Venture to raise $2.1m to accelerate exploration at Churchill Dam
Australian based mineral exploration company, Venture Minerals has arranged the placement of 6.5 million ordinary shares at a cost of 33 cents per share to raise $2.1m.Venture will use the funds raised for exploration at the Churchill Dam IOCGU project in the Gawler Craton of South Australia. The company has recently drilled two RC/Diamond holes into the project, both intersecting at least 150m of altered Gawler Range Volcanics. Venture believes the brecciation and alteration style intersected in the first two holes is consistent with mineralised IOCGU systems within the Olympic Dam province of South Australia. Assay results on the first two holes are pending. The success from the first two holes has encouraged Venture to proceed with an aggressive four to eight hole program of diamond drilling at the project, expected to cost up to $2m. The funds raised from the placement will be used to finance this program. The placement will be completed under a short-form prospectus and, as such, will not be restricted to sophisticated investors.