Torian Resources Ltd (ASX:TNR) will push ahead with its Goldfield project after completing a $3.3 million share placement at $0.185 each, supported by strong demand from institutional investors.
Following the capital raising, Torian will commence the second phase of its four phase exploration program at the Zuleika JV in Western Australia along with JV partner Cascade Resources (CVE:CC.H).
Torian is one of the most active resource companies in the Goldfields region of Western Australia, completing 8 acquisitions over the past 12 months.
The company holds the second largest landholding along the highly prospective Zuleika Shear in the Goldfield region.
Earlier this month, the company identified a one kilometre mineralised strike length at Target 10 in Zuleika, after intersecting 1 metre at 58.80 g/t gold from 1 metre and other significant results from a drill program.
This could potentially unlock value for shareholders, as Target 10 lies along strike of Northern Star’s (ASX:NST) 5 million ounces gold East Kundana JV.
Western Australia represents over 70% of Australia’s total gold production, with the Goldfields producing 146.9 million ounces of gold up until 2014.
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