Western Mines Group (ASX:WMG) has secured more than $2.726 million following a capital raising completed on 13 April 2023 to expand diamond drilling at its flagship Mulga Tank Nickel-Copper-Platinum Group Element (Ni-Cu-PGE) Project in Western Australia.
The company secured the funding through a placement of more than 8 million ordinary fully paid shares at $0.34 each, issued to institutional and sophisticated investors.
The company notes completion of the placement comes following the extension of nickel mineralisation at its Mulga Tank project due to ongoing diamond drilling, as announced last week.
The company secured the funding through a placement of more than 8 million ordinary fully paid shares at $0.34 each, issued to institutional and sophisticated investors
Drilling intersected shallow disseminated mineralisation similar to nearby holes MTD012 and MTD022, which represent zones of visible disseminated magmatic sulphides with pXRF readings of more than 0.4% Ni.
Drilling also returned 3 intersections of ‘high-tenor’ remobilised massive nickel sulphide veinlets within hole MTD025.
Current drilling at Mulga Tank is being undertaken to test a downhole electromagnetic (DHEM) geophysical anomaly, which has identified a ‘strong’ shoot-like offhole anomaly reading between 5,000 and 15,000S, as well as follow-up on phase one hole MTD018.
Western Mines Group is an ASX-listed mineral exploration company focused on the discovery of ‘high-value’ gold and nickel sulphide deposits. The company currently holds a ‘diverse’ portfolio of ‘highly prospective’ projects located on major mineral belts of Western Australia, including its Mulga Tank, Jasper Hill, Melita, Rock of Ages, Pavarotti, Youanmi, Broken Hill Bore, and Pinyalling projects.
The company’s Mulga Tank project represents a ‘major’ ultramafic intrusion situated on the underexplored Minigwal Greenstone Belt, and demonstrates ‘significant’ evidence for a working nickel sulphide system.
Images: Western Mines Group Ltd
