Exploration company Great Southern has announced a placement to raise A$1.24-million to grow its Western Australian gold resource base and test several advanced targets in the Duketon Belt.
In addition, certain directors have committed to participate in the placement to the value of A$562 000 at the same price as the placement shares.
“With the backdrop of a rising gold price, it is an exciting time to be embarking on gold exploration in tier-one jurisdictions such as Western Australia and Queensland. The company’s key objective for the coming 12 months is to translate gold discoveries at its 100%-owned Duketon gold project into economic mineral resources,” said MD Matthew Keane.
Global gold miner Gold Fields is also about to start drilling at Great Southern’s Edinburgh Park, in northern Queensland.
Gold Fields can earn up to 75% in the project by spending A$15-million over six years.
The Edinburgh project is prospective for large-scale epithermal and porphyry gold/copper/silver mineralisation.