The raising allows Force to re-affirm that its aggressive exploration strategy will continue in 2017 targeting its high-grade zinc-lead deposit at Halls Peak and sizeable gold deposit at Mt Adrah.
Coming work at the Halls Peak - Gibson project located in New South Wales will follow-up recent assays that recorded grades of up to 46% zinc and 27% lead.
Rocco Tassone, managing director, commented: “The board is overwhelmed with the level of support generated for this significantly oversubscribed placement.
“Approximately 70% of the placement will be issued to new shareholders to the Force Commodities register and the company is buoyed the market is beginning to appreciate the potential at Halls Peaks high-grade Zinc and Lead project and Mt Adrah Gold deposit.”
New data at Halls Peak
Company management has recently received a significant amount of historical data on Halls Peak generated by a number of major mining companies such as BHP Co. Ltd.
The extensive data includes and is not limited to historical drill holes and assays, geochemical analysis and geophysics.
The information will prove invaluable in allowing the geological team to better understand this highly prospective high-grade deposit, having already highlighting the fact that historical assays have been largely untested for gold.
Phase three of the next Halls Peak drilling campaign will be expedited for early 2017 and will target a maiden JORC resource with potential additional extensions to the shallow mineralised high-grade zones.
The Mt Adrah 2017 campaign will initially conduct a 1,280 metres diamond core drill program and naturally if results are positive the program will be expanded to test structures along strike and down dip with the aim to build a JORC resource inventory.
The cash injection comes at a convenient time for Force who is expecting a prosperous 2017 as it looks to better understand the Halls Peak zinc-lead deposit.
Results to date at Halls Peak continue to confirm the right depositional environment to host a large scale, high-grade base metal deposit.
The third phase of drilling at Halls Peak targeting a maiden JORC resource ensures the company is leveraged to exploration news flow from a highly prospective project over the short term.
Furthermore, Force is expecting to receive a $200,000 research and development tax offset refund at the end of the current March quarter.