- Avira Resources (AVW) is set to commence targeted exploration at two prospects in the Paterson Range, funded by a $500,000 placement
- Complex geological reviews of the Throssel Range and Mount Macpherson prospects have revealed highly prospective areas for further exploration
- It’s anticipated the final exploration permitting will be completed for both prospects by September at the latest
- Exploration will combine soil geochemistry, aerial electromagnetic surveys and drilling to gain an understanding of what really lies under the ground
- The exploration will be kicked off in part with a $500,000 share placement
- Avira Resources is up 50 per cent to 0.3 cents per share
Avira Resources (AVW) is set to commence targeted exploration at two prospects in the Paterson Range, funded by a $500,000 placement.
Paterson prospects
Complex geological reviews of the Throssel Range and Mount Macpherson prospects have revealed highly prospective areas for further exploration.
Suspected gold and base metal mineralised zones are believed to reside in both outcroppings and a number of deeper features like basement blocks and basin margin faults.
The shallow cover over most of the tenements, as well as multiple types of possible mineralisation make the Paterson projects potentially both easily exploitable and rich.
It’s anticipated the final exploration permitting will be completed for both prospects by September at the latest.
Early-stage reconnaissance and planning is aimed for June, while geochemical and geological mapping and field verification of suspected mineralised zones is slated to be completed between July and September.
Exploration will combine soil geochemistry, aerial electromagnetic surveys and drilling to gain an understanding of what really lies under the ground.
Capital raise
The exploration will be kicked off in part with a $500,000 placement.
Avira will issue 250 million shares at 0.2 cents each to raise the money.
The money raised will also be used for maintaining the company’s Pyramid exploration tenements in Queensland and for working capital purposes.
The placement is subject to shareholder approval, with a general meeting to occur on June 29, and the placement shares expected to be issued on June 30.
Avira Resources is up 50 per cent to 0.3 cents per share as at 12:50 pm AEST.