logo-loader
viewSiburan Resources Limited

Siburan Resources raises $3m to progress Kirwan tungsten project in New Zealand

au_new_zealand_map_350_524126c8583bf.jpg

Siburan Resources (ASX: SBU) has received a vote of confidence in the company's operations, with sophisticated investors supporting a $3 million placement - which comprised 60 million shares at $0.05.

Siburan will use the funds to progress the Kirwan tungsten project in New Zealand, as the company aims to develop a substantial mineable low-cost tungsten resource outside China. Funds will also be allocated to exploration at other projects.

Kirwan is located 12 kilometres east of the township of Reefton on the South Island, and covers 837 square kilometres.

The placement will be in three tranches of $1 million. Tranche 1 million to be paid within a week of shareholder approval; Tranche 2 within a month of the first payment; and Tranche 3 million within another month of the second payment.


Kirwan tungsten project

During the June quarter Siburan conducted petrographic work on mineralised tungsten intersections, which were submitted for study to determine if scheelite mineralisation and sulphides are directly related i.e. part of the same mineralising event.

Bulk sampling of the mineralised rock is planned to determine if the scheelite ore at Kirwan is suitable to pre concentration using X-ray sorting.

Siburan believes that significant areas of tungsten anomalism still remain untested at Kirwan Hill.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Siburan Resources Limited

Price: 0.002 AUD

ASX:SBU
Market: ASX
Market Cap: $1.4 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Peninsula Energy reviews highlights of the September quarter

Peninsula Energy Ltd (ASX:PEN) managing director and CEO Wayne Heili outlines the achievements made by the uranium producer during the quarter. The producing Lance Projects in Wyoming are expected to be the first US uranium ISR project authorised to use an industry-leading method, which will...

2 hours, 35 minutes ago

2 min read