EXPLORATION

Mithril capital raising for WA target

South Australian junior explorer Mithril Resources has launched a capital raising to advance drill targets at the Stark copper-nickel-PGE prospect in Western Australia.

Barry Avery
Mithril capital raising for WA target

Mithril capital raising for WA target

The company said the cash would also be used to fund ongoing target generation and working capital.

The share purchase plan would enable eligible shareholders to subscribe for up to $A15,000 worth of new shares at 0.45 cents per share. The company said the issue price represented a 15% discount to the five-day volume-weighted average price.

The intention is to raise up to $570,000.

About 80km southeast of Meekatharra, Stark is a discovery at which Mithril said it had defined a series of bedrock EM conductors along strike from and beneath high-grade copper-nickel-PGE mineralisation. Hits of 4m at 1.91% copper, 0.18% nickel, 0.96 grams per tonne PGE from 194m and 0.15m at 13.70% copper, 0.16% nickel, 3.94gpt PGE from 246.35m were announced in late March.

“The company’s directors have indicated that they intend to take up their maximum entitlement under the SPP,” Mithril said. 

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