Firestrike Resources (ASX:FIE) has arranged a share placement to raise $850,000 via issue of 42,500,000 shares at $0.02.
The company has decided to reduce exploration spend on the Copper Ridge project in North America and the Western Australian projects to a minimum in the short to medium term.
In addition, all three Directors have agreed to reduce their fees to $24,000 per annum while the company assesses value creating project acquisitions.
Firestrike yesterday revealed copper and silver assays from Copper Ridge including 10 metres at 0.55% copper with 2.5 metres at 1.09% copper.
The tenor of grade from this drilling is similar to the grade at the producing Lisbon valley Copper mine to the south of Copper Ridge.
In addition, lead and zinc are present throughout all three prosects in varying concentrations suggesting discrete metal zoning may be present thought out the 7 kilometre strike length of mineralised system.
Drilling encountered heavily fractured and strongly bedded ground impacting upon the drills capability to reach the planned depth.
Firestrike is very lightly valued at just $1 million.
