The Company » The Company Profile
GeoCrystal Limited was incorporated in early 2007 and raised seed capital soon after to fund diamond exploration in Australia with a view to listing on ASX. Following the global financial crisis of 2008, GeoCrystal delayed its plans for listing on ASX and took on a role as an investment company making strategic cornerstone investments in ASX listed junior explorers. Over the years, the Company's profits made through the disposal of these investments were distributed to its shareholders as dividends totalling almost $1 million.
In 2013, GeoCrystal began exploring a remote diamond project in Western Australia, called Webb, located in the Gibson Desert. Drilling programs carried out by GeoCrystal discovered a large kimberlite field approximately 400 km2 in area. Further exploration programs are being planned to determine which of the kimberlites is diamondiferous. GeoCrystal has continued to increase its equity in the Webb Diamond JV and has now earned a 78% interest in Webb from ASX listed company, Meteoric Resources (ASX:MEI). To date, approximately $4 million has been spent by GeoCrystal in sole funding exploration activities at Webb, which has involved 7,713m of drilling. Over $1 million of these funds has been contributed by ASX listed company, Chalice Gold Mines (ASX:CHN), who now control 23% of GeoCrystal.
The Company has been fortunate to have on its Board, Tom Reddicliffe, as Technical Director, to oversee and manage the exploration programs being carried out by GeoCrystal at the Webb Diamond Project. Tom is credited with discovering the Merlin diamond pipes in the Northern Territory in 1993 when he was Australian Exploration Manager of Ashton Mining Limited. Together with Tom Reddicliffe, GeoCrystal has assembled a balanced Board of Directors who have extensive exploration and mining experience.
The objective at the Company's cornerstone property at Webb is to determine its diamond potential. Following the delineation of any economic discoveries at Webb, GeoCrystal will consider the merits of seeking a major diamond partner for development. The above strategy will allow the Company to concentrate on value creation through its own exploration expertise.