Sentinel Metals began life on the ASX in style on Thursday, closing trade up 55 per cent to 31 cents.
Sentinel Metals began life on the ASX in style on Thursday, closing trade up 55 per cent to 31 cents.
Its arrival marks the fourth gold exploration company to list on the ASX over the past nine days – joining Golden Dragon Mining, Right Resources and PC Gold.
Sentinel, which is keen to develop its flagship Colombia gold project, located in the American state of Montana, successfully completed a $10 million IPO, on the back of 50 million shares being issued at 20 cents a pop.
Aside from Mr Herbert – a former Rio Tinto and Fortescue executive – the company is chaired by Mark Williams, who was managing director of Red 5 prior to its merger with Salt Lake Resources last year, which formed Vault Minerals.
The Sentinel boss said investor demand from the company’s IPO exceeded expectations.
"Located in the heart of one of the world’s most exciting emerging gold districts, the Columbia project offers a compelling combination of a large existing resource, simple geology and exceptional exploration upside – providing a strong foundation for growth," Mr Herbert said.
"With drilling and technical studies set to commence immediately, we are focused on expanding and upgrade the resource and progressing the project rapidly towards development."
Colombia, which is located 64km North-West of the state's capital city Helena, has a mineral resource estimate of 21.4 million tonnes at 1.4 grams per tonne for 920,000 ounces of gold and/or 960,000oz of contained gold-equivalent metal.
Sentinel has complete ownership of Colombia.
On Wednesday, both Golden Dragon Mining and Right Resources both began on the ASX, on the back of $5 million and $10 million IPOs respectively - while on October 21, PC Gold joined on the back of raising $13.5 million.
Current share prices (close of trade)
Sentinel 31 cents (up 55 per cent), Gold Dragon 22 cents (down 2 per cent), Right Resources 18 cents (unchanged), PC Gold 22 cents (down 2 per cent)
