PERTH (miningweekly.com) – ASX-listed Azure Minerals has closed a A$37-million share placement to fund exploration work at nickel and gold projects in Western Australia.
The company at the end of last week revealed that it had received commitments for the placement of 50-million shares priced at 74c each, to raise A$37-million through clients of Euroz Hartleys.
The shares will be placed under the company’s existing placement capacity.
“We are encouraged by the positive response to our fundraising and are now in the strong position of accelerating the exploration on our new projects. These projects tick all the boxes - right location, right commodities, right partner and delivering outstanding results,” said Azure MD Tony Rovira.
He noted that the first five holes drilled at the Andover nickel/copper project, were nothing less than exceptional, with all intersecting substantial widths of nickel/copper sulphide mineralisation.
“We will immediately move to secure multiple drill rigs for the drill-out of the VC-07 target, and to test the other 12 strong electromagnetic anomalies on the project.
“The funding also allows us the capacity to commence exploration on the Turner River gold project, which is along strike of De Grey Mining’s Hemi and other gold discoveries. We are looking to expedite the grant of the exploration licences and start work as soon as possible.”