Estrella Resources (ASX: ESR) has raised $950,000 to accelerate its maiden drilling program at the Colupo Prospect within Altair copper-gold project in Chile.
It will expand its initial drilling program targeting near surface extensions of the known copper mineralisation after recent magnetotelluric anomalies identified at Colupo suggests the mineralisation system may be larger than expected.
The new funds will also allow it to simultaneously undertake follow up exploration on a number other highly prospective targets within Altair. These include Antucoya West, Saturno, Dania and Ivannia.
Altair is located 90 kilometres north-northeast of Antofagasta and is along the Atacama Fault Zone that encompasses a significant portion of northern Chile's coastal iron oxide copper gold belt.
The funds were raised through a placement of 9.5 million shares priced at $0.10 each to institutional and professional shareholders.
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