AUSTRALIAN-based Junior Argonaut Resources has completed a A$5.2-million private placement to professional and sophisticated investors to fund drilling work in Zambia.
According to Miningweekly, the company on Tuesday announced that it placed 693.3-million shares, at a price of 0.75c a share, under its existing placement capacity.
“The funds raised will allow Argonaut to resume drilling at the Nyungu copper/cobalt deposit in north-western Zambia. The Nyungu deposit is over 1 700 m in strike length and urgently requires infill drilling for resource estimation purposes as well as exploration drilling for strike extensions and repetitions of the mineralised package,” said Argonaut CEO Lindsay Owler.
“Argonaut will also use funds for continued deep drilling at the Murdie iron-oxide/copper/gold exploration programme in South Australia,” Owler added.