Minera IRL (LON:MIRL, BVL:MIRL, TSX:IRL) this morning unveiled plans to raise C$30 million to advance its Ollachea and Don Nicholas gold projects in Peru and Argentina respectively.
It is doing so via a share issue being organised by Jennings Capital, with Collins Stewart as a syndicate member.
Details of the pricing and the number of shares being issued were not revealed.
Earlier this month Minera told investors that the feasibility study and key activities at its Don Nicolas project in Argentina are on track for the middle of next year.
Infill and step out drilling has been completed on principal deposits Martinetas and Sulfuro Vein, where notable intersections into the Sulfuro Vein include 5.9 meters grading 18.17 grams per tonne (g/t) gold, 12.85 meters grading 9.98 g/t gold and 6.8 meters grading 15.7 g/t gold.
Assay results from infill drilling completed at Martinetas are yet to be received.
Meanwhile, in a recent interview with Proactive Investors, the company’s chairman Courtney Chamberlain spoke of his excitement and confidence about Olloachea.
“We’ve had two drill rigs running there for two years now,” he said.
“The white belt zone, which we know contains gold, stretches for some five kilometres.
“We have only explored two kilometres of that, and really only drilled properly one kilometre of that.
“And the Minapampa zone which has got the 1.3million ounces is only 680 metres in strike length.
“Since that resource was published we’ve added another 200 metres of strike length in Minapampa East which will come into a resource category.
“We’ve also discovered a zone called Concurayoc out to the west, which is about a 500 metres strike length, the deposit is open in both directions along strike and it’s open down dip.
“I think there’s going to be exploration going on there for many years to come and I am very confident that that resource space will grow substantially.”
Separately, Minera said it has published on its website selected results of the recent airborne magnetics geophysical survey conducted on its projected in the Santa Cruz Province, Patagonia, Argentina.