- Redcastle Resources (TTL) is the latest West Australian gold explorer looking to make its debut on the ASX
- The business owns a prospective area of land in the Redcastle Mining Centre of WA, where gold was first discovered in 1895
- It’s also backed by an experienced executive team, including former Kin Mining director Trevor Dixon and Patrick Holywell who has been involved with De Grey Mining
- To reflect the change in focus, the company is in the process of changing its name from Transcendence Technologies to Redcastle Resources ahead of the re-list
- It’s also planning to raise $4.5 million via a public offer, with new shares on offer at 2 cents each, giving the new explorer an estimated market cap of $6.5 million
Redcastle Resources (TTL) is the latest West Australian gold explorer looking to make its debut on the ASX.
The company is headed up by several experienced gold miners and they’re planning to re-list on the stock exchange next month.
To reflect the change in focus, the business is in the process of changing its name from Transcendence Technologies to Redcastle Resources with the ticker code RC1.
Land opportunity
At the heart of Redcastle’s offering is the 1088 hectares of land it plans to acquire in the Redcastle Mining Centre of WA, where gold was first discovered back in 1895.
The Redcastle area falls in between the Archaean Norseman to Wiluna greenstone belt, which hosts a number of gold, nickel, lithium, rare earth and copper-zinc deposits.
It also plays host to the famous mineralised structure, the Redcastle Reef, which
is a steep dipping zone of chlorite alteration that has several sub parallel zones.
TTL has already identified multiple target areas based on historic exploration results, which includes drilling carried out by its previous owner.
The materials stock has one mining lease granted, one other pending and nine prospecting licences in place at the site, with plans to expand its landholding further.
Experienced backing
Redcastle is helmed by Non-Executive Chairman Jeremy King, who’s previously worked at mining stocks Red Mountain Mining and Sultan Resources.
He’s joined by Patrick Holywell, who is involved with De Grey Mining (DEG) and Si6 Metals (Si6). De Grey Mining is a fellow West Australian gold explorer who discovered the world-class Hemi deposit in the Mallina Gold Project.
Si6 also has a highly prospective gold project towards Laverton, WA as well as a base metals project in Botswana.
Rounding out the team is Mauro Piccini, from Aurum Resources, and former Kin Mining director Trevor Dixon.
Mr Dixon has a 30-year career in mining businesses, including his former tenure at Kin Mining (KIN) and currently at the newly listed Mt Malcolm Mines (M2M).
Public offer
Ahead of its planned re-listing, Redcastle is looking to raise $4.5 million via a public offer, with new shares on offer at 2 cents each.
The offer opened last week and will close on November 23, with 225 million TTL securities to be issued all up.
Once the offer is complete, Redcastle Resources anticipates it will be readmitted to quotation on the ASX on December 20.
The business has changed its name to reflect its new gold exploration focus, and will re-list under the ticker code RC1.
The materials stock post-listing is set to have a market cap of roughly $6.5 million.