Oar just raised 1.5m in cash to execute its gold, base metals exploration
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Oar has raised $1.5m through a share placement to drive exploration at its gold and battery metals project in Nevada and Western Australia.
Proceeds from the placement of shares priced at 0.5c each will be used to restart drilling at its Douglas Canyon gold project in Nevada along with extending exploration mapping into the expanded project tenure along an interpreted strike of more than 2.5km.
Oar Resources (ASX:OAR) has also allocated funds for ongoing fieldwork such as an airborne geophysical survey over priority target areas in the Eastern Domain of the Crown nickel-copper-PGE project in WA’s Julimar District.
Managing director Justin Richard said in light of recent market conditions, the placement allowed the company to focus on executing its strategy and starting the next phase of exploration without delay.
“I look forward to reporting the results of these activities throughout the coming months,” he added.
The company plans to start off work at Douglas Canyon at the drillhole DCD-02, which is targeting a highly-fractured high-grade quartz vein mapped at surface.
Once drilling is completed, the rig will move to a second hole to drill test the parallel high-grade structure on the northern shear at DCD-01, to the north of the first hole.
Oar had recently expanded Douglas Canyon by roughly 50% to 6.47sqkm after picking up new ground immediately adjacent and to the west of the project.
The new claims include multiple prospect pits to the south of the structure that continue to the west.
Mapping and prospecting of the claim area is due to begin this month, with airborne imagery suggesting other structures could be there to test between the two major structures in the western extension.
Meanwhile, the planned airborne geophysical survey over multiple targets area at Crown will seek to identify drilling targets for the first phase of drill testing.
This is significant as Crown contains numerous geophysical trends understood to represent rock sequences like those discovered at Chalice Mining’s adjacent and rather prodigious Julimar Complex.
This article was developed in collaboration with Oar Resources, a Stockhead advertiser at the time of publishing.