Kalgoorlie Gold Mining is set to pocket up to $12 million following the closing date of its initial public offering on the 26th of October. The company is set to list on the Australian Securities Exchange on 12 November and plans to use the money to follow up on some bonanza historical gold hits east of Kalgoorlie that inexplicably were never really run to ground. Kalgoorlie Gold will spin out of Ardea Resources who has been quietly amassing some serious gold tenure amongst its massive nickel holdings in WA.
The company will come to market with some seven gold projects scattered around WA that were previously housed under Ardea’s roof but did not receive enough love from Ardea given its principal focus on its massive nickel deposits near Menzies. The flagship Kalgoorlie Gold asset will be the Bulong-Taurus project about 40km east of Kalgoorlie in the renowned Bulong mineral district that has been giving up precious metal riches for decades.
It is hard to understand why hits like this were never properly followed up by past explorers. One possible explanation is that it was very close to the tenement boundary which is no longer an issue as Kalgoorlie Gold and Ardea have now brought multiple tenements together under the one roof in the region. If you talk to the Kalgoorlie locals about the Bulong area to the east of Kalgoorlie you will get a lot of knowing looks – particularly from the old-timers who are only too aware of the gold prospectivety of Bulong.