PERTH (miningweekly.com) – Minerals explorer Thundelarra would raise some A$7.5-million through a share placement to institutional, professional and sophisticated investors, the ASX-listed junior said on Thursday.
The company would issue more than 39.4-million shares, at 19c each under its existing placement capacity.
The funds raised would allow Thundelarra to accelerate and expand the exploration programme at its 90%-held Doolgunna copper/gold projects, in Western Australia.
The Red Bore and Curara Well projects would be the company’s main exploration focus in the immediate future, and Thundelarra had already received approval for a new programme of work at the Red Bore deposit. An initial drill programme of 1 400 m would now be undertaken, which included 11 reverse circulation holes, to follow-up on mineralisation encountered in the interpreted feeder pipes.
The programme would also test other magnetic anomalies previously identified that could represent additional pipes under the new interpretation of the local geological settings.