The funding will be provided by way of an unsecured debt facility from a high net-worth resource sector lender.
Period of 24-months
The debt facility is for 24 months at an interest rate of 12% per annum, payable at the end of the 24-month period.
Once this period is over, the debt may be repaid, extended or otherwise materially varied subject to the mutual agreement of Vango and the debt provider.
The company said it was delighted to receive funding support as it continued to advance mine planning and studies to facilitate the beginning of mining operations at the Marymia Project along with a proposed standalone gold processing plant.
Vango intersected high-grade gold at its Trident West deposit last month which will be incorporated into a resource estimate for the planned open-pit operation.
Maiden estimate for Trident West
It will be a maiden estimate for Trident West while the company is also updating the overall resource for the Trident project, which sits within the broader Plutonic Dome (Marymia) project.
Best results include a 2-metre interval at 14.17 g/t gold within a broader intersection of 11 metres at 5.66 g/t from 67 metres.
Within the 11 metre intersection was another 3 metres at 9.44 g/t.
- Jessica Cummins