Genesis Minerals (ASX: GMD) has raised $1.845 million by placing 9.225 million shares at $0.20.
The funding injection will advance exploration and evaluation of the Dinamarquesa and Cerro Verde Projects, located in northern Chile.
Some very promising gold hits at Dinamarquesa highlight the prospectivity of the area, and include:
- 2 metres at 102.8 grams per tonne (g/t) gold;
- 2 metres at 6.5 g/t gold; and
- 1 metre at 17.7 g/t gold.
The project is located in the Atacama Desert, and is 90 kilometres north from the city of Copiapo by a sealed road and 75 kilometres east of the Pacific Ocean.
A 5,000 metres drilling program at Dinamarquesa will kick off in May to infill and extend the high grade gold system, while also targeting copper.
Argonaut Securities was the lead manager to the placement.