White Cliff Minerals (ASX:WCN) substantial shareholder Andy Igo has increased his substantial shareholding to 19.25% from 17.14% through an on market purchase.
In yet another show of his confidence in the company’s prospects, Igo had acquired 9,450,000 shares for $133,268.42, or an average of $0.014 per share.
This brings his total holding up to 86,450,000 shares.
Recent drilling at the company’s Chanach Gold and Copper Project in the Kyrgyz Republic had intersected visible gold with results including 4 metres grading 23.8 grams per tonne gold and 2 metres grading 22g/t gold at the Aucu discovery.
This confirms high grade gold results from trenching and defining a high grade mineralised zone that starts at surface.
Results from another two holes are pending. In addition, the company has completed four holes in the Lower Gold Zone (LGZ) and most of these samples are at the laboratory for processing.
White Cliff has also secured US$4 million in funding through a convertible note facility from U.S. based investment firm Magna Equities.
This ensures it is fully funded for exploration in Australia and the Kyrgyz Republic.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.