Killi Resources (ASX: KLI) has received firm commitments from new, existing and major shareholders to raise $2 million via an oversubscribed share placement.
The placement proceeds will be used to provide the company greater capacity to test the high-grade Kaa gold- copper target. The initial programme will comprise five, approximately 200m deep diamond holes to test underneath surface mineralisation and anomalies from the recently completed IP survey. The drill programme will commence this week, with the rig mobilised to site and ground works completed.
The funds raised under the Placement, along with existing cash will also allow an immediate follow-up program at Kaa if required, as well as an IP Survey at the Baloo Cu-Au-Mo target, south of Kaa.
“The placement was oversubscribed, which shows great interest from the wider market in the Kaa Prospect and planned exploration programmes,” CEO, Kathryn Cutler, said.
“The placement provides additional support and flexibility for the maiden drill program planned at the Kaa target looking for a new epithermal gold-copper-silver system.
“Results of the IP Survey generated multiple chargeable and resistive high-priority targets, co-incident to high grade gold copper and silver mineralisation over a 1.8km trend.
“These additional funds are marked to double the planned drill metres at Kaa, and to complete the IP survey at the Baloo target.
“The drill campaign will commence imminently, and we are incredibly excited at the prospect of a discovery and look forward to releasing the results to market in coming months.”
Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement