Traka (ASX:TKL) raises $800,000 in ‘modest’ top-up

• Traka Resources (TKL) raises $800,000 to keep exploring at its Mt Cattlin Gold-Copper Project in Western Australia
• The project is in the Ravensthorpe Greenstone Belt and the company is awaiting results from drilling late last year
• The equity, raised at 1.2 cents a share, will supplement general working capital and the generation and initial phase exploration of new projects
• The company’s portfolio includes two other projects in WA, plus the Gorge Creek Project near Mt Isa, Queensland

Traka Resources (TKL) has raised $800,000 to keep exploring at its Mt Cattlin Gold-Copper Project in Western Australia.

The project is in the Ravensthorpe Greenstone Belt and the company is awaiting results from drilling at Mt Cattlin late last year.

Managing Director Patrick Verbeek said drilling indicated large-scale porphyry potential and the “modest” raise would allow the company to maintain the momentum of work.

“There’s some very spectacular high grades in high-grade shutes and I think there’ll be a combination of that, and also wider lower-grade copper-gold. It’s a bit of a mixture, but I think, in combination, sufficient to give us real scale,” he said.

“We are frustratingly delayed – like most of the industry – by slow turnaround in laboratory results, we’ve got about half of them from our last drill program.

“When we get those (the remaining results), we’ll collate that, get the information together and then start planning the next round of drilling.”

Traka raised the funds at 1.2 cents per share to supplement general working capital and the generation and initial phase exploration of new projects. The company’s portfolio includes two more projects in WA, plus the Gorge Creek Project near Mt Isa in western Queensland.

Traka Resources shares last traded at 1.5 cents.