PERTH (miningweekly.com) – Junior Magnetic Resources has completed a A$4.8-million capital raise to advance the development of its Laverton gold projects.
The company placed 6.66-million shares at a price of 72c each, with the shares issued under Magnetic’s existing placement capacity.
“We are now well funded to allow us to aggressively move into the next phase of exploration and project development. Our ultimate goal is to increase the resource size and move closer towards mining,” said MD George Sakalidis.
The company will now accelerate its development plans at the Laverton gold projects, which will include infill, extension and a deep drilling programme, as it is compelled to follow up the outstanding thick high-grade drilling results. This is expected to increase resources and Joint Ore Reserves Committee categorisation, complete early work studies, and complete the initial feasibility study and initial preparations for commencement of mining.