Resource and Investment (ASX: RNI) has raised $2.4 million via placement of 32 million shares at $0.075 to sophisticated investors.
The funds raised will be used to supplement working capital, including a priority drilling program at its Forrest Gimp copper-gold discovery in Western Australia's Bryah Basin.
Results from drilling last month included 5 metres at 1.82% copper, with 1 metre at 5.4% from 142 metres, 11 metres at 1.04% copper with 1 metre at 5.11% copper, and 1 metre at 1.69g/t gold and 2.44% copper from 82 metres.
Forrest Gimp lies on the southern end of an identified regional copper corridor within the Narracoota Volcanic Formation that extends for around 12 kilometres.
Without cross checking every explorer's drilling results over the past 5 years, we think RNI could be the first company to find copper under a gold-rich cap within this formation since Sandfire Resources (ASX: SFR) at Doolgunna in 2009.
RNI is also in advanced discussions with a range of parties regarding further project financing for its Grosvenor and Peak Hill gold projects.
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