Argonaut Resources NL (ASX:ARE) has been a strong performer recently, with its shares currently trading at $0.025, or more than triple their valuation from just three months ago.
Argonaut has now added to its cash position through the completion of a placement to sophisticated and professional investors at $0.02 which raised $700,000.
The new funding will be allocated to the activities associated with the Torrens geophysical surveys and additional Higginsville exploration activities.
Importance of Higginsville
Recent drilling results from Higginsville increased the potential for a commercial gold deposit.
Highlights included: 11 metres at 2.76 g/t gold from 77 metres.
Importantly the drilling demonstrating improved continuity of gold grades along strike.