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- Iceni Gold (ICL) appoints George Karageorge, a founding geologist of Pilbara Minerals (PLS), as its Managing Director
- Outgoing Managing Director Brian Rodan will transition to the role of Non-Executive Chairman over a three-month handover period
- Mr Karageorge played a pivotal role in discovering the Pilgangoora lithium deposit back in 2014
- In addition, the company has raised $2.75 million in a share placement to expedite gold drilling activities in Q4 CY23
- Shares are up 15 per cent, trading at 9.9 cents at 12:12 pm AEST
Iceni Gold (ICL) has announced that its $2.75 million share placement was oversubscribed, coinciding with the appointment of new Managing Director, George Karageorge.
Mr Karageorge assumes the role as part of a broader company restructuring. Notably, he served as a founding geologist at Pilbara Minerals (PLS) and played a crucial role in the discovery of the Pilgangoora lithium deposit in 2014.
Brian Rodan, former Managing Director, will transition to the role of Executive Chairman and subsequently to Non-Executive Chairman over a ninety-day period. David Nixon, previously the Technical Director, will now assume the role of General Manager of Exploration.
“It’s an absolute privilege to join the Iceni team with the eight key target areas well advanced in pursuit of multiple major gold discoveries and the recently identified significant lithium and nickel anomalies at 14 Mile Well,” Mr Karageorge said.
“David Nixon and the Iceni team have generated compelling targets by the company’s substantial investment using ultra-fine soil sampling in conjunction with the CSIRO in locating additional gold, lithium and nickel targets that will now be ground-proofed and drilled in the coming quarters.
“Iceni’s major focus with the additional funding is improving our value and accelerating our next round of drilling and field programs from now until the new year.”
Mr Rodan explained why Mr Karageorge was the ideal fit for Iceni.
“George commenced his exploration and mining career at the beginning of the 1980’s gold boom and worked largely within exploration and gold producers, with some notable discoveries and developing start-up gold production on several projects like Wiluna, Marvel Loch, Horseshoe Lights and Peak Hill gold mines,” he said.
The funds secured through the placement process will enable Iceni to commence drilling in late September using a reverse circulation (RC) rig at its Breakaway and Monument gold targets in the Western Australian goldfields region.
In the December quarter, rigs will be deployed to the Guyer and Everleigh targets, all within the company’s 14 Mile Well project envelope.
Earlier this year, the company made a significant discovery of a 20-ounce gold nugget at the surface of the 14 Mile Well site, which also holds lithium prospectivity.
ICL shares were up 15 per cent, trading at 9.9 cents at 12:12 pm AEST.
