Great Boulder Resources (ASX:GBR) has received binding commitments for a placement to raise US$12.5M to assist with the company’s plans to greatly accelerate their exploration programmes. Funds will e used for resource definition and discovery drilling, geochemical and geophysical surveys to generate new exploration targets, studies for mining approvals, and general working capital.
The placement will comb=prise of the issue of 204.92M new fully paid ordinary shares in the company, at an issue price of 6.1 cents per share and will occur in two tranches. The new shares will rank equally with the existing ones.
This placement places the company in an extremely strong position so that they can fast track their drilling programmes at the flagship Side Well Gold Project. This project hosts an MRE of 668Koz @2.8g/t Au and includes a high-grade core of 496Koz @5.3g/t.
Great Boulder Resources’ Managing Director, Andrew Paterson commented on the news, “This is a transformational funding event for Great Boulder, as it will allow us to rapidly accelerate progress at our flagship Side Well Gold Project and push it aggressively towards the dual goals of defining one million ounces of gold at the Project and an early mining opportunity at Ironbark.”
“I’m also extremely pleased to have North American institutional investment on the register for the first time. The Placement is a big vote of confidence in the quality of the Side Well Project and the inherent value proposition GBR represents.”
“The next milestone for the project is delivery of the Ironbark scoping study, which is due to be completed in early June. We are also planning follow-up drilling programs at Ironbark where recent extensional drilling intersected 8m @ 9.07g/t Au and 8m @ 8.57g/t Au south of the resource, followed by our other advanced targets in order to bring them all into a global resource update as soon as possible.”
To read more about this, please visit https://www.greatboulder.com.au/
For more articles like this, please visit https://www.theassay.com/
