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Yandal Resources raising up to $2.94 million to advance gold projects in WA

The company recently confirmed promising gold assay results from a 29-hole drill program at the Flushing Meadows prospect within the Ironstone Well Project.

drilling
A new 27-hole drill program has commenced at Flushing Meadows

Yandal Resources Ltd (ASX:YRL) is seeking to raise about $2,941,309 via a non-renounceable rights offer of shares at an issue price of 22 cents each, on the basis of one new share for every four shares held.

The offer includes one free new option for every two new shares subscribed with an exercise price of 27 cents and an expiry date of June 30, 2021.

The funds raised under the offer will primarily be used to accelerate exploration upon Yandal’s projects.

READ: Yandal Resources drill results extend gold at Flushing Meadows ahead of JORC resource

The company recently confirmed promising gold assay results from a 29-hole RC drill program at the Flushing Meadows prospect within the Ironstone Well Project.

Highlights from drilling includes 64 metres at 0.51 g/t gold from 40 metres, 32 metres at 0.98 g/t gold from 52 metres and 40 metres at 1.03 g/t gold from 80 metres.

A new 27-hole drill program has already commenced to infill the northern 800 metres of the deposit to 50-metre spacing along strike and test a number of extensional shallow targets.

Quick facts: Yandal Resources Ltd

Price: 0.26 AUD

ASX:YRL
Market: ASX
Market Cap: $17.38 m
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Yandal Resources outlines capital raising to accelerate exploration

Yandal Resources Limited (ASX:YRL) managing director Lorry Hughes speaks to Proactive Investors about the new rights issue to shareholders to raise around $2.9 million.    Hughes says this puts the company in a great position when the gold market is flying...

on 26/6/19

2 min read