Jacaranda Natural Resources has launched an IPO to raise $8 million to advance copper-gold projects in Queensland and Botswana.

Incorporated in Western Australia in February this year, the company inked a deal with Bindi Metals (ASX: BIM) in August for the acquisition of its Biloela copper project.

Renamed by the new owners as the White Cockatoo project, it comprises a 409sq km tenement package about 30km south-east of Biloela.

Jacaranda said the ground hosted more than 20 identified near-shallow high-grade prospects, including Quartz Ridge and Tea Tree.

Quartz Ridge rock-chip sampling has returned peak results of 24 per cent copper, 4.4g/t gold and 912g/t silver, with sampling across a 200m by 5m zone averaging 5.4 per cent copper, 0.9g/t gold and 248g/t silver.

Historical trenching at Tea Tree returned 25m at 1.3g/t gold, 1.5 per cent copper and 0.6 per cent zinc, with rock chips to 6.9g/t gold and 6.1 per cent copper.

In his letter to investors in the prospectus, Jacaranda founder and executive chairman Arvind Misra describes the White Cockatoo Project as a compelling exploration opportunity.

It would become the company’s flagship asset upon completion of its acquisition, he said.

“The White Cockatoo project exhibits geological characteristics consistent with a large-scale mineralised system and provides exposure to multiple mineralisation styles,” Mr Misra said.

“The company sees potential ranging from shallow high-grade copper-gold mineralisation and epithermal-style targets through to deeper intrusion-related and bulk porphyry-style copper-gold systems.

“This combination provides both near-surface discovery opportunities and the potential for larger underlying mineralised systems, creating multiple avenues for exploration success.”

Acquisition of the project (covering EPM 27478, EPM 28005 and EPM 28063) is subject to the company being admitted to the official list.

The White Cockatoo project is also subject to a pending renewal of EPM 28063, requirements to obtain further land access as exploration progresses and a requirement to relinquish 50 per cent of EPM 28063.

Jacaranda plans initial drilling at Quartz Ridge and Tea Tree as well as its Globe site in Botswana following completion of the IPO and ASX admission.

The company is inviting applications for 40,000,000 shares at an issue price of $0.20 per share.

It will enter the ASX at an implied enterprise value of about $4.6 million.