Miramar Resources Ltd (ASX:M2R)’s Allan Kelly discusses a $2.4 million share placement intended to accelerate drilling on the 80% owned Gidji joint venture (JV) Project with Proactive’s Andrew Scott. The company received strong interest and completed the placement oversubscribed.
The funds will now be used for concentrated drilling programs at Gidji, including air core over a number of targets, 10,000 metres of follow-up reverse circulation (RC) drilling and several deep diamond-drilled holes.
The company believes Gidji has potential for a camp-style mineralised system which generally consists of multiple mineral lodes close together and allows for efficient extraction.