Sentosa Mining raises funds for copper / gold hunt at Darvii Naruu in Mongolia
Sentosa Mining (ASX: SEO) is currently placing up to 22.2 million shares at $0.045 which will raise around $1 million, with the funds to advance copper and gold exploration at the Darvii Naruu project in Mongolia.
Sentosa plans to conduct up to 3000 metres of reverse circulation drilling at the project before the end of November.
For every two shares subscribed for in the placement, there will be one free attaching option exercisable at $0.15 before the 30th November 2016.
The company also plans to undertake a non-renounceable pro rata entitlements issue of options on the same terms as the placement free attaching options, which could raise an additional $130,000.
Rock chips of 5.8% copper and 34.4g/t gold
At Darvii Naruu, Sentosa has already completed an airborne aeromagnetic and radiometric survey, with interpretation of the data by Southern Geoscience completed.
Adding to the prospectivity of the project, it contains a broad copper and gold mineralised system with rock chips up to 5.8% copper and 34.4g/t gold from the Mushroom Reef prospect.
There are also numerous occurrences of outcropping mineralisation over extensive surface area on several additional prospects with consistent sample grades greater than 1% copper and +1g/t gold.
Sentosa plans to conduct up to 3000 metres of reverse circulation drilling at the project before the end of November.
For every two shares subscribed for in the placement, there will be one free attaching option exercisable at $0.15 before the 30th November 2016.
The company also plans to undertake a non-renounceable pro rata entitlements issue of options on the same terms as the placement free attaching options, which could raise an additional $130,000.
Rock chips of 5.8% copper and 34.4g/t gold
At Darvii Naruu, Sentosa has already completed an airborne aeromagnetic and radiometric survey, with interpretation of the data by Southern Geoscience completed.
Adding to the prospectivity of the project, it contains a broad copper and gold mineralised system with rock chips up to 5.8% copper and 34.4g/t gold from the Mushroom Reef prospect.
There are also numerous occurrences of outcropping mineralisation over extensive surface area on several additional prospects with consistent sample grades greater than 1% copper and +1g/t gold.
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