Constellation Resources Ltd has launched a two-hole diamond drilling program at the Centre Forest Prospect, part of its 100%-owned Ularring Copper-Gold Project in Western Australia. The program targets a high-quality, untested dipole-dipole induced polarisation (DDIP) anomaly that aligns with previous copper-gold intercepts in 2007 completed by Sipa Exploration and coincides with a circular magnetic low — a geological setting indicative of intrusion-related mineral systems known to host large deposits in the region.
The drilling will initially focus on the northern portion of the anomaly, where the strongest and shallowest modelled chargeability response exceeds 20 millivolts per volt (mV/V). This peak response significantly surpasses chargeability levels observed over previously drilled copper-gold intersections located up-dip, suggesting the potential for higher-grade mineralisation at depth.
The chargeability zone spans approximately 1.1 kilometres by 0.3 kilometres, plunges horizontally, and includes a core with readings greater than 20 mV/V – a feature that may reflect increased sulphide content. If confirmed, this could serve as a vector toward discovering a more concentrated copper-gold zone.
Pending results from the initial hole, a second drillhole is planned 500 metres to the south-east to further test the anomaly's extent. An Exploration Incentive Scheme (EIS) grant application has been submitted to support this next phase.
Raising $2.3M
Constellation is undertaking a one-for-four non-renounceable entitlement offer at A$0.15 per share to raise approximately A$2.36 million before costs.
The company will issue of up to 15,759,806 new fully paid ordinary shares, with eligible shareholders given the opportunity to subscribe for one New Share for every four fully paid ordinary shares held as at the record date of 5:00pm (AWST) on Tuesday, April 22, 2025.
Directors and officers of the company have indicated their intention to participate in the offer, collectively applying for approximately 2 million New Shares.
Any shortfall from the entitlement offer may be placed by the Directors within three months of the offer’s closing date, at a price not less than A$0.15 per share.
Proceeds from the offer will be directed towards advancing exploration at the company’s Western Australian projects, business development activities, and general working capital requirements, including corporate and administrative expenses.
Indicative timetable
