- Mount Ridley Mines (MRD) to raise nearly $860,000 to fund exploration at the Weld Range West Iron Project in Western Australia
- The company is raising the money through a placement and will issue over 343 million at 0.25 cents each to investors
- Funds from the placement will be used on exploration activities at Weld Range, which includes an upcoming drilling program
- The drilling program will include 5000 metres of reverse circulation drilling and will test four targets
- On market close, Mount Ridley is up 33.3 per cent and is trading at 0.4 cents per share
Mount Ridley Mines (MRD) to raise $858,803 to fund exploration at the Weld Range West Iron Project in Western Australia.
The company is raising the money through a placement and will issue over 343 million at 0.25 cents each to investors.
Funds from the placement will be used on exploration activities at Weld Range. This includes an upcoming drilling program, which is scheduled to commence next month.
The Weld Range Iron Ore Project covers around 20 per cent of the Weld Range iron ore stratigraphy, around 330 kilometres northeast of the port of Geraldton and around 100 kilometres west of the Meekatharra mining centre.
Over the past two months, the company completed the surveys needed prior to the drilling program.
A geologist is now on site and is making final preparations before the drilling commences.
Drilling will include 5000 metres of reverse circulation drilling and will test four targets with a combined strike length exceeding five kilometres.
Chairman Peter Christie says the company is committed to efficiently testing the
Weld Range for direct shipping iron ore
“As we look forward to our approaching drilling start-date, we would like to acknowledge the help of the Wajarri People, custodians of the project area, and other government officers and private consultants that have completed the required surveys for our program of work approval,” he added.
On market close, Mount Ridley is up 33.3 per cent and is trading at 0.4 cents per share.