THE BOURSE WHISPERER: Magnetic Resources (ASX: MAU) has received binding commitments for approximately $2.6 million via a placement of approximately 1.83 million new shares at $1.42 per share.
Magnetic Resources indicated the funds raised will be predominately used at the company’s Hawks Nest 9 and Lady Julie projects for additional RC and deeper diamond drilling, metallurgical work, resource and scoping studies to advance the company’s gold projects.
“We continue to intersect significant gold mineralisation in our drilling at both the Hawks Nest 9 and Lady Julie projects, and we remain encouraged by the mineralisation showing up in our two thickened mineralised zones and the new targets from the seismic interpretation,” Magnetic Resources managing director George Sakalidis said in the company’s ASX announcement.
“These funds will allow the company to continue the significant drilling campaigns we started in January 2021 with the aim of defining JORC at these two projects.
“Our drilling to date has shown four stacked lodes in the top 100 metres and our ongoing drilling will investigate mineralisation at depths down to 300 metres to 400 metres.”
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