leadf
logo-loader
viewElement 25 Ltd

Montezuma Mining Company Ltd to take advantage of strong gold environment

Justin Brown, ED, commented: "We are very pleased with the level of support for the company’s ongoing gold exploration programs. The completion of this capital raising will allow those programs to be accelerated."

au_montezuma_mining_outback_construction_358_57a7e29ba185c.jpg

Montezuma Mining Company Ltd (ASX:MZM) has received commitments to raise $2.21 million before costs through the issue of 13 million fully paid ordinary shares at $0.17 per share.

The funds will be used to accelerate exploration at the company’s wholly-owned gold exploration properties at Yamarna and Holleton where previous work has identified the potential for large scale gold systems, and for working capital.

Justin Brown, executive director, commented: "We are very pleased with the level of support for the company’s ongoing gold exploration programs.

"The completion of this capital raising will allow those programs to be accelerated without depleting the company’s existing cash reserves, allowing us to take advantage of a very strong gold price environment."


Gold portfolio in Western Australia

All prospects at Yamarna lie along strike and within 20 kilometres of the 6.2 million gold ounce Gruyere discovery by Gold Road Resources Ltd (ASX:GOR).

Upcoming exploration includes accelerated reverse circulation drilling to test the Jatz gold target over 1.5 kilometres of strike of strong basement anomalism with grades of up to 19.1g/t gold.

Adding to the prospectivity of the area, The Yamarna Greenstone Belt is an under explored province, which is geologically similar to the Kalgoorlie Gold Belt.

The Holleton exploration licence covers 115 square kilometres of the Holleton Greenstone Belt, located 400 kilometres east of Perth.

The area was previously explored by Independence Group NL (ASX:IGO) who identified numerous gold anomalies through soil sampling.

Planning and permitting underway.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Element 25 Ltd

Price: 1.185 AUD

ASX:E25
Market: ASX
Market Cap: $156.88 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Element 25 Ltd named herein, including the promotion by the Company of Element 25 Ltd in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Element 25 'well funded' as it progresses PFS on Butcherbird manganese project

Element 25 Ltd's (ASX:E25) Justin Brown sits down with Proactive's Andrew Scott while at Mines and Money in London 2019. The company's flagship asset is the Butcherbird manganese deposit, which has been described as Australia’s largest onshore manganese resource. ''The PFS is around 90%...

on 27/11/19

2 min read