https://www.miningweekly.com

Avalon raises $3.3m for Ecuador exploration, Finland project

5th July 2017

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – Australia-based Avalon Minerals has unveiled plans to raise $3.3-million, comprising a $2.3-million share placement and a $1-million share purchase plan (SPP), to advance its projects in Ecuador and Finland.

The proceeds of the placement and the SPP will mainly be used to fund exploration at the ASX-listed company’s Bramaderos gold/copper project, in southern Ecuador, where Avalon has the right to earn a majority interest in the concession from TSX-V-listed Cornerstone Capital Resources.

Avalon believes Bramaderos has strong potential to host large-volume gold and copper mineralisation.

The company aims to start a drilling programme at Bramaderos in the fourth quarter of this year. Permitting for the drilling programme has already started.

Avalon will use a component of the funds raised for a 1 500-m diamond drilling programme at the Satulinmäki gold prospect, in southern Finland. This is a follow up on previous drilling that delivered 23.5 m at 3.3 g/t gold, and to the recent geophysical survey that pointed to the existence of a larger gold system.

The company also owns the Viscaria copper project, in Sweden, but spending is being kept to a minimum at the project, while discussions are ongoing about potential partnerships.

Edited by Creamer Media Reporter

Comments

Showroom

Environmental Assurance (Pty) Ltd.
Environmental Assurance (Pty) Ltd.

ENVASS is a customer and solutions-driven environmental consultancy with established divisions, serviced by highly qualified and experienced...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.207 0.246s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: