Great Southern Mining has received commitments to raise AU$4.6 million to drive its aggressive gold drilling programs, which will commence in the June quarter.
The company will issue 165,610,003 new shares at 2.8 cents per share.
Following the placement, Great Southern will emerge fully funded to pursue its drilling and exploration programs across its West Australian gold projects.
In particular, the company will start reverse circulation (RC) and diamond drilling programs at the Golden Boulder discovery, within the Duketon project where 2025 drilling has defined shallow gold mineralisation over a 3.5-kilometre strike extent.
Great Southern will also commence RC drilling at the emerging Amy Clarke discovery within the Duketon project. The company will also start RC drilling at the Mon Ami gold project to follow up on high-grade intersections.
“With a strengthened balance sheet, the company can now aggressively accelerate discovery and resource definition with its 100 per cent owned, highly prospective Western Australian gold project portfolio.
“In addition, the company, with our joint venture partner Gold Fields, is looking forward to an exciting 12 months ahead as we drill multiple high-impact targets chasing monster gold and gold-copper deposits in north Queensland.”
Diamond drilling is ongoing at the Diorite Hill PGE, within the East Laverton project, which will be followed by deep diamond drilling at the Golden Boulder discovery. Both diamond drilling programs will be co-funded by the Western Australian government exploration incentive scheme.
Meanwhile, diamond drilling at the Edinburgh Park joint venture in Queensland will start in May starting at the Mt Dillon target and will be 100 per cent funded by the Great Southern’s joint venture partner Gold Fields.