PERTH (miningweekly.com) – Junior Brightstar Resources has completed a A$2.3-million share placement to professional and sophisticated investors, to fund drilling at the Cork Tree Well gold project, in Western Australia.
The company placed some 87-million shares, at a price of 2.7c each.
“We are excited to have completed the placement, with the necessary funding on hand to significantly advance the Cork Tree Well deposit,” said MD William Hobba.
“The current drilling programme is proceeding ahead of schedule and under budget, and given this is the first programme since 2012, it is exciting to see the anticipated gold-bearing geology where it is modelled.
“The drilling is expected to increase the size and confidence category of the current Joint Ore Reserves Committee resource at Cork Tree Well,” said Hobba.
The deposit has an existing resource of some 237 000 oz, at 1.9 g/t gold, and drilling started in September this year at the southern end of the project. Since then, more than 26 holes, for some 4 000 m, have been completed.