Join our daily newsletter At The Bell to receive exclusive market insights
- Tasman Resources (TAS) has received commitments to raise $4.8 million via a share placement
- All up, 60 million shares will be issued to sophisticated and professional investors at 8 cents along with 30 million free attaching listing options
- Tasman will use the funds for future mineral exploration studies and to support its investment in fellow ASX-lister Eden Innovation (EDE)
- Just yesterday, the company advised the market that a Fortescue Metals (FMG) subsidiary completed drilling at the Lake Torrens Project in South Australia
- Two holes were drilled to test the iron-oxide-copper-gold (IOCG) Vulcan North gravity anomaly
- Samples have been sent to the laboratory for chemical analysis, and results are pending
- Tasman is down 9 per cent on the market and shares are trading at 9.1 cents
Tasman Resources (TAS) has received commitments to raise $4.8 million via a share placement.
All up, 60 million shares will be issued to sophisticated and professional investors at 8 cents along with 30 million free attaching listing options.
Once received, Tasman will use the money for future mineral exploration studies at its South Australian exploration licences and to support its investment in fellow ASX-lister Eden Innovations (EDE).
Just yesterday, Tasman advised the market that FMG Resources, a subsidiary of Fortescue Metals (FMG), has drilled two deep diamond holes at the Lake Torrens Project.
The project lies in South Australia and is held in joint venture with FMG earning a 51 per cent interest.
FMG Resources undertook a two-hole diamond drilling program at the project to test the iron-oxide-copper-gold (IOCG) Vulcan North gravity anomaly.
Drilling began with reverse circulation before switching to diamond drilling and then navigational drilling.
Both of the holes intersected substantial downhole widths of hematite breccia which hosts IOCG mineralisation.
Cutting and sampling of the core is in progress and several samples have been sent to the laboratory for chemical analysis.
Results are pending, and Tasman will release them to the market when analysis wraps up.
Tasman is down 9 per cent on the market and shares are trading at 9.1 cents at 11:35 am AEDT.
