Syndicated Metals extends share issue pending new results from Kalman

Syndicated Metals (ASX:SMD) has extended the closing date of its share purchase plan until after it has received assays from drilling completed at the Kalman project in mid-December, as well as results of other sampling in the Kalman area.

The share purchase plan, which is being offered at $0.085 per share with existing shareholders able to apply for up to $15,000 worth of Syndicated shares, will now close on Friday 10 February 2012. 

The potential $1 million raising will be used to advance drilling on the Kalman project in northwest Queensland to define an open pittable copper-gold and molybdenum-rhenium Resource.

Syndicated previously announced it had intersected significant shallow copper, gold, molybdenum and rhenium from the first five holes at the Kalman project, confirming the open pittable potential of the zone.

Highlights included 20 metres at 0.82% copper and 0.59 grams per tonne (g/t) gold from 13 metres and 20 metres at 0.82% copper and 0.30g/t gold from 91 metres, including 7 metres at 1.42% copper and 0.45g/t gold from 97 metres.

Funds raised will also be used to drill other priority iron oxide copper-gold targets including Andy’s Hill and Yamamilla and advance the mining and environmental studies on the Mount Remarkable copper-gold deposits – Barbara, Green Zone and Blue Star.

Syndicated previously raised $902,250 through a related placement of 10,614,706 shares at $0.085 per share to continue its exploration programs in the Mount Isa region and for working capital purposes.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24268/syndicated-metals-extends-share-issue-pending-new-results-from-kalman--24268.html