Navarre Minerals is raising A$4.5 million via a placement and up to an additional $5 million through a non-underwritten share purchase plan in order to raise equity for an accelerated drilling program at the Mt Carlton mining operation in Queensland.
The drilling will continue throughout 2022 as part of a comprehensive exploration program encompassing Mt Carlton, Crush Creek, and ancillary regional exploration.
This news comes on the back of the recent announcement of outstanding high-grade gold, silver, and copper results from drilling at the Mt Carlton United deposit.
The equity raising is a significant step in the history of the Mt Carlton operation as it transitions from being a non-core asset of a major producer to the foundational asset of a focused, emerging producer.
Navarre acquired the Mt. Carlton mining operation from Evolution Mining in December 2021.
Read the full release here: $4.5M raised to accelerate drilling at Mt Carlton