JOHANNESBURG (miningweekly.com) – Gold and nickel explorer Nyota has raised £21,58-million through a placing of shares to fast track exploration and development work at its Tulu Kapi deposit in Ethiopia, it announced on Tuesday.
The deposit remains open in three directions and at depth and the additional funding would allow the company to continue with the four on-site drill rigs working 24-hour shifts.
It would also fast-track engineering, environmental and social studies.
The company placed 131 250 000 shares at £0,16 a share with clients of Ocean Equities and 3 692 307 shares at A$0,26 a share with clients of Bell Potter Securities in Australia.
CEO Terry Tucker said that the company would also commit further funds to its regional exploration programme, which was focused on discovering additional economic orebodies in what the company believed was a new gold province.
Nyota plans to start a regional exploration programme in October, with a regional airborne geophysical survey over its entire claim blocks, covering a total of 3 550 km2.
Nyota's Ethiopian exploration properties are currently made up of seven individual claims blocks with the properties showing favourable geological settings, structural settings and good minerals indications.