Red Mountain Mining (ASX:RMX) has taken advantage of promising drill results at its Philippines gold project to raise capital.
Most recently announced drilling results at Batangas gold project south of Manila included; 2.20 metres at 36.53g/t gold from 203 metres, including 1.2m at 62.0g/t gold.
Importantly for the company and highlighting the prospectivity of the project, ten holes to date from the latest Archangel drilling have intersected gold mineralisation.
A trading halt in the company's shares has been requested.
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