Argent Minerals Limited (ASX:ARD) has received strong commitments from investors to raise $2.2 million via the placement of shares at 5.5 cents per share to fund exploration across its projects in New South Wales.
The company plans to use the proceed to fund two high impact drilling programs that will result in six drilling campaigns being conducted over Kempfield, West Wyalong, Loch Lily and Pine Ridge Gold Mine in the next 12 months.
“Overwhelmed with the result of the placement”
Argent chief executive officer and managing director George Karageorge said: “Argent is overwhelmed with the result of the placement.
“This will allow Argent to fast track the company’s planned drilling over most project areas and now undertake a major drilling program to upgrade the Kempfield polymetallic resource.”
The company wants to accelerate the exploration and drilling programs to take advantage of the recent break out of the gold and silver prices.
Drilling program details
Argent will carry out 3,000 metres of reverse circulation (RC) drilling for the first stage of the Kempfield program, and 2,500 metres of RC and diamond drilling for the second stage.
The company has also planned 5,000 metres of drilling at Pine Ridge, with 2,200 metres to be done in October 2020, and another 3,000 meters in March-April 2021.
Argent will also undertake 4,500 metres of drilling at West Wyalong comprising of 3,000 metres of RC drilling and 1500 metres of diamond drilling.
At Loch Lily, Argent is planning 2,000 metres of drilling, 1,000 metres each of RC and diamond drilling.