Photo by: Bloomberg
PERTH (miningweekly.com) – Junior project developer Primary Gold will raise some A$8.5-million to progress work at the Coolgardie and Mount Bundy gold projects, in Western Australia and the Northern Territory respectively.
Primary this week said it would place some 12.14-million shares, priced at 7c each, to institutional and sophisticated investors, with firm commitments already received.
The Coolgardie project was acquired in 2016, and hosts an existing resource of 3.81-million tonnes, at 1.63 g/t gold for 200 600 oz of gold. Primary was targeting approvals for the Coolgardie mine by the first half of this year, and was planning to initially mine the Macphersons and Tycho deposits, and toll treat the ore at nearby mills.
Mount Bundy, in turn, is estimated to host a resource base of 26.9-million tonnes, at 1.5 g/t gold for 1.24-million ounces of gold. The resource lies within 10 km of treatment opportunities.