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- Caeneus Minerals (CAD) is set to commence its first drill programme within its Roberts Hill tenement in Western Australia after banking $1.8 million from professional investors
- The maiden drill gold programme will consist of 150 aircore drills in a bid to test previously identified features in the Mallina Basin situated prospect
- Exploration licences at Roberts Hill and Mt Berghaus cover area of 170 square kilometres and 179 square kilometres, respectively
- Caeneous has just finalised a $1.75 million placement to fund exploration efforts in the area
- Caeneus Minerals shares were trading in the grey at 1 cent
Caeneus Minerals (CAD) is set to commence its first drill programme within its Roberts Hill tenement in Western Australia after banking $1.8 million from professional investors.
A total of 150 aircore drills are set to be executed for the gold programme in a bid to reach depths of 120 metres, targeting features identified in previous surveys.
A drill rig is said to be in place and contractors are undertaking final preparations at the site ahead of the drilling start.
Caeneus is banking on achieving similar success in the Mallina Basin area famed by fellow ASX-listed miner De Grey (DEG) for discoveries within its Greater Hemi Resource.
Exploration licences at Roberts Hill and Mt Berghaus cover area of 170 square kilometres and 179 square kilometres, respectively, and are situated approximately 50 kilometres south of Port Hedland.
Costs of drilling have been aided by a recently completed $1.75 million placement, which will see the company issue 250,000,000 fully paid ordinary shares at 0.7 cents apiece to sophisticated and professional investors.
The placement was lead by Shaw and Partners, who will take a fee equal to six per cent of proceeds raised.
Caeneus Minerals shares were trading in the grey at 1 cent at 12:32 pm AEST.
