Magma Metals has decided to spinout its Australian gold projects into a separate company in order to focus on its flagship northwestern Ontario base metal project.
The Perth, Australia miner said the new exploration entity, Greenstone Metals, will involve five gold projects in Western Australia. The IPO will be launched in the first half of 2012 with the capital raised earmarked for the advancement of these projects.
In a Nov. 22 release, Magma said the decision to transfer those projects to Greenstone allows the parent company to concentrate all of its resources on progressing the Thunder Bay North platinum-palladium-copper-nickel project towards development.
In February, Magma released a scoping study on Thunder Bay North and spent last summer drilling in extending the mineralization by 450 metres.
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