$500,000 Raised for Uranium Exploration at Munaballya Well Target
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce that it has raised $500,000 from professional and sophisticated investors (Placement).
Augustus Minerals has raised over $500,000 via a Placement.Proceeds from the capital raising will fund:On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program.An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with diamond drilling in progress at the Minne Springs Copper- Molybdenum porphyry prospect.
Under the placement, AUG will issue 10,000,000 fully paid ordinary shares (Shares) at an issue price of $0.05 per Share.
Funds raised through the Placement will be used primarily for the following:
On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program (final interpretation imminent).An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.Heritage survey over newly defined areas once progressed to drilling status,Working capital and costs of the Placement.
The Munaballya Well (GSWA listed uranium occurrence) main basin U anomaly covers 4km x 0.7km area, with uranium concentrated in weathered dolomitic marls of Carnarvon Basin sediments. Figure 1 shows the area of the main uranium channel anomaly from an open file ground radiometric survey conducted by Thundelarra Uranium, as carnotite is concentrated in top 5-10m of weathered dolomitic layers.
VTEM survey is testing for near surface weathering of surficial zones as well as investigating the potential for deeper Unconformity Style mineralisation along the contact between the basement granites and metamorphics and the Carnarvon Basin sediments.
The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 capacity.
Click here for the full ASX Release
