Eumeralla Resources on the hunt for Mongolian minerals, admitted to the ASX

Eumeralla Resources (ASX: EUM) has been admitted to the official list of the ASX and is set to begin trading on Thursday 3 May.

The company will hit the boards at 12pm (EST) with around 20 million shares on issue, following a successful IPO offering 17.5 million shares at A$0.20 per share to raise a minimum $3.5 million.

Eumeralla is focused on the acquisition and exploration of mining projects in Mongolia.

The company already holds one granted minerals exploration licence in northeast Mongolia which covers 12,657 hectares including the historical Chuluun Khoroot tungsten mine, active between 1945 and 1955.

The licence is located about 20 kilometres north of the town of Dashbalbar and 85 kilometres northwest of the Solowevsk-Choibalsan railway.

Previous exploration at the project has defined tungsten targets, but follow up exploration has been limited.

Eumeralla plans to focus initially on tungsten exploration, planning a geological mapping and surface sampling program followed by geophysical surveys and aircore and reverse circulation drilling to test the anomalies.

Other commodities could be targeted at the project in the future.