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The company agreed to secure the asset from Navarre Minerals in February in return for A$1.5 million worth of IPO shares and 8.5 million performance shares to be unlocked with the delivery of a resource and definitive feasibility study within five years.
Resource Base is seeking $5-5.5 million at 20c per share to explore the a "W-shaped" project within the prospective Stavely volcanic corridor in north-western Victoria, with an immediate focus on the Eclipse volcanic-hosted massive sulphide system, which is known to host copper and gold.
A maiden resource and exploration target are planned to be compiled before the end of the year,
Work by Navarre since 2008 has defined a 4km-long Cambrian-aged basin that could host extensions of the primary Eclipse discovery where a supergene blanket of enriched copper is developed above widespread copper, gold, and zinc mineralisation, interpreted to be associated with a potential VHMS source.
Other targets within the 100km span of the Stavely Arc, which is considered an analogue of the Mt Read Volcanics in Tasmania or the copper-rich Andes in South America, include the Lexington, Glenlyle and Pollockdale prospects.
Historically there has been limited exploration in the area due to cover, although small windows of basement exposure have led to the discovery of a number of copper and gold prospects, and there is potential to make discoveries within the most prospective stratigraphic level, dubbed the Holy Host, which offers similarities to the host mineralisation linked to the Rosebery, Que, Hellyer and Mt Lyell deposits in Tasmania.
Black Range is north of Stavely Minerals' emerging Thursday Gossan discovery.
Resource Base plans to spend around $3 million trying to get a better handle on Black Range, adding to the $2.2 million Navarre has spent since 2008.
Navarre is expected to own around 15% of the company in the event of a successfully float, while major shareholder ASIPAC Group will convert $2.6 million of debt into new shares to own around 7%.
If the float fails, Resource Base, which started the year with $39,000 cash and net liabilities of $3.9 million, could be wound up.
The project would also stay with Navarre, which is a successful gold explorer to the east, in the Bendigo-Ballarat areas.
Recapitalising the minnow are executive chairman Shannon Green, who last year did the same for Pathfinder Resources, former Canyon Resources CFO John Lewis as executive director, and two non-executive directors, former equity advisor James Myers and Navarre CFO Paul Hissey.
Resource Base finally completed the sale of Broula King last year.
It hopes to relist on the ASX in July.
