Encounter Resources Ltd (ASX:ENR) has received firm placement commitments from professional and sophisticated investors to raise about $2.75 million at 6 cents per share.
The share placement was strongly supported by existing and new institutional and high net worth investors and directors, providing endorsement of Encounter’s project portfolio.
The funds raised will be primarily used to advance the East Thomson’s Dome & Telfer West Gold Projects, the Yeneena Copper/Cobalt Projects in the Paterson Province and the Nazare gold project in the Laverton Tectonic Zone.
Encounter also has exposure to well-funded exploration programs via five joint ventures with Newcrest Mining (ASX:NCM) in the Tanami and West Arunta regions of Western Australia.
Drilling underway at East Thompsons Dome and Telfer West
Last week, Encounter commenced a 4,000-metre drill program at the East Thomson’s Dome, Telfer West Gold Projects and the Lookout Rocks Copper/Cobalt Project.
East Thomson’s Dome is a high-quality opportunity located just 5 kilometres from the major gold-copper mine at Telfer.
Encounter managing director Will Robinson said: “We are excited to commence the RC/aircore drill program to test a suite of high quality gold targets in the Telfer region.
“This program will include testing of the first targets generated through the use of high resolution drone photography at East Thomson’s Dome that has identified extensions to known gold-bearing reefs and new sub-cropping reef potential in areas of thin sand cover”.