www.millenniumminerals.com.au
Millennium Minerals Limited (ASX:MOY) is an emerging metals company focused on the exploration and development of a large tenement portfolio in the East Pilbara region of Western Australia. The high-quality portfolio encompasses a large gold inventory and a secondary molybdenum project.
Millennium Minerals closes underwritten A$23.2m rights issue to progress 1.25m oz Nullagine
Millennium Minerals (ASX: MOY) has closed the fully underwritten A$23.2 million rights issue, with the new inflow of cash to advance the 1.25 million gold ounce Nullagine Gold Project.
Shareholders took up 39.6% of the rights, which is very promising considering the global turmoil in the past month when the offer was open, with the remaining 60.4% to be taken up by Patersons Securities, the underwriter and lead manager to the issue.
Most importantly for the emerging gold producer, is of the likelihood Nullagine will have a boost in gold resources.
Just last week Millennium intercepted near surface gold at the Shearers and Otways prospects.
Significant gold intercepts at Shearers included:
- 21 metres at 1.31 grams per tonne (g/t) gold from 36 metres;
- 20 metres at 2.09 g/t gold from 62 metres; and
- 13 metres at 1.89 g/t gold from 12 metres.
At Otways results included:
- 6 metres at 3.46 g/t gold from 28 metres;
- 4 metres at 3.37 g/t gold from 16 metres; and
- 4 metres at 2.11 g/t gold from 18 metres.
Exploration was designed to follow-up on drilling from 2010, and was successful in identifying the company's goal of additional mineral resources.
A 10,000 metre reverse drilling campaign will now target the Shearers and Otways discovery zones.
