- Great Northern Minerals (GNM) has brought forward its drilling program and secured funding for its Queensland Projects
- The company has received commitments to raise $1.4 million through a 100 million share placement for 1.4 cents each
- The majority of the funds will be used to expand a drilling program across its North Queensland projects
- The program will follow up on historical drilling, along with a program that was conducted last year
- However, Great Northern is down 8.82 per cent on the market today and is trading for 1.6 cents
Great Northern Minerals (GNM) has brought forward its drilling program and secured funding for its Queensland Projects.
The company has received commitments to raise $1.4 million through a 100 million share placement for 1.4 cents each.
“The company welcomes a number of new shareholders and investors and thanks them for their support,” Great Northern said.
The majority of the funds will be used to expand the drilling program across its North Queensland projects, while the rest of the funds will be also used for metallurgical testwork and as working capital.
The three Queensland projects are Camel Creek, Big Rush and Golden Cup.
The drilling program will follow up on historical drilling, along with a program that was conducted last year.
Drilling is expected to commence on July 27 and is expected to take around six weeks.
Great Northern has also signed a drilling contract with Eagle Drilling to move a large reverse circulation drill rig to Camel Creek at the end of July.
However, Great Northern is down 8.82 per cent on the market today and is trading for 1.6 cents at 12:05 pm AEST.