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Errawarra Resources (ASX:ERW) is starting its inaugural drilling program at its Elizabeth Hill silver project in Western Australia, where it will focus on high-priority targets close to the historic silver deposit of the same name.
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With targets finalised, the company is ticking off other preparatory activities, including the awarding of a drill contract – which is imminent, soil sampling, and mapping on-site, and the completion of capital raising initiatives.
As part of the last, Errawarra successfully raised $3 million – with the first tranche funds of $631,000 received, and around $2.3 million held in a trust account – and the company is setting up a general meeting on Monday, May 19, to let ERW shareholders vote to approve this transaction.
Additionally, the company plans to change its name to West Coast Silver, underlining the importance of Elizabeth Hill to its plans for the future.
Executive director Bruce Garlick said preparations for this phase of exploration work were ticking along as planned. “I’m very pleased with the rapid progress we’re making across multiple fronts at Elizabeth Hill.”
Mr Garlick continued: “The team is doing an excellent job finalising high-priority drill targets and advancing both the soil sampling and mapping programs.”
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“These are important steps in refining our understanding of the project and preparing for drilling. I’m excited about what lies ahead and look forward to seeing drilling commence in the near term.”
ERW has been trading at 5.6 cents early on Tuesday.
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