The company is now well placed to explore the Yandal East Gold Project located 25 kilometres east of Northern Star’s (ASX:NST) Jundee gold mine.
Historical regional production in excess of 10 million ounces of gold
The Yandal East Gold Project is located 70 kilometres northeast of Wiluna within the Yandal Greenstone Belt in Western Australia.
Notably, the Yandal Greenstone Belt has produced in excess of 10 million ounces of gold.
Northern Star recently revealed an exploration budget of $45 million at the Jundee gold mine following multiple new gold discoveries.
Overland’s project is also located adjacent and along strike in both directions from the Millrose Deposit containing 309,000 ounces of gold at 2.4 g/t gold.
25,000 metres of drilling planned in Q2 2018
The company will use the new funds to continue exploration at the Yandal East Gold Project and for general working capital purposes.
Overland has completed target generation at the project and has lodged a program of work application last month.
The company is planning 25,000 metres of drilling in Q2 2018.
Yukon Base Metal Project, Canada
Earlier this month, Overland revealed a JORC 2012 resource of 12.6 million tonnes at 5.3% zinc and 0.9% lead at its Yukon Base Metal Project in Canada.