The proceeds of the Placement will be used to accelerate the Company’s exploration activities across its highly prospective portfolio of polymetallic projects in the Cobar Basin and NT, as well as to provide additional working capital. Proposed upcoming work programs include:
Eastern Metals’ Chief Executive Officer Ley Kingdom said: “We are pleased with the strong support received for this strategic $1 million capital raising, which will allow the Company to accelerate its exploration activities on two fronts. I would like to take this opportunity to welcome new investors who have joined our register as part of the Placement, as well as to thank existing shareholders for their continued support.
“With copper prices recently reaching new highs and investor interest in the Cobar Basin spurred on by some new high-grade discoveries by our neighbours, this is an exciting time for Eastern Metals. The proceeds of the raise will give us the capability to accelerate workstreams across both the Arunta/Home of Bullion Project, Browns Reef and in our tenement holdings in the Cobar Basin to the north.
“At Browns Reef we are working up potential drill targets in a district that is currently attracting significant investor interest. We look forward to providing regular updates on these programs in the weeks and months ahead as this work progresses.”
“We are also looking forward to receiving the outcomes of an independent expert review of the Arunta/Home of Bullion Project from SRK in the coming weeks and using that information to help design ground-based field programs including geophysics, mapping and sampling prior to drilling.
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