Jaxon Mining Inc (CVE:JAX) has arranged a strategic investment from Zijin Mining Group of China, and certain other investors.
The investors have subscribed for up to 5.63mln flow-through shares at a price of 32 cents per share for gross proceeds of C$1.8mln.
The proceeds will contribute to financing Jaxon's fall/winter 2017 drill program at its Hazelton silver-zinc VMS target in British Columbia's prolific Skeena Arch.
READ Jaxon Mining nearing target generation for Hazelton drilling
"The Zijin Midas Exploration Fund is a cornerstone strategic investor and we welcome their continued support. We're excited to be mobilizing to the field for a phase 1 drill program at the Hazelton project. We have a host of high priority targets to drill test - many beneath interpreted feeder zones associated with bonanza grades of silver and zinc at surface in outcrop," said Jason Cubitt, Jaxon's president and chief executive officer.
Jaxon said a detailed 3-D drill model has been produced based on an integrated compilation of historic and recent fieldwork and airborne geophysics. The company will provide specifics of the program in the coming days.