Aeris reels in $50.4m for copper-gold exploration
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Resource companies continue to draw funding from investors with Aeris Resources (ASX:AIS) successfully raising $50.4m by way of an institutional placement.
Investors jumped on the placement of 287.9 million new shares priced at 17.5c each – a 14.6 per cent discount to the last closing price of 20.5c on 9 June.
Proceeds from the placement will be used to accelerate exploration at the Tritton copper and Cracow gold projects.
During the 2022 financial year, the company will continue drilling at the Constellation discovery at Tritton with the goal of defining a maiden resource for both open pit and underground mining.
At Avoca Tank, two holes will be drilled to test down dip extensions below the existing resource.
The company also intends to carry out aerial electromagnetic work over the northern half of Tritton as it was successfully used to find Constellation.
On the development front, Aeris plans to start development of the Budgerygar underground mine, finalise plans to start developing Avoca Tank and cut-back the open pit at Murrawombie.
For Cracow, the company will test multiple targets with three rigs operating in FY2022.
Mandrake Resources (ASX:MAN) has also received firm commitments received for a $12m placement priced at 20c per share, or a 12.3 per cent discount to the 15-day volume weighted average price of its shares.
The placement will fund the company for an imminent drill program and broader geological and geophysical assessment of its Newleyine platinum group elements-nickel-copper target just 30km from Chalice Mining’s (ASX:CHN) Julimar discovery.
It will also undertake further work at the PGE-nickel-copper prospects identified by the recent geological mapping and sampling undertaken across the entire Jimperding Project along with further reverse circulation drilling at the Berinka gold-silver-copper project in the Pine Creek Orogen, Northern Territory.
Earlier this week, Mandrake noted that it had identified the Tolarno North and Tolarno South prospects at Jimperding that are coincident with EM anomalies identified by the recently conducted airborne electromagnetic survey.