Northern Territory focussed explorer Todd River Resources (ASX: TRT) is set to list on the ASX at 12 noon AEST today. The Company, which has a portfolio of quality conceptual to feasibility stage assets, is a spin out of TNG Limited (ASX: TNG), which has over recent years focussed activities on its Mount Peake Fe-V-Ti Project, and given the parlous state of the market did not have the resources to give the now spun-out assets the attention that they deserve. The listing is timely given the improving markets as a whole, and also given the positive sentiment for zinc, with a number of the projects being prospective for zinc mineralisation. The most advanced project is the Manbarrum Zn-Pb-Ag Project, located in the NW of the Territory, and for which the Company plans to immediately commence work on a Feasibility Study. It is also planned to commence drilling immediately on the Mount Hardy Project NW of Alice Springs, the site of a number of historical copper workings. Also in the mix, amongst a number of others (including Soldiers Creek which covers an area of pegmatites), is the McArthur River Project, located 65km from Glencore’s McArthur River Mine, with work to date highlighting the prospectivity for stratabound Zn-Pb and Cu mineralisation, and for which work is planned to commence in June. With cash of ~$5.5 million, an EV (at listing) of $7 million and with steady news flow expected, our view is that Todd River is well leveraged to exploration success, and we have a short term mid-point $0.36/share price target on the stock. To read our full report please click on the link below.
Please sign in to comment on this wire.