Gleneagle Gold (ASX: GLN) was active with a geochemical sampling and assaying program at the company's Peak Hill exploration licenses in 2011, and has now initiated a capital raising to progress exploration.
The funding is in two parts, with a placement of 100 million shares at $0.05 to raise $500,00, plus an underwritten rights issue covering 122 million shares
The Peak Hill goldfield is located along the southern margin of the Proterozoic belt and the northern edge of the Yilgarn Craton and lies within the western part of the Palaeoproterozoic Bryah Basin.
The company’s tenements are prospective for mesothermal gold-only style deposits, with one tenement positioned 2 kilometres due west of the abandoned Fiveways Pit at Peak Hill.
The second project is 2.5 kilometres north-east of the abandoned Horseshoe Pit gold-copper-silver deposit, and immediately north of the Saturn gold prospect.