News: Ram Resources raising funds for Fraser Range drilling

Ram Resources (ASX:RMR) is raising up to $1.6 million to fund exploration drilling of nickel-copper targets in the Fraser Range, Western Australia.

This will be achieved through a placement of up to 129 million shares priced at $0.005 each to sophisticated and professional investors to raise $645,000 and a $1 million share purchase plan.

Participants in the placement will receive one option exercisable at $0.025 on or before 20 February 2017 for every two shares subscribed.

Drilling of the company’s Fraser Range South Project is scheduled to commence in June 2015.

This comprises 12 reverse circulation holes totalling 1,500 metres of drilling, targeting two high-priority EM conductors identified from ground EM survey.

The two conductors represent compelling drill targets based on the geological setting, the elevated geochemistry, outcropping gabbro and the shallow nature of the targets.

In addition, the targets are located within 2 kilometres of known nickel mineralisation at Sirius Resources’ (ASX:SIR) Crux prospect.