Auric Mining Ltd (ASX:AWJ) has received firm commitments to raise $1,130,200 via a share placement at $0.072 per share as it kicks off a busy period of exploration and development at Chalice West and Jeffreys Find projects in WA.
The company is actioning a selection of drilling, heritage survey, and permitting activities across its projects, seeking to uncover the potential within the newly acquired Chalice West Project and bring Jeffreys Find into production.
Use of funds.
In conjunction with the placement, Auric will offer eligible shareholders the opportunity to participate in a share purchase plan (SPP) on the same terms as the placement to raise $750,000 with the capacity to accept oversubscriptions for an additional $500,000.
Shareholders with a registered address in Australia or New Zealand at 5.00pm (AEDT) on 28 September 2022 will be invited to participate in the SPP.
Both the placement and the SPP will include one free attaching option exercisable at $0.15 and expiring 31 March 2024 for every two shares subscribed for and issued.
Drilling at Chalice West Project
The company has executed a drilling contract with Kalgoorlie-based drilling contractor, Kennedy Drilling, with a drill rig scheduled to start work in mid-October at Chalice West.
Auric intends to undertake 220 aircore-drilled holes across the project to test for gold mine analogues and other minerals including nickel, lithium and rare earth elements.
The Chalice Gold Mine 8 kilometres to the west produced 700,000 ounces of gold over seven years at an average grade of 5.2 g/t, a feat Auric would no doubt like to repeat.
Auric managing director Mark English recently said: “We are quickly moving ahead with the Chalice West Project.
“This project is an exciting new opportunity in an underexplored area.”
Jeffreys Find development
Auric recently announced an agreement with BML Ventures Pty Limited to begin the process of developing the Jeffreys Find deposit into a producing gold mine.
READ: Auric Mining edges closer to commencing gold mining at Jeffreys Find; shares move up
The company has begun various permitting and mine planning activities to this end, including discussions with toll mills and with the Department of Transport and Main Roads.
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