Posts

Draig Resources Claims Second Tribune Gold Discovery

THE DRILL SERGEANT: Draig Resources declared a new gold discovery situated only 250 metres in the footwall of the Tribune Lode at the company’s Bellevue gold project in Western Australia.

Draig Resources completed a total of five holes, consisting of three re-entries of previously drilled Tribune Lode holes and two new holes from surface, which it said has confirmed mineralisation over 800 metres strike within what was known as the Gap target.

The company described the target is being situated in a position that potentially represents the offset continuation of the historic Bellevue Lode (previously mined underground) to the west of the Highway Fault and is in the footwall, below the recent Tribune Lode gold discovery.

The first drill hole into this new target area (DRDD059) from which was reported an intercept of 3.4 metres at 10.4 grams per tonne gold from 575.3m in pyrrhotite, chalcopyrite, quartz veining with abundant fine visible gold inclusions.

Latest results from broadly spaced (approx. 250 metres apart) drilling has defined a new high-grade gold zone over 800 metres strike length:

DRCD022
2.5m at 13.1g/t gold from 560.5m, including 1m at 28.5g/t gold from 560.5m;

DRDD059
4.3m at 8.8g/t gold from 575.3m, including 3.4m at 10.4g/t gold from 576.2m and 0.3m at 44.4g/t gold from 584.3m;

DRDD051
0.5m at 16.2g/t gold from 565.5m;

DRDD060
1.4m at 9.7g/t gold from 597.8m, including 0.5m at 20.7g/t gold from 598.6m; and

DRDD055
0.3m at 35.8g/t gold from 627.2m.

“The company is pleased to report its second new significant high-grade gold lode discovery at the Bellevue gold project,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“This new discovery is currently defined over a strike length of 800 metres and we see significant potential to extend this as we step out with our current drill program.

“To consistently hit in all holes drilled this new mineralised shear zone and grades encountered over step-out drilling greater than 250 metres apart is extremely encouraging and points to the high quality of the mineralised lode system at the Bellevue gold project.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Riding in Fast Lane to Resource Estimate

THE INSIDE STORY: Draig Resources (ASX: DRG) has changed its name to Bellevue Gold Limited (ASX: BLG).

Tha change follows Draig’s early exploration success at its Bellevue gold project that has the company  to sustain and repeat its efforts.

Late last year, Draig Resources announced discovery of the Tribune Lode at the Bellevue gold project, located 400 kilometres north west of Kalgoorlie in Western Australia.

The Bellevue gold mine was once one of Australia’s highest-grade historical gold mines producing approximately 800,000 ounces of gold at 15 grams per tonne gold over 100 years before closing in 1997.

Bellevue changed hands numerous times between some of the industry’s biggest-hitting companies yet very little modern exploration was undertaken as it never fell into their collective portfolio considerations.

Thus, Draig Resources became the first company to conduct any exploration work of note on the mine and surrounding area in the last 20 years.

After confirming historical intersections at Bellevue, Draig commenced drilling on the Tribune Lode, a Bellevue parallel structure located immediately to the west of the Highway Fault and about 300m to the west to the historic Bellevue underground mine.

The move paid off immediately making a new gold discovery with the first hole of the program.

Drillhole DRRC0024 was drilled in a relatively untested area situated mostly under the Western Mineralised Corridor shallow transported sand cover, returning assays including:

7 metres at 27.4 grams per tonne gold from 92m, including 5m at 37.5g/t gold from 92m.

Step-out extensional drilling confirmed the high-grade mineralised system to be extended to the south, at depth and down plunge.

Draig followed this result up in March and May this year with further Tribune discovery results from drilling focused on preparing the estimation of a maiden Resource, infilling to a regular 80m by 40m grid pattern over the tested 550m of strike.

Additional work, including follow up DHEM target plates from the first pass exploration holes also produced highly-encouraging results.

The drilling and subsequent DHEM work demonstrated Draig was be looking in the right area by detecting several new high-grade ore shoots, all of which lifted the overall exploration potential of the strike extensions.

Results from the follow-up drilling for the first half of this year included:

DRDD020
2.5m at 29g/t gold from 147.5m and 3.8m at 5.2g/t gold from 133m;

DRDD031
9m at 5.4g/t gold, including 2m at 15.2g/t gold from 375m (The deepest hole drilled to date at Tribune Lode showing remains open);

DRDD034
7m at 7.2g/t gold, including 2m at 17.8g/t gold from 288m (the most southern hole drilled to date at Tribune lode showing remains open);

DRDD036
2.4m at 16.6g/t gold from 102m downhole;

DRDD043
4.1m at 6g/t gold from 92.5m downhole;

DRDD057
4.4m at 13.5g/t gold from 306m downhole (NEW SHOOT POSITION identified from DHEM);

DRDD050
9.5m at 5g/t gold, including 2.6m at 12.7g/t gold from 326.5m (NEW SHOOT POSITION identified from DHEM); and

DRDD038
2.3m at 8.2g/t gold from 53.7m and 0.3m at 31.8g/t gold from 64.9m and 2m at 9.3g/t gold from 92m downhole;

Further scout drilling conducted 160m to the north of the drill grid resulted in two holes intersecting Tribune style shearing and veins.

Results for these were pending at time of writing, however while the intersections didn’t demonstrate any noteworthy sulphide mineralisation, follow up DHEM indicated highly conductive plates as off hole conductors providing Draig with new shallow and high priority drill targets.

“We announced the Tribune discovery hole in December 2017 and, taking the Christmas break in to consideration, just five months later we are looking at coming out with a maiden Resource,” Draig Resources executive director Steve Parsons told The Resources Roadhouse.

“We are also very excited with our second target – the possible extension of the historic Bellevue Lode that results indicate we may have encountered already, again with our first drill hole into this new target.”

Draig completed its first deeper drill hole at the Bellvue gold mine designed to test the area known as the ‘Gap’ targeting the offset and extension of the historic high-grade Bellevue underground mine Lode position.

The results showed the drilling had encountered a new high-grade mineralised gold zone, returning assays of:

BRDD059
4.3m at 8.8g/t gold, including 3.4m at 10.4g/t gold from 576.2m; and

A secondary zone of 0.3m at 44.4g/t gold from 584.3m downhole.

Results were similar in widths and style of mineralisation to the historical Bellevue mine, which is not so surprising as existing Bellevue underground mine development is located only 190m from the mineralised drill intercept.

“The last few months have been a pretty exciting time for us, especially since the discovery of the new high-grade Tribune lode located just west of the old Bellevue gold mine,” Parsons said.

“We had spent time preparing to drill the deeper target below the Bellevue mine looking for the offset extension of that underground mine and we would have been drilling there earlier, except for the early success we had with the Tribune discovery.

“That was a most welcome distraction, however, once we finally got to drill at Bellevue, our first hole appears to have snicked, what we believe could be, the extension to the Bellevue Lode.

“The next couple of months will all be about conducting EM work and stepping out on this new lode.

“We will also be carrying out step-out drilling to the north and to the south of the Tribune discovery.”

Draig quickly commenced that step-out drill program looking to gain a deeper understanding of what it thinks could be a potentially abundant mineralised zone.

Activity on the project area is furious with diamond drilling testing the potential offset ore positions west the of the Highway Fault, and the Tribune Lode footwall potential ore positions.

On top of a recent $8 million raising to new institutional investors from Australia, Asia and North America and existing institutions and sophisticated investors, Draig has been allocated an EIS co-funding grant of $200,000 for a single drill hole to assist in this exploration.

Draig has identified the Western Corridor as a major exploration target and has deep diamond drilling planned to be followed up with DHEM to highlight potential ore positions.

Extensional diamond drilling at the Tribune lode is testing modelled DHEM conductors to the north of the existing mineralised extent as well as to the south towards Southern Belle target area.

Reverse Circulation (RC) drilling will infill the top 50m of the Tribune Lode to 40m by 20m centres ready for future economic extraction study work.

“Geological ore bodies are always more complicated than just identifying a straight line on a map,” Parsons said.

“Having said that, we hit the mineralised zone – and the exact target, our technical team had identified.

“So, if it looks like an apple and tastes like and apple it should be an apple, but we prefer to take a conservative approach and want to drill a few more holes so that we can be certain we have hit the Bellevue Lode.

“Once we have completed the extra drilling we should have a really good handle on what is going on.

“We are well on track for releasing our maiden Resource when we said we would and at this stage it is looking at being very good high-grade and, most importantly, open so we can expect to revisit that Resource in the second half of this year.”

 

Draig Resources Limited (ASX: DRG)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 6424 8077

Email: admin@draigresources.com
Web: www.draigresources.com

DIRECTORS
Ray Shorrocks, Steve Parsons, Guy Robertson

 

Draig Resources Achieves High Gold Recoveries from Tribune Lode

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) reported excellent initial gravity and cyanide leach recovery test work results from the Tribune Lode discovery at the company’s Bellevue gold project in Western Australia.

Draig Resources tested three composite samples during the metallurgical program, all of which were sourced from hard rock samples of primary Lode material for testwork conducted by ALS Metallurgy in Perth.

The work returned total gold extraction results of up to 98.8 per cent through a combination of gravity and 48-hour cyanide leach bottle rolls.

Exceptional gravity recoveries of up to 82.5 per cent of total gold recovered by the Knelson Concentrator prior to cyanide leaching.

Draig Resources said the results of the preliminary program were in line with company expectations based on historical performance at the adjacent Bellevue mine.

The company said the results also indicate that Tribune Lode will be amenable to a conventional gravity and cyanide leach processing circuit.

The company indicated it will be continuing drill testing of deeper extension targets below the Bellevue underground mine over the coming weeks leading to an anticipated Resource estimate for the Bellevue gold project in quarter three this year.

“The confirmation of excellent gold recoveries from the Tribune Lode is in line with our expectations and demonstrates a conventional processing technique can be used to extract gold from the Tribune Lode,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“We are looking forward to updating the market to our activities in quarter three 2018 in regard to the deeper drill targeting, our maiden resource estimate for the Bellevue gold project and the commencement of regional exploration.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Hits New High-Grade Zone at Bellevue

THE DRILL SERGEANT: Draig Resources reported results of the completion of the first deeper drill hole carried out at he company’s Bellevue gold project in Western Australia.

Draig Resources explained the drilling had been designed to test an area at the project known as the ‘Gap’ targeting the offset and extension of the historic high-grade Bellevue Lode position.

The drilling, targeting the Bellevue underground mine extension, intersected a new high-grade mineralised gold zone. Results include:

BRDD059
3.4 metres at 10.4 grams per tonne gold from 576.2m within 4.3m at 8.8g/t gold from 575.3m downhole and 5.9m below the main zone and a secondary zone of 0.3m at 44.4g/t gold from 584.3m.

Draig said the results are similar in widths and style of mineralisation to the historical Bellevue mine.

“The company is very excited with this initial drill hole and the high-grade gold mineralisation that has been intercepted,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“The drill hole was designed to test the potential of the offset and extension of the Bellevue Lode which historically produced 800,000 ounces at 15 grams per tonne gold down to only 450 metres below surface.

“The new mineralised intercept is only 500 metres below surface and is located 190 metres west of the southern extent of previous underground mine workings.

“The company is highly encouraged by the observed style of mineralisation and grade tenor in the hole, and the significance of the mineralised gold zone is currently being assessed by the technical team.

“The company will now undertake a broad spaced step out drill program within the 1200 metres of untested strike potential of the Tribune Footwall known as the ‘Gap’.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Hits Further High-Grade Gold Results at Tribune

THE DRILL SERGEANT: Draig Resources reported further exploration results from the company’s Tribune gold discovery in Western Australia.

Draig Resource’s recent drilling focused on preparing for a maiden resource estimate and the commencement of work to follow up DHEM target plates from the first pass exploration holes.

The recent work has identified new high-grade ore shoots, from which the company has upgraded the overall exploration potential of the strike extension.

Recently received results included:

DRDD057
4.4 metres at 13.5 grams per tonne gold from 306m downhole (NEW SHOOT POSITION identified from DHEM);

DRDD046
4.2m at 3.6g/t gold 313m downhole (NEW SHOOT POSITION identified from DHEM);

DRDD050
9.5m at 5g/t gold from 324.5m downhole, including 2.6m at 12.7g/t gold from 326.5m (NEW SHOOT POSITION identified from DHEM);

DRDD043
4.1m at 6g/t gold from 92.5m downhole;

DRDD038
2.3m at 8.2g/t gold from 53.7m and 0.3m at 31.8g/t gold from 64.9m and 2m at 9.3g/t gold from 92m downhole; and

DRDD047
2m at 6.7 g/t gold 198m downhole.

Draig also carried out scout drilling 160 metres to the north of the current drill grid with two holes completed, both of which encountered Tribune style shearing and veins.

Results for these holes are pending, and while the intersections don’t contain sulphide mineralisation of note, follow up DHEM has indicated a number of highly conductive plates as off hole conductors.

This has resulted in several shallow and high priority drill targets which the company anticipates testing in coming weeks.

“This recent drilling and DHEM has indicated the high-grade mineralisation at Tribune is still very much open in every direction and we continue to be impressed with the robustness of the drill intersections,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“The Western Corridor is shaping up to be a very significant discovery for the company.

“We look forward to updating the market on the results of the next phase of step-out and EM drilling at Tribune, deeper drilling, preliminary metallurgical testwork and the maiden resource estimate over the coming months.”

Draig explained it is currently updating the geological model at Tribune with the latest drilling and is completing the next phase of the DHEM surveying with further drilling expected to resume with an RC rig and two DD rigs in the coming weeks targeting extensions of known high grade gold mineralisation and infilling the shallow portion of the discovery ready for future economic extraction study work.

“The company sees significant potential of the Western Corridor to host additional mineralised Lodes highlighted by historical DHEM data,” Parsons continued.

“The company will be commencing a co-funded deep EIS hole as part of a deeper drilling program to target repeat mineralisation behind the Western Shear and below the historic Bellevue underground mine workings.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Increases Bellevue Landholding

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) has increased its landholding around the company’s Bellevue gold project in the Goldfields region of Western Australia.

Draig Resources has taken its land tenure to over 4500 square kilometres in proximity to Bellevue.

The company now boasts a dominant project portfolio in what it considers as being a well-endowed mining district and near noteworthy existing gold operations such as Northern Star’s (ASX: NST) Jundee, Echo Resources’ (ASX: EAR) Bronzewing, Red5’s (ASX: RED) Darlot and Saracen’s (ASX: SAR) Thunderbox operations.

Draig currently has drilling underway at the Tribune high-grade discovery at the Bellevue project with a maiden resource estimate on track for later in the year.

“The company is pleased to significantly increase our land holding in a well-endowed mining district that is host to a major gold and base metal operations,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Draig now has a large presence in a highly prospective and underexplored region of the north eastern goldfields region of Western Australia.

“Our geological team is undertaking preliminary targeting work ready for on ground exploration in the second half of 2018.

“As we work up these new target areas the company continues to advance its core asset the high-grade gold Bellevue gold project and is on track to deliver a maiden resource estimate in Quarter three 2018.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Eager to Develop Tribune Gold Discovery

THE INSIDE STORY: Draig Resources (ASX: DRG) aspires to fast track development of a high-grade underground and open pit operation at the company’s Bellevue project in Western Australia.

Draig Resources set a cracking exploration pace in 2017 at the company’s Bellevue gold project, located 400 kilometres north west of Kalgoorlie in Western Australia.

In March 2017, Draig appointed Steve Parsons as executive director and charged him with the responsibility of advancing Bellevue.

Parsons came well-qualified for the job, having been managing director of Gryphon Minerals, which under his watch grew to be included on the ASX200 group of companies, eventually being taken over for $100 million by a North American gold company in late 2016.

Parsons oversaw the discovery and delineation of Gryphon’s 3.6 million ounce Banfora gold project in West Africa.

“After I joined Draig, we spent the first six months looking to find what projects and opportunities were sitting out there waiting to be ‘rediscovered’ – ones that hadn’t been drilled to death and had exploration upside with high-grade mineralisation,” Parsons told The Resources Roadhouse.

“It has only been 12 months since I joined Draig, at which time the company owned just two mining licences covering 20 square kilometres of ground.

“These licences did, however, include the old Bellevue gold mine.”

The Bellevue gold mine stood out as an obvious starting point for the company, having been one of Australia’s highest-grade historical gold mines producing approximately 800,000 ounces of gold at 15 grams per tonne gold before it closed in 1997.

High-grade gold was mined at Bellevue for over 100 years through to 1997 when the operation shut down.

After the mine closure in 1997 it changed hands between some of the industry’s biggest-hitting companies yet very little modern exploration was undertaken as it never fell into their collective portfolio considerations.

This ultimately benefitted Draig Resources, which kicked off the first systematic exploration at Bellevue in the last 20 years.

“The Bellevue project was an amazing standout opportunity,” Parsons said.

“When we first looked at it, we were stunned to find it was a project with almost nothing done on it in 20 years, as it was, after all, one of the highest-grade gold projects of its day and has been sitting there idle.

“We always thought there was a very good chance we would find more high-grade gold – not just more, but a significant amount.

“There’s an old saying in the gold exploration community – one that a lot of people stick by – and it is one that does tend to ring true: if you want to find high-grade gold go to an old high-grade gold mine.”

Draig completed a small program of shallow diamond holes at Bellevue in August 2017 within the high priority Western Mineralised Corridor to gain an understanding of the project’s geology.

Two RC holes from this program confirmed previous historical intersections and provided confidence the company was drilling in the right area.

These holes returned intersections of:

DRRC0018
2 metres at 8.67g/t gold from 30m and 2m at 3.66g/t gold from 109m; and

DRRC0017
3m at 2.17g/t gold from 70m.

The company started a second phase of targeting drilling in November, and in December announced a new discovery.

The Tribune Lode is a Bellevue parallel structure located immediately to the west of the Highway Fault and about 300m to the west to the historic Bellevue underground mine.

It is in a relatively untested area mostly under the Western Mineralised Corridor shallow transported sand cover.

The Tribune Lode was intersected by drill hole DRRC0024, which returned assays of:

7m at 27.4g/t gold from 92m, including 5m at 37.5g/t gold from 92m.

This was followed up by drill hole DRDD0004 collared 80m south of the Tribune discovery drill hole, which returned:

5m at 16.5g/t gold.

Continued step-out extensional drilling further confirmed the high-grade mineralised system to be extended to the south, at depth and down plunge, with numerous high-grade drill intersections received from the latest round of results.

These include:

DRDD010
12m @ 12g/t gold from 68m downhole; and

DRCD020
2.5m at 29g/t gold from 147.5m and 3.8m at 5.2g/t gold from 133m;

DRCC033
4m at 9g/t gold from 57m downhole; and

The company recently completed a fully underwritten institutional placement raising $8 million, which will allow it to carry out an aggressive drill program at the Tribune Lode and explore for further high-grade zones within the highly prospective Western Corridor and beyond.

The placement resulted in new institutional investors enrolling on the company share register as well as strong support from existing shareholders.

“We see a real opportunity to significantly grow the Bellevue gold project into a standout high-grade gold project,” Parsons said.

“We took the approach that it would most likely be a two-year exercise to put some real geological thinking into the project, to bring in new, modern techniques and ideas and then go and test those ideas.

“Then, with pretty much with the first drillhole of our second drill program, we made the Tribune discovery that is in an entirely new parallel structure to what Bellevue sat in.

“So far we have defined it over about 550 metres strike length and since the start of the year the plan has been to drill that out on 80 metres by 40 metres spacings down to about 300 metres vertical depth.

“We expect that will enable us to calculate a maiden Inferred category JORC Resource, which we are hoping to release sometime in the middle of this year.”

Draig will launch into a second phase of exploration activity in the second half of this year that will focus on stepping out on the broader project area and systematically testing the shear Shear Zone that continues for about 20km to the north.

The second half of the year will also afford the company time to start looking at its recently acquired South Yandal project.

Draig exercised an option agreement to acquire 100 per cent of the highly prospective and underexplored Yandal South project, located between Echo Resources (ASX: EAR) Bronzewing project and gold processing plant as well as Red 5’s (ASX: RED) Darlot gold project and gold processing plant.

The project is only 40km to the east of the Bellevue gold project.

Draig has reviewed historical data at the Yandal project and identified targets for follow up exploration in a highly prospective greenstone belt.

The company intends to return to a first principles approach on the project conducting an extensive regolith and geological review of the project to assist targeting similar to the work leading up to the Tribune Lode discovery.

“Exploration is what we are good at and the company geologists and I wanted to develop a bigger footprint for the company,” Parsons said.

“We were interested in finding a complementary project within a 100 kilometre radius consisting good exploration ground that hadn’t been looked at closely.

“The Yandal project fell into that category and we have now grown our land position to over 1,400 square kilometres.

“It’s great to have a second project and our geologists can’t wait to get stuck into it however as the potential size Tribune starts to unfold the key focus for the company right now is the Bellevue gold project.”

 

Draig Resources Limited (ASX: DRG)
…The Short Story

HEAD OFFICE
Suite 3, Level 3
24 Outram Street
West Perth, WA, 6005

Ph: +61 8 6424 8077

Email: admin@draigresources.com
Web: www.draigresources.com

DIRECTORS
Ray Shorrocks, Steve Parsons, Guy Robertson

 

 

Draig Resources Hits More Gold at Tribune Discovery

THE DRILL SERGEANT: Draig Resources (ASX: DRG) released drill results from the Tribune discovery within the company’s Bellevue gold project near Kalgoorlie in Western Australia.

Draig Resources said the latest drill results from the Tribune discovery have extended the high grade gold mineralisation at depth and along strike to the south.

Results include:

DRCD020
2.5 metres at 29 grams per tonne gold from 147.5m and 3.8m at 5.2g/t gold from 133m downhole;

DRCC033
4m at 9.0g/t gold from 57m downhole;

DRDD036
2.4m at 16.6 g/t gold 102.4m downhole;

DRCD034
7m at 7.20g/t gold including 2m at 17.8g/t from 288m downhole – this is the southernmost drill intersection to date and confirms mineralisation is open to the south; and

DRDD031
9m at 5.4 g/t gold from 375m including 2m at 15.2g/t gold – this is the deepest drill intersection Draig has encountered to date, which the company said confirms high-grade gold mineralisation at depth.

Draig Resources recently completed a fully underwritten institutional placement to secure exploration funding for the company to fast track key targets including:

Step-out extensions of the high-grade Tribune Lode;
Further mineralisation in the ‘Western Mineralised Corridor’;
Drill testing Bellevue Mine Lode deeper targets;
Regional targeting over 20 kilometres of potential strike; and
Initial first pass targeting at the South Yandal gold project located on the Bronzewing-Darlot-Jubilee gold belt only 40 kilometres to the east of the Bellevue gold project.

The company indicated a Resource estimate for Bellevue gold project is anticipated in Q3 2018.

“The company is pleased to update the market on the progress of the high-grade Tribune Lode discovery,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Our most recent step-out extensional drilling has confirmed the high-grade mineralised system is very much alive to the south, at depth and down plunge, with numerous high-grade drill intersections received from this latest round of results.

“With the recent fully underwritten institutional placement completed the company now has the opportunity to aggressively augment drilling at the Tribune Lode and explore for further high-grade zones within the highly prospective Western Corridor and beyond.

“We see a real opportunity to significantly grow the Bellevue gold project into a standout high-grade gold project.”

 

Email: admin@draigresources.com

Website: www.draigresources.com

 

Draig Resources Completes $8M Placement

THE BOURSE WHISPERER: Draig Resources (ASX: DRG) completed a fully underwritten placement that received strong support from institutional investors to advance the company’s high-grade Bellevue gold project north west of Kalgoorlie in Western Australia.

Draig Resources completed the over-subscribed $8 million placement for 40 million shares at 20 cents per share.

The company noted the Placement received support from new institutional investors from Australia, Asia and North America as well as from existing institutions and sophisticated investors.

The funds raised via the Placement will be used to advance the Bellevue gold project and will be used for ongoing exploration activities including for a resource estimate which is expected to be released in the third qurater of this year.

“We would like to welcome a number of new institutional investors onto our share register and thank our existing shareholders for their ongoing support,” Draig Resources executive director Steve Parsons said in the company’s announcement to the Australian Securities Exchange.

“Our flagship Bellevue gold project is now well positioned to complete all medium-term exploration activities and for us to release a resource estimate in 3Q 2018.”

 

Email: admin@draigresources.com

Website: www.draigresources.com