Core Exploration (ASX:CXO) has received firm commitments from professional and sophisticated investors for 15 million new shares at $0.05 to raise $750,000, to fund high grade silver drilling in the Northern Territory.
A share purchase plan of up to $750,000 will also be offered existing shareholders at $0.05, partially underwritten to an amount of $500,000.
Funds will be used to expedite drilling approvals and a drilling program at Blueys and Inkheart, where silver in soil and rock chips up to 4.5 kilograms per tonne silver have been identified.
Core will also develop drill targets beneath the high-grade copper at surface at the Copper Royals and Virginia Prospects.
Given the exploration results received to date, Core recently secured 100% ownership of the Albarta joint venture tenements, which incorporate Blueys and Inkheart, prior to initiating drilling.
This gives Core shareholders maximum exposure to upside from any material discoveries.
Core also controls large IOCG targets near BHP's Olympic Dam in South Australia, and is capitalised at under $5 million.
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