holes on the fence line between ourselves and Letlhakane,” said Henning. “We don’t have the assay results yet, but the downhole drilling results tell us that we have mineralised zones in seven of those holes.”
In addition to Serule, Ilala has the Central copper project in Botswana’s prolific Kalahari Copper Belt.
“We are exactly on the same trend line, exactly the same formation contact point where all the previous copper contacts have been copper deposits,” Henning explained. “If you’re not on that formation line, you’re not going to find copper”
If Ilala’s plans proceed as expected, the company will be listed on the ASX in September.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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