Vital Metals (ASX:VML) has appointed experienced resources veteran Francis Harper as a non-executive director to its board to support advancing its Burkina Faso gold proejcts.
Harper is the founder and director of Blackwood Capital and has extensive experience in West African mining, having served as chairman and as a major shareholder of West African Resources between 2009 and 2015.
Blackwood Capital has raised over $1 billion for smaller companies over the last 15 years, and manages the Blackwood Small Cap Companies Fund.
David Macoboy, chairman, commented: “Francis was chairman of West African Resources from the start and was with the company as it developed its Burkina Faso project portfolio.
“All of West African’s financings over 6 years were conducted by Blackwood so his experience will be invaluable to Vitals’ growth as the project progresses.”
Drilling at Kollo
During April, Vital commenced a 100 hole, 12,500 metre reverse circulation drilling program at its 100%-owned Kollo Gold Project in Burkina Faso, West Africa.
Kollo is located on the highly prospective Markoye Fault Corridor which hosts West African Resources’ (ASX:WAF) high grade 2.2 million ounce Sanbrado Gold Project.
The accelerated drilling program at Kollo continues and drilling has started at Kollo South where
Vital aims to follow up on previous high grade gold results.
The program will involve drilling along strike and at depth to test for extensions of high grade mineralisation.
Additionally, a second track-mounted drill rig has been secured to drill test at Kollo Hill, an untested 1 kilometre strike length on the Kollo shear zone between Kollo Central and Kollo North.
Alongside the reverse circulation drilling, the auger exploration program continues working on infill drilling and regional testing.
Debt reduced
Vital also restructured its facility with Macquarie Bank, reducing outstanding debt to $1.4 million from $3.0 million.
This was done by way of a cash repayment of $1.0 million and a debt for equity conversion of $0.6 million approved by shareholders at a meeting on 2 May 2017.
The balance is to be repaid by 31 December 2018.
Vital recently raised $5 million in an oversubscribed share placement.