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Ventnor Resources Ltd raises more cash due to investor demand

Published: 12:20 21 Oct 2016 AEDT

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Ventnor has a renewed focus on exploration in Western Australia.

Ventnor Resources Ltd (ASX:VRX) has received commitments to raise an additional $255,000 through a share placement following the recently completed rights issue that raised $1.03 million.

Demand for the shortfall shares from the rights issue has led to the current placement.

Shares will be issued at $0.015 and it will take the combined total raised to $1.28 million.

The allotment of shortfall shares under the rights issue and new shares under the placement is scheduled to take place by 4 November 2016.

Ventnor has a renewed focus on exploration in Western Australia, and has recently commenced geophysical surveys at its Silver Dragon and Fire Dragon prospects within the Biranup Project.


Background

Ventnor is focused on three projects in Western Australia:

- Biranup Project;
- Warrawanda nickel project; and
- Thaduna / Green Dragon Project (Sandfire earning 100%).

Ventnor was recently granted its flagship Biranup Project, which is prospective for gold and base metals.

The company has conducted a preliminary exploration program comprising mapping, rock chip sampling and has completed an initial drill program on the Black Dragon gold prospect.

The Warrawanda nickel project is located 40 kilometres south of Newman in Western Australia.


Exploration opportunities

The Silver Dragon and Fire Dragon prospects are located in the Biranup Project area, 370 kilometres north-east of Kalgoorlie, as it seeks to develop drill-ready targets.

Silver Dragon is a copper-nickel target generated from magnetic data and geochemical assays.

Fire Dragon is a priority exploration target identified in a large airborne electromagnetic survey.

Work by Ventnor has identified multiple exploration targets on the 140 square kilometre area, which are prospective for various minerals as well as gold.

The company has an extensive database of previous exploration work.

Adding to the prospectivity of the area, the Biranup Project is proximal to the Tropicana gold mine owned by AngloGold Ashanti and Independence Group.

Tropicana commenced production in 2013 and contains a resource in excess of 4 million gold ounces.

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