Tocvan Ventures Corp has announced a C$600,000 placing to advance its Pilar project as much as possible this season and to progress the recently acquired Picacho gold-silver brownfield asset, also in Mexico.
The offering sees the company issue 666,667 units at C$0.90 each for gross proceeds of up to C$600,000.
Each unit comprises one share and one share purchase warrant, entitling the holder to buy one further share for C$1.35 for 18 months from issue, subject to an acceleration provision.
"With the recent discovery of a broad mineralized breccia host and the activation of a second drill rig at Pilar, we feel now is the time to keep the momentum going as we come into full-swing of our operating season," said Tocvan CEO Brodie Sutherland in a statement.
"The use of these funds will ensure we are able to advance Pilar as much as possible this season while starting to evaluate our newest acquisition, the exciting Picacho Au-Ag project, a brownfields project in the Caborca Orogenic Gold Belt."
READ: Tocvan Ventures sees encouraging findings from Phase 3 drilling at Pilar project
At the Pilar asset, a second drill rig has been mobilized to further expand and define the extent of the established Main Zone, while continuing to explore several new prospective trends including 4-T.
Advanced metallurgical studies are also underway for bulk material.
At Picacho, reconnaissance mapping and surface sampling will define trench and drill targets across six kilometers (km) of prospective trend, said Tocvan.
Priority target areas include San Ramon where a 70 metre (m) underground drive has returned 28 samples ranging from 0.29 to 21.8 grams per ton (g/t) gold.
Contact the author at giles@proactiveinvestors.com