Plutonic solidifies next steps amid capital raise

Unlisted explorer Plutonic’s board has approved an ‘extensive, value-driving’ work program for 2024 focusing on its Champion Project in the Northern Territory, upon closing a previously announced capital raising. 

The company says exploration is set to begin in late April 2024, including a ‘very large’ induced polarisation (IP) survey that has been planned to test numerous ‘large’ porphyry and epithermal targets that were generated through work completed to date. 

It comes as Lion Selection Group (ASX:LSX) announces it has completed an investment of $2 million in Plutonic, which completed a capital raising totalling $3 million in early February 2024. 

Lion’s investment takes it to a 48.5% interest in Plutonic. 

Lion Selection Group Executive Chairman Robin Widdup says Lion holds a large interest in Plutonic and the company is ‘delighted’ to be working closely with the team. 

“This funding sets Plutonic up to deploy a large-scale IP survey, which will give us a great idea of targets to drill within large hydrothermal systems over an unexplored intersection of crustal-scale structures. This is exciting work in any market.”

Further, Plutonic notes that its Non-Executive Director Jon Hronsky has stepped down from the board of Plutonic and has been appointed Senior Exploration Advisor. 

The company says this appointment paves the way for Plutonic to build a strong Advisory Panel or technical and commercial specialist moving forward. Plutonic notes it does not plan to add additional directors to the board at this stage. 

Plutonic is a gold and copper explorer focused on its wholly owned Champion project that hosts a substantial array of epithermal veins over an area that is very ‘large’ in comparison with other known epithermal fields.

Write to Aaliyah Rogan at Mining.com.au     

Images: Plutonic
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.