Coziron Resources’ directors have provided the company with $125,000 in interim funding by way of loans that are convertible into company shares for working capital. The company is planning to carry out infill drilling at its Buddadoo vanadium project in the Murchison, WA, to generate a JORC resource and has identified a number of drill ready targets at the Croydongold project in WA’s Pilbara region.
Coziron Resources’ directors are putting money where their mouths are by providing $125,000 in interim funding to the company for working capital.
The funds were provided by way of loans that are convertible into company shares at the lower of 2 cents or the same price as the next capital raising completed during the six-month term of the loans.
Chairman Adam Sierakowski said: “The investment in the company by myself, Steve Lowe and Simon Jackson is an endorsement of the company's exciting projects.”
“We look forward to being able to build on the excellent work done by Rob Ramsay and his geological team in progressing the company's Buddadoo vanadium project which requires infill drilling and the Croydon gold project which is now ready to be drill tested."
Infill drilling at the Buddadoo project near Yalgoo in the Murchison, WA, is aimed at generating a JORC-compliant resource and concentrate for marketing studies.
Preliminary metallurgical test work has already been successful in upgrading the vanadium content for all metallurgical samples obtained from the project, producing magnetite concentrates with between 0.8% to 1.86% vanadium pentoxide, 66% to 68% iron and between 1.4% to 5.7% titanium dioxide with mass yields of up to 46%.
The Buddadoo vanadium project contains a 6km long and 350m wide, high-intensity, magnetic anomaly that is generated from rock sequences containing bands of massive and disseminated vanadium-rich titanomagnetite mineralisation.
Meanwhile, rock chip sampling at Croydon project in WA’s Pilbara region has defined drill ready targets at the Martin and Top Camp prospects.
This work has returned up to 12% copper, 2 grams per tonne gold, 118g/t silver, 6% zinc, 0.34% cobalt and anomalous tin and indium from Martin whilst samples collected from Top Camp have returned up to 2.5g/t gold, 80ppm arsenic and 30ppm antimony.