Headed up by geologist Dean de Largie, who put the assets together, ex-Herald Resources boss Michael Wright, and explorationist Gary Brabham, Australian Critical Minerals is throwing its hat into the increasingly crowded space looking to raise A$5 million at 20c per share.

 

ACM has six projects covering some 2099sq.km across Western Australia it considers have the right geology, and proximity to existing discoveries, to deliver exploration success. 

 

The focus is on lithium, kaolin, iron ore and conglomerate-hosted gold.

 

Soon after listing, ACM wants to drill at its advanced Rankin Dome and Beverley projects, although in terms of spending its largest focus is on its Cooletha and Shaw tenure in the Pilbara region.

 

Rankin Dome, located 230km southwest of Kalgoorlie, is being acquired from Kula Gold, where ACM can earn 51% by spending just $200,000. Past work in the area focused on gold, but ACM sees the potential for REEs and lithium.

 

Beverley, in the South West region, has already seen ACM complete some aircore drilling that suggested the presence of up to 27m of kaolin clays at two areas 1.7km away. ACM wants to extend the known areas of mineralisation. 

 

The earlier-stage Cooletha is located between Newman and Port Hedland, and has previously been explored for gold and iron ore, but the real potential of the pegmatites has been supported by hand samples that suggest there is spodumene potential in the area. There may also be conglomerate-hosted gold potential.

 

Shaw is 70km west of Marble Bar, has contains extensive, low-order gold anomalism, and Develop's Sulphur Springs copper-zinc massive sulphide deposit is just 1km to the west. ACM aims to work up an iron ore resource and establish a definitive case for exploration of the conglomerate-hosted gold targets.

 

ACM's other project at Kondinin and Kojonup that may be prospective for kaolin.

 

On listing, de Largie would own around 11% and Sandton Capital Advisory's Michael Shaw-Taylor would own around 14-15%.

 

State One Equities is lead manager to the offer.

 

ACM hopes to list by mid-year.