BMG raises cash for exploration drive
PERTH (miningweekly.com) – Junior gold explorer BMG Resources will raise A$4-million in a share placement to fund exploration at its Western Australian gold project.
The ASX-listed company on Monday said that it would place some 80-million shares, at a price of 5c each, with an initial A$3-million to be raised under the company’s existing placement capacity.
A second tranche placement to raise a further A$1-million will be subject to shareholder approval at a general meeting scheduled for August.
Proceeds from the placement will be used to fund drilling and exploration programmes in Western Australia, BMG said, including a follow-up drilling campaign at the Abercromby gold project, and a maiden drill programme at the Invincible project.
“Our maiden drill programme at Abercromby returned results displaying width and grade that supports the presence of a significant volume of gold mineralisation. We are excited to be progressing to a follow-up drill programme at Abercromby that will be designed to further scope the extent of this high-grade gold mineral system,” said BMG MD Bruce McCracken.
“Initial work at Invincible has identified targets for potential gold mineralisation, and we are pleased to also advance further drill and exploration programmes for this gold project.”
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation