Aguia Resources (ASX:AGR) is set to expedite a drilling program at the Santa Barbara Project in Colombia after completing a $1.5 million placement.
Under the placement, managed by Far East Capital, 40 million shares at $0.038 per share will be issued. The issue price represents a 5% discount to the closing price on 4 March 2025.
The funds will be used for the expansion of the Santa Barbara gold processing plant and kicking off drilling focused on delivering a resource estimate.
Executive Chairman Warwick Grigor says the Santa Barbara processing facility is continuing to ramp up towards the 50 tonnes per day rate at a satisfactory pace.
“In the first instance a program of strategically placed drillholes above and below the existing workings will provide valuable insight into the potential upside, whilst also providing important information for mining planning and expansion,” Grigor says.
The Santa Barbara Gold Project, comprising 320 hectares, is located in the core of a prolific gold camp on the northern tip of the Serranía de San Lucas — which is known as the richest gold belt — in Colombia.
Aguia is a multi-commodity mining company with assets in Brazil and Colombia. The company’s project portfolio is considered prospective for phosphate, gold, silver, and copper.
Write to Aaliyah Rogan at Mining.com.au
Images: Aguia Resources
