leadf
logo-loader
viewOakdale Resources Ltd

Oakdale Resources begins drilling in Nevada gold territory after raising $2.2 million

A diamond drill is on site and drilling operations are under way, targeting high-grade outcropping gold mineralisation.

Oakdale Resources Ltd - Oakdale Resources begins drilling in Nevada gold territory after raising $2.2 million
The Drillrite LLC Atlas Copco diamond drill rig on site in Nevada

Oakdale Resources Ltd (ASX:OAR) has kicked off diamond drilling operations at its wholly-owned Lambarson Canyon Project in the prolific gold territory of Nevada, US.

The company is well funded for drilling following a placement of shares to institutional funds and professional and sophisticated investors to raise A$2.2 million.

Drilling is anticipated to run through until the end of September.

Exploring gold country

Once drilling is completed at Lambarson Canyon, drilling operations will move south to Douglas Canyon to test multiple high-grade outcropping epithermal quartz vein systems.

Nevada projects with regional mines and reported historical and current resources & reserves.

The Lambarson Canyon Project is in northern Nevada where Oakdale is targeting intrusion-related and distal disseminated gold mineralisation, similar to million-plus ounce gold deposits in the Battle Mountain-Cortez and Getchell trends.

Oakdale’s planned drilling campaign may comprise up to five diamond drill-holes at the Lambarson Canyon Project that will focus on testing gold targets.

Initial fieldwork has identified high-grade outcropping gold mineralisation which returned a channel sample of 3 metres at 6.97 g/t gold and an individual rock-chip/float sample which returned 61.6 g/t, along with a strong coincident electromagnetic resistivity and conductivity anomaly south of the outcropping mineralisation.

Lambarson Canyon simplified geology showing rock chip sampling results and diamond drill collar and electromagnetic survey line locations.

A$2.2 million raised

Oakdale has placed 104,761,905 shares at 2.1 cents to raise A$2.2 million from institutional funds and professional and sophisticated investors.

The issue price of the placement which was oversubscribed by A$785,000 is at a 31% premium to the company’s 10-day VWAP (volume-weighted average price).

Oakdale will use the funds raised from the placement to complete drilling at Lambarson Canyon and Douglas Canyon and for general exploration work at the Crown Project in Western Australia.

Quick facts: Oakdale Resources Ltd

Price: 0.022 AUD

ASX:OAR
Market: ASX
Market Cap: $35.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Oakdale Resources Ltd named herein, including the promotion by the Company of Oakdale Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Oakdale Resources upbeat on confirmation of gold mineralisation at Lambarson...

Oakdale Resources Ltd's (ASX:OAR) (FRA:F1S) Tony Greenaway speaks to Proactive after confirming primary gold mineralisation in its first diamond drill hole at the Lambarson Canyon Project in the US gold stronghold of Nevada. Oakdale's now nearly finished the second diamond hole and will be...

2 weeks, 3 days ago

2 min read