Warriedar taps investors for $6m

Warriedar Resources will raise $6 million in order to increase resource growth at its Golden Range gold project, located in Western Australia's Murchison region.

An explorer with gold and copper interests in both WA and the US, Warriedar said it will issue approximately 157.9 million shares across its two-tranche placement at an offer price of 0.038 per share.

This is the company's second significant capital raise in the space of six months, after Warriedar announced on September 6 last year it was rattling the tin for $5.5 million in order to accelerate exploration drilling and resource growth at Golden Range and its Fields Find projects. 

As of 11.08am AWST, Warriedar's shares were down 8 per cent, trading at $0.045 per share. 

Warriedar's managing director Amanda Buckingham said the company's drilling focus in 2024 was simple.

The funds raised allow us to continue drilling at the Golden Corridor - the area within our tenure that we believe has the best opportunity for immediate and substantial resource growth," she said.

"We should receive assay results from the remaining 9 holes of the Ricciardo deposit program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May.

"The 2024 drilling will be very focussed - targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor.

"A simple, yet proven strategy.”

The West Perth-based explorer said it plans to drill an additional 12,000m during the 2024 calendar year, which will include a diamond drilling program which will build on holes previously drilled during the company's reverse cycle drilling activities.