Zenith Minerals has raised just over $5 million to fast-track exploration on gold projects including Red Mountain in Central Queensland.
The company said it expected ‘significant news flow’ as drilling progressed at Red Mountain, which lies within about 100km of operating gold mines at Cracow and Mount Rawdon.
A drill program is also planned this month for its Spilt Rocks gold project in Western Australia.
A 10-hole RC drill program at Red Mountain recently returned results including 14m at 5.5 g/t gold, including 6m at 12.3 g/t gold from surface.
The company plans to resume drilling there and is continuing surface geochemical programs at the Flanagans gold project and Develin Creek copper-zinc project, also in Queensland.
The successful capital raising of $5.1 million came through a share placement to institutional and sophisticated investors, involving issue of 51 million new fully paid ordinary shares.