News: Minerals Corporation raises funds

Minerals Corporation (ASX:MSC) has raised about $290,482 through the placement of 7,262,073 shares priced at $0.04 each.

Earlier this month, it started a VTEM survey at the Riwaka nickel-copper-PGE project near Nelson, New Zealand, to test for massive sulphide conductors.

In November, the company  closed its oversubscribed one for one rights issue priced at $0.04 to raise $580,966.

The 596 line kilometre heli-borne survey is being carried out over the most prospective units at the project.

This is due to the high sulphide nature of mineralisation outlined to date as well as the limited and shallow drilling available to date.

In October, the company secured an option agreement to acquire 100% of Riwaka from NZA Commodities Pty Ltd (NZA).

The project comprises 3 leases targeting massive sulphide nickel-copper-PGE mineralisation in New Zealand.

It is serviced by proximity to power, port and a residential local workforce.

Riwaka was last drilled in the 1970s and has never had modern techniques applied during exploration.