“When we acquired the Cape Ray project in July, we did that … at the same time as a capital raising here in Australia, where we raised $5 million. The proceeds of that were to complete the acquisition, and to also fund our current exploration activities,” Criddle says.
He continues, “our current work programs, one, focus on expansion of the existing resources, and two, delineating and enunciating the regional package. As of 2 weeks ago, we’ve commenced our maiden 8,000 metre drilling program and that’s principally designed to expand the existing resource base.”
The project holds 750,000 ounces of gold at 1.75 g/t within 6 deposits over roughly 10 kilometres of strike.