Ventnor Resources (ASX: VRX) has exited a voluntary suspension after announcing a capital raising program, with the funds to progress the highly prospective Thaduna and Green Dragon Prospects.
Ventnor has received firm commitments to place 5.4 million shares at $0.36, providing gross proceeds of A$1.94 million - which can be made under the company's share placement capacity.
The funds will be allocated to complete the third phase of drilling at the high grade and highly prospective Thaduna and Green Dragon copper prospects, where spectacular copper intersections have recently been made.
These included 5 metres at 4.2% copper from 30 metres, and 3 metres at 4.5% copper from 121 metres at Thaduna, along with 2 metres at 9% copper from 85 metres, and 12 metres at 5.1% copper from 80 metres at Green Dragon.
The significance of the company's two prospects is that they are located in what is shaping up as a major copper province.
This is supported by high grade copper-oxide intersections from the nearby Sipa Resources (ASX: SRI), and of course Sandfire Resources' (ASX: SFR) massive DeGrussa Project which hosts 14.6 million tonnes at 4.6% copper and 1.6g/t gold).
Ventnor - the next step
The company is planning an extensive up to 12,000 metre reverse circulation drilling program, which will be supplemented with 1,000 metres of diamond drilling.
This will incorporate some metallurgical testwork.
Pending the outcome of this program, it is anticipated that the company will then commence environmental and ground water studies ahead of a Scoping Study on Thaduna and Green Dragon.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20052/ventnor-resources-up-to-a19m-capital-injection-to-fund-thaduna-and-green-dragon-drilling-20052.html
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