Funds will be used to kick off further exploration work at the TMT project. Pic via Getty Images.
Belararox puts $4m in the kitty to expand exploration of its TMT copper-gold project in Argentina
Mining
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- Belararox raises $4m for further exploration at its flagship TMT copper-gold project
- Geological mapping, surveying and surface sampling continues in Argentina
- Maiden drill program planned for end of this year
Special Report: Porphyry hunter Belararox has received strong support for $4 million to fully fund ongoing exploration at its flagship Toro-Malambo-Tambo (TMT) project in Argentina.
With evidence of a potential porphyry copper system at TMT recently identified, Belararox (ASX:BRX) will use the funds to further investigate 12 targets it believes hosts high-grade copper mineralisation within the tenement package.
The TMT project occupies an unexplored area between the prolifically mineralised El Indo and Maricunga Metallogenic belts and is surrounded by huge copper deposits – none more defining than the giant Filo del Sol, a porphyry deposit backed by BHP (ASX:BHP) – which contains an estimated 644Mt resource grading @ 0.31% copper, 0.32% gold and 10.1% silver.
Fully-funded to explore
Strong support for the $4 million placement was received by new and existing investors, with 14.3 million new shares issued at 28c per share – a 16.4% discount to the last day of trade and an 11.8% discount to the 10-day VWAP.
Geological mapping, surveys and surface sampling at 12 recently identified and highly prospective copper-gold targets will continue at the Toro North, Toro Central and Toro South prospects which are confirmed to contain porphyry-style alteration and mineralisation.
“The 12 targets are set to undergo thorough exploration as part of an extensive program led by an experienced Belararox team that is currently present on-site in Argentina,” BRX managing director Arvind Misra says.
BRX is also planning an extensive drill program to be conducted later this year.
This article was developed in collaboration with Belararox, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
