The second tranche and separate $1 million placement to nickel producer Independence Group (ASX:IGO) required shareholder approval which was received essentially securing the funding for Arrow.
Notably, ASX-listed nickel producer Independence Group is now Arrow’s largest shareholder with around 11%.
Arrow’s managing director Steven Michael said: “The board of Arrow Minerals welcomes Independence Group as its major shareholder.
“The investment by IGO, along with the broker equity raising, has raised over $5 million, which has allowed Arrow to commit to significant drilling programs at both the Strickland Gold and Malinda Lithium Projects.
“In addition, the recently announced Pilbara Gold Project sale and joint venture will add up to $1 million over the next 12 months.
“Arrow is in its strongest ever financial position, with around 2cents per share of cash and investments.
“The company has commenced drilling multiple gold targets at the Strickland Gold Project and will be drilling at the Malinda Lithium Project in July 2018.”
Aircore drilling underway at Strickland Gold Project
Arrow is currently undertaking a major aircore drilling program at the Strickland Gold Project in Western Australia covering the T8, T6, T2 and T1 prospects.
Drilling at the T8 prospect has been completed on a 400x80 metre basis over the entire 2.4-kilometre gold-in-soil anomaly.
All of the drill samples have been delivered to the assay laboratory in Perth and results from T8 are expected to be received within four weeks.
The major aircore program is estimated to comprise 26,000 metres of drilling.