Nagambie Mining (ASX: NAG) has completed its recent share purchase plan raising an additional A$195,000 in working capital to fund gold exploration on its tenements in central Victoria.
Shareholders subscribed for 9.75 million shares at $0.02 each under the plan, which was capped at $500,000.
Nagambie now plans to place the shortfall with sophisticated and professional investors.
The increase in working capital will assist Nagambie Mining to drill compelling gold targets at Wandean and Nagambie East.
Second pass reverse circulation drilling of the east-west gold mineralisation trend, which is currently 655 metres long and open to the east, at Wandean is the highest priority.
Nagambie is focused on evaluating the wholly owned oxide gold prospects on and within economic trucking distance of the Nagambie Mine. The company is targeting a minimum of 100,000 to 200,000 ounces of gold production.
The Nagambie Regional Gold Project has become Nagambie’s most advanced gold exploration asset.
The discovery of gold mineralisation at Wandean, 9 kilometres northwest of the Nagambie Mine, has provided further validation of the company’s gold model for the region.
A recent soil sampling program has reaffirmed the gold potential at Wandean, with highly anomalous soil sample results indicating strong eastward continuity of the gold mineralisation to the south of the interpreted Wandean Thrust.
The strongest gold-arsenic-antimony soil results occur 655 metres east of the drilled gold mineralisation and indicate that the mineralisation may become significantly wider to the east.
Nagambie Mining is planning further soil sampling to the east to determine the limits of this anomalous surface geochemistry, to be followed by focused reverse circulation drilling to test for sub-surface gold mineralisation.
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