Alta Zinc Ltd (ASX:AZI) managing director Geraint Harris has demonstrated his confidence in the company’s base metals strategy by participating in a recent placement.
The company received commitments from professional and sophisticated investors for a placement to raise $3.75 million before costs on March 24.
Following the approval of shareholders at a general meeting on May 18, Harris acquired 20 million direct shares with a total value of $100,000 in a direct interest, increasing the number of securities held to 100,344,298.
New drill targets at Gorno Project
The company recently outlined a large chargeability response over an area of 750 metres by 250 metres, which extends the exploration footprint of the Gorno Zinc Project in northern Italy.
Positive results were received from a geophysical survey over an untested area between the historic mining areas at Ponente (west), Pian Bracca (south) and Malanotte (north).
Based on this success, Alta is confident that the method can be further utilised at several other sites across the company’s exploration licence to quickly and efficiently explore for potential mineralisation which may offer further rapid resource growth.