White Gold raises C$6m for Yukon exploration
TSX-V-listed White Gold has closed a private placement, raising C$6-million.
The company placed about 6.6-million common shares at C$0.09 apiece.
Upon closing, the company will have a net working capital of about C$9-million.
TSX-listed Agnico Eagle Mines, as an existing shareholder of White Gold, will maintain its 17.1% interest in the company following the offering, while TSX-listed Kinross will also maintain its 17.1% interest in the company.
The proceeds will help kickstart the company’s 2020 exploration programme, which is set to start in the coming weeks.
The programme will involve a diamond drill programme at the Ryan’s Surpise target, which will test for strike and down-dip extensions of mineralisation encountered in a 2019 diamond drilling programme. The target is located 2 km along strike from White Gold's flagship Golden Saddle and Arc deposits.
The exploration programme will also test, through diamond drilling, the Titan target for high-grade mineralisation encountered in 2019 rotary air blast (RAB) drilling.
Another 25 RAB holes will be drilled to test targets on the White Gold, Hen and JP Ross properties; while some extensive regional exploration work on the Betty, Nolan, Bonanza and Tea properties will include geological mapping, soil sampling, ultrahigh-resolution drone imagery and ground magnetics.
White Gold owns a portfolio of 21 111 quartz claims across 33 properties covering more than 420 000 ha, in Yukon, Canada.
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