Mining Projects Group (ASX:MPJ) has closed its 1 for 5 non-renounceable rights issue that sought to raise up to $1.6 million to advance its highly prospective Roe Hills nickel project in Western Australia.
This was underwritten by Alignment Capital Pty Ltd.
It had previously raised $600,000 through a placement of 100 million new fully paid shares at $0.006. In total, it was looking to a $2.2 million raising for its 2015 exploration program.
The rights issue includes one free attaching option exercisable at $0.01 expiring 30 June 2016 for every new share.
The company will make an announcement of any under subscriptions and the total number of new shares and options that are issued under the offer.
Recent drilling has intersected strongly disseminated nickel sulphides at the Roe 1 Prospect.
Logging of the northern most hole at Talc Lake Prospect has also been completed, identifying disseminated nickel sulphides over a 2 metre zone.
Drilling has now defined nickel mineralisation in all 3 drill sections over a strike distance of 875 metres at the Talc Lake Prospect.
A DHEM crew is currently on site to complete Down Hole Electromagnetic surveys on unsurveyed holes at the Roe 1 and Talc Lake Prospects.
Newexco will complete a major moving-loop electro-magnetic survey which is planned to commence in April to test 40 kilometres of strike-length of the prospective ultramafic horizon within MPJ’s tenement package.
The company recently defined nickel sulphide fertile lava channels at both prospects, indicating that the entire belt contains numerous prospective lava channels in addition to the two already defined.
Previous assay results at Roe 1 had returned elevated nickel-copper-PGE in two holes with the ultramafic rock in the lava channel shown to be comprised of a lizardite serpentinite that is very similar to the Cosmos ultramafic geology and thus a very encouraging sign that the system is highly prospective.
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