Through shareholder programs and new investors, Navarre Minerals have made a big step in the junior mineral exploration sector in Victoria.
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The Stawell-based mineral exploration and mining company has received has received binding commitments to raise $10 million in capital, before costs, to advance its key gold projects in Victoria.
Navarre Minerals managing director Ian Holland said it was the largest capital raising his company have seen, which have a big impact on resources sector in and around Stawell.
"It is the largest capital raising in Navarre's history and it is a really significant one for the junior Victorian exploration sector," he said.
"In the short term it certainly supports jobs, so our Navarre employees, our technicians and our geologists who look after the program, but it also supports the drilling contractor we use.
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"Ultimately we want to find something that can be developed and mined and that can create of hundreds of jobs if we were to be successful."
The funds will accelerate diamond drilling targeting potential resource growth at the Stawell Corridor and a potential maiden mineral resource at St. Arnaud.
It will also advance drilling at the high-potential Morning Bill prospect at Glenlyle.
Mr Holland said the response showed investors' confidence in the potential that lies ahead.
"We are delighted with the strong support for our capital raise which is a vote of confidence in the quality of our people, our assets and our strategy. Navarre is now well-funded to execute on our drilling plans and create value for our shareholders," he said.
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"We were really pleased with the outcome.
"The really important event was delivering our maiden mineral resource, so that was approximately 304,000 ounces in resources for our Stawell Corridor project.
"What we would expect now is a significant amount of drilling over the next 12 months, both in the Stawell Corridor and around St Arnaud and what we are targeting is an upgrade to the Stawell Corridor resource in the first quarter next year.
"We are also targeting our first mineral resource in St Arnaud and so we are trying to grow those two projects."
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