Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Alicanto to raise A$7 million to continue aggressive drilling campaign at Sala

% of readers think this story is Fact. Add your two cents.

Alicanto Minerals Ltd (ASX:AQI) is raising a potentially lucky A$7 million via a A$0.13 share placement and is now fully funded to continue its aggressive drilling programs in Sweden’s highly-regarded mining region of Bergslagen.

The first of AQI’s programs is targeting extensions of the historic Sala silver-zinc-lead deposit, while the second involves greenfields exploration around the Greater Falun copper-gold and polymetallic skarn project.

Alicanto recently announced the world-class intersection of 87 metres at 5.3% zinc and 40 g/t silver in a new zone at Sala as well as an intersection of 6,812 g/t silver.

Read: Alicanto Minerals surges on unveiling 87 metres at 5.3% zinc and 40 g/t silver in new zone at Sala Project

There was strong demand for the placement, which comes ahead of a maiden JORC-compliant inferred resource in the coming quarter at Sala, supported by large long only North American and Australian institutions.

Advancing Sala

Funds raised will be used primarily to fund AQI’s work at its Sala Silver-Lead-Zinc Project and its Greater Falun Copper-Gold Project.

The projects are in the same region which hosts world-class base and precious metals projects including the Garpenberg mine operated by Boliden and the Zinkgruvan mine operated by Lundin.

Bergslagen is seen as a Tier-1 jurisdiction based on its large mineralised systems and pro-mining regime.

The now-closed Falun mine in Bergslagen, has a long-established mining history dating back over the best part of 1,000 years, producing 28 million tonnes of high-grade copper-gold-rich polymetallic ore with high-grade by-products of silver, zinc and lead in modern times.

“Maintain aggressive drilling”

“We have two world-class, large-scale projects and the spectacular drilling results at Sala highlight the size and nature of this mineral system,” Alicanto managing director Peter George said.

“The proceeds of this placement will ensure we can maintain our aggressive drilling program at Sala, which is aimed at extending the known high-grade mineralisation and testing new targets in the lead-up to completion of a maiden JORC resource next quarter.

“We will also continue our exploration efforts at our greenfields project at Greater Falun, where we have intersected high grade copper and gold and have numerus targets to test.”

Placement details

AQI will issue up to 53,846,153 fully paid ordinary shares at A$0.13 each to raise the A$7 million.

The issue price represents a modest discount of 10% to the last close price on Wednesday, November 10, 2021, of A$0.145 and an 8% discount to the 5-day VWAP.

Settlement of the placement is expected to happen on November 22, 2021.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.