- Golden Mile Resources (G88) has successfully completed a $350,000 capital raise
- Approximately 17.5 million ordinary shares were issued to sophisticated and professional investors at a price of two cents per share
- Golden Mile will primarily use the money to progress the exploration of its Yuinmery and Leonora gold projects in Western Australia
- Golden Mile has ended the day 3.70 per cent in the red with shares trading for 2.6 cents each
Golden Mile Resources (G88) has successfully completed a $350,000 capital raise.
Approximately 17.5 million ordinary shares were issued to sophisticated and professional investors at a price of two cents per share.
Golden Mile will primarily use the money to progress the exploration of its Yuinmery Gold Project and Leonora East Gold Project.
Yuinmery
The Yuinmery Gold Project is located 80 kilometres from the town of Sandstone in Western Australia, in the Youanmi Gold Mining District.
The project lies in close proximity to high-grade intersections made by Spectrum Metals at the Penny West and Penny North Gold Projects, and Venus Metals’ and Rox Metals’ Youanmi Mine.
Yuinmery covers a strike length of more than 20 kilometres and it has the potential to host a significant high-grade gold deposit.
Even though the area has been subject to minimal drill testing, the most recent prospectors, before Golden Mile, recovered alluvial gold and large gold nuggets from quartz veins.
This indicates that high-grade mineralisation occurs in the area.
Leonora East
The Leonora East Gold Project is located 40 kilometres northeast of Leonora and 230 kilometres north of Kalgoorlie.
The project has been held by multiple small to medium exploration companies but only limited drill testing has been completed.
Golden Mile completed the first systematic sampling program over the project and this identified extensive geochemical anomalies that are shown to be associated with gold mineralised structures.
Golden Mile has ended the day 3.70 per cent in the red with shares trading for 2.6 cents each in a $1.935 million market cap.