TRAFFORD Resources has announced it intends to raise up to $2.5 million in capital for its Wilcherry Hill project in South Australia.
According to Trafford Resources, approximately $1.2 million of the funds will be used to define additional Direct Shipping Ore (DSO) at the company’s joint venture Wilcherry Hill project.
Trafford Resoures claims the funds will also be used to re-commence a gold program – also at the Wilcherry Hill – to provide new gold drilling targets. The gold exploration is scheduled to begin before the end of the year.
“Trafford’s first priority in gold exploration will be to re-examine samples from 23 Holes at the Weednanna iron ore prospect which have not previously been assayed for gold,” Tafford Resources managing director, Ian Finch says.
Trafford Resources says it will obtain the funds through the placement of 3,521,126 million, fully paid ordinary shares to sophisticated and professional investors.
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