Volta Mining (ASX: VTM) has raised $2.5 million to advance its exploration efforts at the Newman DSO iron ore project in Western Australia’s Pilbara region after the acceptance by 100% of Pilbara Commodities shareholders to the offer.
The successful capital raising meant all conditions relating to the acquisition of Pilbara Commodities were met, which holds the Newman Direct Shipping Ore project.
Volta now holds a 100% interest in 19 exploration licences in the Pilbara region including the highly prospective DSO Newman Iron Ore Project.
The Sirius Extension Prospect within the Newman project is adjacent to Brockman Mining's (ASX:BCM) Sirius Deposit where there is an inferred Resource of 109 million tonnes at 60.0% iron.
Of particular note, Newman also borders licences held by Fortescue Metals Group (ASX:FMG), Hancock Prospecting, BHP Billiton (ASX:BHP) (Mount Whaleback), Hope Downs and Brockman Mining (ASX:BCK).
Surface results taken from an approximate 4 kilometre outcropping within the Newman project area returned up to +68% iron, which clearly demonstrates the potential for DSO iron ore.
So Volta Mining with Pilbara iron ore tenements in hand, looks of particular interest to investors as it is rare for an explorer to win such a prize.
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