GOLD and copper explorer Ausgold has announced completion of a $25 million placement at $1.35 per share to major offshore institutions.
The funds will be used primarily in funding the company’s 100,000-metre drilling program at its Katanning Gold Discovery and for regional exploration at the Greater Boddington South project.
Ausgold CEO Benjamin Bell said it was a noteworthy achievement to successfully complete a fundraising of this size in the difficult market conditions of late.
“The success of the raising speaks volumes of the potential of the Southwest Yilgarn, in particular Katanning where we plan to spend $15 million in the next 12 months to continue with our drill out of the various prospects located along our two 18-kilometre corridors of mineralisation,” Mr Bell said.
In addition to the Katanning Gold Discovery, the greater Boddington South Exploration Project covers an area of 6,000sqkm and is host to multiple targets which Ausgold said merits further exploration.
In all, $5 million is budgeted for exploration in this area.