Magnetic Resources (ASX:MAU) raises $2.6 million for gold projects

Company News

by Adrian Tan

Magnetic Resources (ASX:MAU) has raised $2.6 million via a placement of 1.83 million new shares at $1.42 a share. The funds will advance work at the Hawks Nest 9 and Lady Julie gold projects. They will be mainly used for additional drilling, metallurgical studies, resources and scoping studies, and working capital.

Managing Director George Sakalidis comments, "We continue to intersect significant gold mineralisation in our drilling at both the Hawks Nest 9 and Lady Julie projects, and we remain encouraged by the mineralisation showing up in our two thickened mineralised zones and the new targets from the seismic interpretation. These funds will allow the Company to continue the significant drilling campaigns we started in January 2021 with the aim of defining JORC at these two projects. Our drilling to date has shown four stacked lodes in the top 100m and our ongoing drilling will investigate mineralisation at depths down to 300-400m."

Shares in Magnetic Resources (ASX:MAU) are trading 1.56 per cent lower at $1.575.

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