Capital Raising for Drilling El Dovio Copper VMS Project
|| Securities, Unissued Securities
|| Asking Price
|| AUD Asking Price A$0.10 per share
This Australian unlisted company has executed an agreement with a TSX listed Company Newrange Gold Corp (TSX:NRG) to earn in a 65% working interest in a package of mining licences for a VMS copper and associated precious and base metals project in Colombia.
Colombia has emerged as an attractive Latin American jurisdiction for exploration and mining development, with prospective Andean economic geology now complimented by supportive Government policy, both at the macro-level, (eg substantially resolving FARC rebel conflict) and specifically in encouraging, successfully, the development of major new mines.
It is well recognized that Colombia occupies a significant tract of the well-mineralised Andean mountain terrain which runs north-south along the entire western rim of South America. Globally significant occurrences of copper, gold and zinc occur within this belt, in Chile and Peru in particular and now also in Colombia and Ecuador.
- Over the next two years the Company’s strategy is to
- Re-process of existing geophysics (ground magnetics) to refine drill targeting;
- Undertake additional surface trenching;
- Complete in-fill and extension diamond drilling on the highly prospective copper and associated precious base metal VMS (volcanogenic massive sulphides)
project to establish an initial Indicated JORC resources estimate;
- Undertake additional metallurgical testwork to confirm and refine previous testwork results
The Company is targeting an IPO/RTO as soon as possible. Raising up to A$1M with the right to accept over subscriptions of A$1.5M @ A$0.10 per share with
a one for one free attaching 15-month option exercisable @ A$0.10.
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