- Gladiator Resources (GLA) has received firm commitments to undertake a $150,000 placement
- A total of 120 million shares will be issued at a price of $0.00125 each to raise these funds
- The money will be used to complete drilling at the Marymia gold project and general working capital
- Drilling at Marymia has been delayed due to COVID-19 but with the recent easing of restrictions the company hopes to start drilling in early July
- Gladiator’s share price is steady today and shares are trading for 0.2 cents
Gladiator Resources (GLA) has received firm commitments to undertake a $150,000 placement.
A total of 120 million shares will be issued at a price of $0.00125 each to raise the funds.
The money raised will be used to complete drilling at the Marymia gold project and general working capital.
As previously announced, Gladiator’s exploration program at Marymia was delayed due to COVID-19 but as restrictions are lifting, work can resume.
Gladiator’s geologist will be onsite from June 3 and will make final preparations for drilling, which is expected to start in early July depending on the drillers local work commitments.
Harmec has been contracted to complete 1800 metres of aircore (AC) drilling to test untested strike extensions of historic intersections and greenstones in the northeast tenement.
The Marymia gold project is located northeast of the 50 kilometre Plutonic Greenstone Belt in Western Australia.
This belt is highly prospective as it hosts mafic and ultramafic volcanic rocks, and clastic sediments (rocks made of pre-existing minerals and rocks).
Subject to results from this AC drilling program and renewal of the tenement, Gladiator will undertake reverse circulation (RC) drilling as part of its planned exploration program.
Gladiator is also preparing to call a meeting to seek shareholder approval to issue options that were offered as part of a previous $250,000 capital raise.
This meeting was originally scheduled for February but had to be delayed due to COVID-19. It is hoped to now be held in July.
Gladiator’s share price is steady today and shares are trading for 0.2 cents at 3:10 pm AEST.