PERTH (miningweekly.com) – Junior explorer Cygnus Gold will elevate A$8-million to fund its lithium hunt in Canada.
The ASX-listed firm has acquired agency commitments for the position of greater than 18.18-million shares, at a value of 44c every, representing a reduction of 10.2% to Cygnus’ final buying and selling value. The shares might be issued underneath the corporate’s current placement capability and won’t require shareholder approval.
Funds raised might be used for exploration actions on the Pontax and James Bay tasks in Canada, in addition to to fund exploration actions in Australia.
“In mild of the excellent outcomes from our first three holes at Pontax, which doubled the identified depth of mineralisation and found a brand new separate zone which doubtlessly replicates Pontax to the north, Cygnus has determined to expedite drilling,” stated government director Michael Naylor.
“The outcomes confirmed we’ve an enormous alternative at Pontax, with the mineralisation open in each path. This elevating will allow us to grasp the worth of this chance a lot quicker. With a second drill rig secured and a 3rd rig being sourced, the extra funding provides us the chance to quickly outline a hard-rock lithium useful resource in a Tier-1 jurisdiction with world-class infrastructure and a number of other giant onerous rock lithium deposits.
“We are going to ramp up exploration, which is able to generate a constant circulate of drilling outcomes from the ten 000 m drill program over the subsequent six months,” he added.