The past year has seen the company go back to its exploration roots with the announcement on June 25 that Brumby proposed to merge with the private unlisted explorer Marindi Metals Pty Ltd. The merger was accompanied by a placement and rights issue to raise $3.75 million that was fully underwritten by Argonaut Capital Limited
As part of the merger Brumby would change its name to Marindi Metals Limited and experienced mining executives Mr Joe Treacy and Ross Ashton joined the board as Managing Director and Chairman-elect respectively. Subsequent to year end the merger, capital raising and name change were completed and a new zinc company with a spread of high quality exploration and potential development projects in Western Australia and the Northern Territory was created.
The “new Marindi” has over 1000 square kilometres of tenure at the Newman Zinc Project in the Pilbara region of WA (see figure 1), which includes the Prairie Downs base metal deposit and the highly prospective Wolf prospect.
The Company is fully funded and commenced drilling at the Newman Project at the end of August 2015.