Mamba Exploration Ltd. has received AU$6 million in firm commitments through a two-tranche share placement to accelerate its copper and gold exploration programs across Western Australia’s Murchison region.
The placement comprises the issue of approximately 157.9 million fully paid ordinary shares, priced at 3.8 cents per share. The first tranche of shares is comprised of 109,789,473 shares to raise approximately AU$4.2 million. The second tranche will raise AU$1.8 million through the issue of 48,105,264 shares.
Alongside the placement, Mamba announced that Westgold Resources founder Peter Cook has joined the company as Strategic Adviser.
Cook, who built Westgold’s Murchison operations, will advise Mamba alongside fellow former Westgold director Peter Schwann.
Mamba has also executed a binding earn-in agreement over the Poison Hills project adjoining Solstice Minerals’ Nanadie project. Under the staged agreement, Mamba can earn up to an 80 per cent interest in Poison Hills by funding targeted exploration expenditure and making benchmark cash and share payments.
The developments follow Mamba’s recent recovery of historical drill data for its Meeka East project, which revealed 165 historical copper intersections across a three-kilometre corridor at the Copper Hills and Lady Alma prospects.
Mamba Executive Director Matt Freedman said the combined developments mark a pivotal moment for the company’s regional growth.
“In a matter of weeks we have confirmed thick historical copper zones along a three-km corridor at Copper Hills and Lady Alma, secured a strongly supported placement, attracted the support of a regional producer, secured an earn-in right over prospective regional tenure and brought one of the Murchison’s most respected mining figures on board,” Freedman said.
Proceeds from the placement will fund Mamba’s expanding technical team and step up field activities. An initial 6,000-metre reverse circulation drilling program is set to launch imminently at Meeka East, alongside advanced drill targeting across the Copper Hills trend.
Additionally, Mamba and New Murchison are negotiating a technical alliance to share regional infrastructure, data, and logistical support.
