- Todd River Resources is looking to raise nearly $3 million for a new drill program at the Mt Hardy zinc-copper project, located in the Northern Territory
- Funding will also be used for advancements at the Petermann Range project
- Todd River’s share price is up 8.3 per cent today, currently sitting at $0.039 per share
Todd River Resources is looking to raise nearly $3 million for a new drill program at its Mt Hardy zinc-copper project.
The $2.9 million investment will also cover advancements at the Petermann Range project, with tenements at Petermann expected to be prospective for gold, uranium, copper, nickel and base metals.
Drilling at the fully owned Mt Hardy project will target a number of areas identified during a recent sampling project.
A mineral resource estimate at the Hendrix deposit, of 2.6 million tonnes at 10.5 per cent zinc, places Hendrix South at the front of the upcoming drilling list. Todd River expects drilling will begin by the end of the month.
Land access negotiations are still taking place for the Petermann Range project however, the company advised it is nearing completion.
Managing Director of Todd River Will Dix said: “The company will soon be fully funded to execute our plans at Mt Hardy and also progress the Petermann Range Project once land access is fully secured.”
The company’s largest shareholder Southern Star Exploration, who is a subsidiary of ASX-listed S2 Resources, has committed to partake in the capital raising.
The funds will be raised through a $1 million placement, and $1.9 million one for three underwritten pro-rata entitlement offer, with shares going for $0.031 each.
Todd River’s share price is up 8.3 per cent today, currently sitting at $0.039 apiece, as of AEST 12:54 pm.