Funds raised under the placement, and non-renounceable rights issue, will primarily be used for upcoming exploration programs. Pic via Getty Images
Mining
With funds raised under the placement, and non-renounceable rights issue, Miramar plans to conduct upcoming exploration programs at the Whaleshark and Bangemall projects in Western Australia.
Strong commitments have been received from new and existing sophisticated investors to raise $1.5m by way of placement shares.
Miramar Resources (ASX:M2R) is also undertaking a fully underwritten non-renounceable rights issue for eligible shareholders, meaning both the placement and rights issue will raise around $2m before costs.
The placement will result in the issue of 50,000,000 fully paid ordinary shares at an issue price of $0.03 per share, a 38.8% discount to the company’s 10-day volume weighted average price of $0.049.
M2R executive chairman Allan Kelly says over the last two and a half years, whilst outlining a significant amount of gold near Kalgoorlie, the company also developed highly prospective targets at Whaleshark, for IOCG mineralisation, and in the Bangemall region for nickel-copper-PGEs.
“Each of these projects are capable of hosting a significant deposit,” he explains.
“With the recent successful EIS funding application, the raising means Miramar is now well-funded to complete planned drilling programs at Whaleshark and Mt Vernon.”
After acquiring the Whaleshark project as part of the company’s IPO in 2020, Miramar has focused its exploration work on Iron Oxide-Copper-Gold (IOCG) mineralisation beneath younger sediments of the Northern Carnarvon Basin in WA’s Ashburton region.
Miramar has defined high-priority bedrock drill targets at Whaleshark comprising overlapping mobile metal ion (MMI) surface geochemical anomalism over around 1.2km x 1.2km.
The company has been successful in applying for up to $180,000 through the Western Australian government’s Exploration Incentive Scheme (EIS) co-funded drilling program and has also completed a heritage survey over the site of proposed drill holes, which will test the coincident gravity and air core copper anomalies in the “neck” of the Whaleshark granite.
Miramar’s Bangemall projects include both Dooley Downs and Mt Vernon, where exploration on the latter has identified several high priority nickel, copper, and PGE targets.
The company believes that historic sampling results, when combined with the recent EM survey, has indicated the potential for significant nickel-copper-PGE mineralisation at Mt Vernon.
Miramar is planning a reconnaissance field trip during June.
This article was developed in collaboration with Miramar Resources, 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.
Mining
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