Forte Minerals Corp (CSE:CUAU, OTCQB:FOMNF) announced that it plans to raise up to C$1.5 million to fund its initial 1,200-meter drill program at its Pucarini gold project and additional exploration across its portfolio of Peru gold-copper projects.
It highlighted that Pucarini, which has never been drill tested, demonstrates anomalous gold in soil and rock geochemistry coincident with mapped advanced argillic alteration and high-chargeability, high-resistivity IP geophysical anomalies extending down to depths of 300 meters over an area of 2 kilometers by 2 kilometers.
Forte Minerals also plans to carry out an MT geophysical survey at Esperanza to delineate the exposed leached porphyry copper-molybdenum system under thin post-mineral cover.
Further, the funds raised will be used for a surface exploration program at Alto Ruri alongside social engagement and drill permitting efforts.
Any remaining funds will be used for general working capital purposes.
‘This financing is a crucial step towards making a discovery at the Pucarini gold project and further exploring the potential at Esperanza and Alto Ruri,” Forte Minerals CEO Patrick Elliott said. “We look forward to updating our shareholders on our progress.”
To raise the C$1.5 million, the company intends to complete a private placement of up to 7.5 million units priced at C$0.20 each.
Each unit will consist of a share and one-half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional share at C$0.30 for two years.