PERTH (miningweekly.com) – Junior Corizon Resources will raise A$5-million through a share placement to fund exploration work at its Croydon gold project, in the Pilbara.
Corizon will place an initial 358.1-million shares at a price of 1.2c a share under its existing placement capacity, while a further 58.5-million shares will be placed subject to shareholder approval.
Following the placement, the company would be able to fund an extensive exploration programme at its Croydon gold project, in the Pilbara, MD Rob Ramsay said.
“We are excited to follow up recent success at Croydon and have a large and highly prospective land position, demonstrated by our geochemical and drilling results, as well as analogues to the outstanding Hemi discovery just 50 km down the road.
“We are going to invest these proceeds in drilling to extend the known mineralisation below the established surface gold anomalism, which measures 1.5 km by 400 m. And we are gong to test new prospects that are supported by undrilled historical workings, rock chip sampling and other targets highlighted by soil sampling,” Ramsay said.