Murchison Minerals Ltd (TSX-V:MUR, OTCQB:MURMF) has successfully closed its non-brokered private placement, raising C$1.5 million to fund its exploration activities in Canada.
"The high degree of interest and support the company received in this private placement speaks to the confidence our shareholders have in Murchison's projects and our ability to execute on objectives,” CEO Troy Boisjoli said in a statement.
Ontario-based Murchison told shareholders that it is refocusing its exploration activities to the HPM project in Quebec, where it will use the funds raised to conduct ground geophysics and prospecting activities aimed at identifying potential drill targets for future exploration.
“With the closing the company is well funded to drive both BMK and HPM projects forward - as demand for critical minerals increases,” Boisjoli added.
Murchison’s vice president of exploration, John Shmyr, updated shareholders on the progress at HPM. Exploration in 2022 identified several high-priority nickel-copper-cobalt targets for further investigation.
A data review highlighted that the BDF Zone is an example of a highly conductive sulphide body, which is less responsive to VTEM surveys, Shmyr said, which indicates “something substantial being hosted at BDF,” he said.
“Geologists at Voisey's Bay encountered a similar issue where the conductance of the sulphide mineralization was too high for typical geophysical systems such as VTEM to adequately detect,” the VP said. “For that reason, Murchison will be using a tool called a SQUID (Super-conducting Quantum Interference Device), purpose built for highly conductive sulphide mineralization - allowing us to image key expansion areas at depth along the BDF Trend, de-risking future drill programs."
The private placement involved the issuance of Hard Dollar units, Quebec flow-through units, and National flow-through units.
Additional proceeds from the placement will be utilized for exploration at Murchison’s BMK Zn-Cu-Ag-Pb-Au VMS Project in Saskatchewan, as well as to cover working capital and administrative expenses.
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