Proactive Investors - Run By Investors For Investors

Metminco launches rights issue to advance Quinchia Gold Project

Notably, the offer is partially underwritten by executive director Kevin Wilson.
capital raising concept
Eligible shareholders on the register by Friday 30 November can participate

Metminco Ltd (ASX:MNC) has lodged a prospectus to raise up to $1.25 million through a renounceable 2-for-5 rights issue priced at 0.3 cents per share.

The funds raised will be applied to the advancement of the Quinchia Gold Project in Colombia.

The record date for determining rights is Friday 30 November 2018 and the offer will close on Friday 14 December 2018.

READ: Metminco focused on its portfolio of gold assets at Quinchia in Columbia

The Quinchia Gold Project comprised the 0.88 million ounce gold Miraflores deposit and the 0.92 million ounce Dosquebrados deposit.

The project has good expansion potential recently highlighted by drilling at the Tesorito Prospect where diamond hole TS-DH-07 intersected 253 metres at 1.01 g/t gold from surface.

All these deposits occur within a 2-kilometre radius of the location of a planned gold plant at Miraflores.

Chuscal porphyry target yet to be tested

The undrilled Chuscal gold target which, along with Tesorito, is the second significant gold porphyry target within the Quinchia Gold Portfolio, features a large geochemical anomaly.

Furthermore, the target lies over an area with artisanal mining which has indicated highly encouraging underground channel sample grades.

Joint venture discussions advanced

Discussions are well advanced with AngloGold Ashanti to formalise a farm-in/joint venture agreement over the Chuscal gold target.

A market update is anticipated in the near-term.

On successful completion of the negotiations, it is intended to rapidly undertake additional soil geochemical, channel sampling and geophysics to prepare for drilling at Chuscal.

View full MNC profile View Profile

Metminco Limited Timeline

Related Articles

1549455327_Gold-bar-plus-nugget.jpg
February 06 2019
Metminco has an attractive portfolio of exploration and development assets
1550161908_copper-periodic-table-3.jpg
February 15 2019
VR Resources is still picking up new ground as it continues to assess the potential of its Nevada portfolio
Copper
March 21 2019
The group’s ‘flagship’ project BKM Copper Project is located northwest of Palangkaraya, the regional capital of Central Kalimantan, part of the KSK projects which are 100%-owned by the company

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use