Forrestania Resources (ASX:FRS) Chairman John Hannaford says the company is set up for upcoming drilling programs and fieldwork, as a result of raising $395,750 through a share purchase plan.
The funds will help Forrestania expand on the recent Ada Ann drilling program.
“We will work with the broker on the issue, Sandton Capital Advisory, to place the shortfall once shareholder approval at the annual general meeting is forthcoming,” Hannaford says.
Forrestania will use the funds for drilling and exploration at the Bonnie Vale Gold Project, other exploration programs, new project reviews, and general working capital.
On 7 November, the junior explorer completed a maiden reverse circulation drilling program within Bonnie Vale, comprising 21 holes for 1,448m of drilling.
The program aimed to confirm historical intersections, including 4m @ 12.8 grams per tonne gold from 25m and 6m @ 6.5g/t gold from 16m.
The SPP, which closed on 8 November, comprised the issue of 31.66 million new shares at $0.0125 per share.
Bonnie Vale encompasses 75km2 of primarily greenstone terrain in close proximity to the Coolgardie Gold Hub in Western Australia.
Forrestania Resources is an Australian resources company primarily focused on the discovery of gold, copper, and lithium in the Eastern Goldfields, Forrestania and Southern Cross regions.
Write to Aaliyah Rogan at Mining.com.au
Images: Forrestania Resources
