An exploration company is not giving up on championing the purported value of rare mineral deposits underground at a site near Bathurst despite seemingly little interest from mining companies.
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Grasmont Mining executive chairman Ian Morwood is currently in the process of undertaking a $1 billion initial public offering [IPO] for an unexplored parcel of territory near the historic Hill End goldfields.
But the process of proving the believed value of the territory, known as the Western Flank, to representatives from major Australian mining companies, including Newcrest Mining, who manages Orange's Cadia mine, has, so far, proved unfruitful.
"I find it quite bizarre that these mining companies are not the slightest bit interested in it, this site has everything: gold, copper, cobalt, nickel: you name it," Mr Morwood said.
"They seem more interested in looking to North America, but what we have here at Hill End is unlike anything else in the world, and yet it has never been touched."
Mr Morwood has spent the last 12 years pushing to further explore the Western Flank via drilling to investigate its potential as an underground gold and copper mine.
"I believe this area possesses around $100 billion in gold and copper reserves, which is the same value as Cadia, but Cadia doesn't have those rare minerals," he said.
Mr Morwood said his research has also discovered extensive surface values of cobalt and nickel, which may be of interest to electric vehicle manufacturers.
"Electric vehicle manufacturers are fighting hard to secure reliable sources for these rare minerals, and EV's are gradually increasing in demand," he said.
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