- Freehill mining raised $2.6 million to progress developments at its magnetite project in Chile
- Once up and running, the project is expected to process up to one million tonnes of ore per year
- Freehill’s share price remains at $0.013 apiece, following a trading halt requested on Monday, which turned into a voluntary suspension until next Tuesday.
Freehill Mining raised $2.6 million from the board and shareholders to fund developments at its magnetite project in Chile.
Finances will go towards drilling high grade hydrothermal magnetite at the Yerbas Buenas (YB) project.
A diamond drilling program will also test for significant copper mineralisation on-site.
CEO of the company, Peter Hinner, said: “Freehill will have rigs turning on YB as soon as possible, allowing the company to kick off an aggressive drill program targeting high grade magnetite prospects in addition to a potentially extensive copper mineralisation target.”
Additionally, funding will establish a pre feasibility study and will cover the costs for environmental approvals. Once Yerbas Buenas is up and running, the company expects its production facility will have one million tonnes per annum capacity.
Freehill also plans to purchase surrounding tenements to Yerbas Buenas.
Freehill’s share price remains at $0.013 apiece, following a trading halt requested on Monday, which turned into a voluntary suspension until next Tuesday.
The trading halt was requested amid the capital raising efforts, and the voluntary suspension has been extended while Freehill works on purchasing new tenements.