- Classic Minerals (CLZ) has successfully raised $806,000 through a placement to institutional and sophisticated investors
- The money raised will be used for an upcoming drilling program at the Kat Gap and Forrestania gold projects
- Before drilling can commence however, the gold explorer has been awaiting approval of a mining lease application submitted earlier this month
- In the meantime, it has been focusing on metallurgical test work and scoping studies at the Kat Gap Project
- Classic Minerals’s shares have soared 50 per cent and are trading for 0.2 cents each
Gold exploration company Classic Minerals (CLZ) has successfully raised $806,000 through a placement to institutional and sophisticated investors.
The placement received significant demand and was heavily oversubscribed from both existing and new investors.
Funds raised from the placement will be used for an upcoming drilling program at the Kat Gap and Forrestania gold projects.
Less than one week ago, Classic Minerals submitted a mining lease application to the Department of Mines, Industry, Regulation and Safety.
The mining lease is for MLA 74/249 and is located at the company’s 100-per cent owned Kat Gap Project.
Kat Gap is part of the greater Forrestania which is located approximately 120 kilometres south from Southern Cross in Western Australia.
While Classic waits for the mining lease approval, it has been conducting metallurgical test work, optimisation work and scoping studies to develop the Kat Gap Project.
Classic Minerals’s shares have soared 50 per cent and are trading for 0.2 cents each at 3:58 pm AEST.