Silver Swan Group
Silver Swan Group Limited (ASX: SWN) is a polymetallic explorer with tenements in the Murchison District of the Yilgarn Craton, Western Australia and the Wilgena and Christie Domains of the Gawler Craton, South Australia. The Comany’s current focus is on lode-gold, copper-gold and volcanogenic massive sulphide (Cu-Zn-Pb) mineralisation in Archaean and Proterozoic terranes.
Exploration tenements held by Silver Swan in the Murchison district of Western Australia cover ~680km2 In South Australia, the tenement holding is 1,823km2 and 1,210km2 in the Wilgena and Christie Domains respectively.
Silver Swan Group raises $7 million for Quinns Project and a fledgling no longer
Silver Swan Group (ASX: SWN) has emerged out of a trading halt raising $7 million in funding via a private placement at 33 cents per share.
What is especially impressive is that demand for SWN stock was so strong that the size of the placement was significantly increased. The placement price arrived at was also substantially higher than predicted, putting a higher "floor" under the stock.
Intriguingly, a single cornerstone investor stumped up $2 million in the placement. A further 15.1 million shares were placed at 33 cents per share. An options exercise also raised a further $1 million.
The higher funding will enable SWN to aggressively drill further holes at the recent significant discovery at its Austin project in Western Australia, where the latest diamond drilling has produced substantial new copper and zinc intersections.
With little fanfare, SWN has carefully defined its drill targets and encountered significant intersections of copper and zinc at Austin. The results to date are reminiscent of significant volcanogenic copper-zinc mineralisation. Interestingly, this style of mineralisation usually occurs with multiple deposits within a mining camp or area.
The interest will be just how large is the resource potential of the known metal system at Austin.
Assays from the first hole in the Company’s latest diamond drilling programme intersected 61m @ 1.9% copper from a depth of 58m down-hole, including high grade intervals to 9%Cu and 61m @ 5.4g/t silver. In addition to copper and silver, the mineralisation continues to record significant zinc and gold assays. This was the second >60m intersection of high grade copper for SWN. The diamond drilling programme at Austin is continuing. Further drilling will focus on Austin, Copper Hills.
Managing Director, Dr Susan Vearncombe said she was delighted with the support the company has received during the capital raising process "which is a strong endorsement of the company's exploration methodology and success to date."
Other Silver Swan Group articles
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08/03/10 Silver Swan Group kicks off drilling at Quinns and Yagahong
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18/01/10 Silver Swan shares up as further high-grade copper and zinc at the Austin project intersected
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28/10/09 New deep intersections extend scope of discovery at Silver Swan Group Austin copper deposit
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16/09/09 Silver Swan Group’s discovery rate set to increase market value?
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28/08/09 Silver Swan Group talks to Proactiveinvestors about exploring for VMS deposits in Australia
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11/08/09 Silver Swan Group under the radar, but not for all investors
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18/06/09 Silver Swan Group strikes high grade copper mineralisation at Austin
Other Silver Swan Group news
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29/01/10 Silver Swan Group to accelerate field activities in March
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16/12/09 Silver Swan advances to initial resource evaluation at Austin Prospect
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25/11/09 Share price up as Silver Swan Group raises $5.1 million to further exploration in Meekatharra region
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23/11/09 Silver Swan Group requests trading halt
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17/11/09 Silver Swan remains active at Meekatharra projects
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14/10/09 Silver Swan Group unveils results of electromagnetic surveys
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28/09/09 Silver Swan Group's major shareholders buy additional shares
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01/09/09 Silver Swan Group commences drilling at Quinns in Western Australia, following capital raising
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20/08/09 Silver Swan Group to release 2 million shares held in escrow by Mercator Gold Plc
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31/07/09 Silver Swan to raise A$5 million in new placing
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