Silver Swan Group (ASX: SWN) is a polymetallic explorer with tenements in the Murchison District of the Yilgarn Craton, Western Australia. The company's current focus is on lode-gold, syn-tectonic copper-gold and volcanogenic massive sulphide (Cu-Zn-Ag-Au) mineralisation in Archaean terranes. Exploration tenements held by Silver Swan in the Murchison District cover 680 square kilometres.
Share price up as Silver Swan Group raises $5.1 million to further exploration in Meekatharra region
Shares in Silver Swan Group (ASX: SWN) shot up 5% after the company announced it has raised $5.1 million to further expedite exploration across several base metal projects in the Meekatharra region of Western Australia.
In a statement, Silver Swan managing director Susan Vearncombe said the company received firm commitments in relation to a placement of 10,200,000 shares at a price of $0.50 to raise $5.1 million before costs.
The news saw shares in Silver Swan increase 2.5c, or 5%, to 53c.
The placement to institutional and sophisticated investors has been made pursuant to the company’s ASX Listing Rules 15% placement capacity.
Proceeds of the placement will be directed to ongoing exploration activities over several high priority projects for polymetallic targets of gold (Bourkes Find), copper‐gold (Copper Hills) and volcanogenic massive sulphides (Austin) in the Meekatharra area, Western Australia and working capital.
Copper‐zinc‐silver‐gold intersections from the recently completed drilling program at Austin, in the Quinns project area have extended the VMS deposit to below 300m and confirmed the potential for the discovery to continue to be expanded. The drilling shows the ore body remains open at depth and retains similar, multi‐metal characteristics to earlier drilling.
Dr Vearncombe said the company was extremely pleased with the strong support received from new and existing shareholders in the recent capital raising, indicating confidence in its exploration strategies and results.








