- Dart Mining (DTM) is raising $2 million to support drilling and exploration work in northeast Victoria
- The money will be raised through a placement comprising 20 million shares at 10 cents each and shareholders will receive one free option for every three shares subscribed for
- Specifically, Dart plans to extend its drilling program at the Granite Flat copper-gold project in Victoria as well as explore gold, lithium and base metal regional targets
- DTM shares are down 12 per cent to trade at 11 cents at 1:39 pm AEST
Dart Mining (DTM) has launched a share placement to raise $2 million.
The placement will issue 20 million new shares at 10 cents each which represents a 20 per cent discount to the company’s last closing price of 12.5 cents on August 31.
Dart Mining will also issue one free option for every three shares issued for a total of roughly 6.6 million options. The options may be exercised at 18 cents each and they’ll expire three years from the issue date.
The company plans to use the money to continue drilling at the Granite Flat copper-gold project in northeast Victoria.
Dart Mining recently announced that rock chip and grab samples from the Granite Flat project showed that copper-gold, silver, zinc and lead mineralisation is coincident with soil copper anomalies identified in a previous regional sampling program.
Peak rock chip results included five metres at six grams per tonne (g/t) gold, 14.4 g/t silver, and 0.52 per cent copper.
Peak grab samples returned grades of up to 27.9 g/t gold, 52.2 g/t silver, 6.65 per cent copper, 0.2 per cent molybdenum, 0.54 per cent lead and 0.46 per cent zinc.
The company said the combination of copper-gold soil anomalies and satellite lead-zinc-arsenic anomalies have offered up targets for upcoming drilling.
In addition to drilling at Granite Flat, the company hopes to undertake more exploration work on regional gold, lithium and base metal targets identified within Dart’s portfolio in Victoria.
DTM shares were down 12 per cent to trade at 11 cents at 1:39 pm AEST.