Promesa Limited (ASX:PRA) has risen $1 million to fund its Stage 2 drilling program and extend exploration efforts at its Alumbre Project in Peru.
The company raised the funds through the issue of 40 million shares priced at $0.025 each.
Proceeds from the placement will also be used to fund a four diamond drill hole program targeting an area below anomalous surface copper, gold and molybdenum geochemistry and intersecting the modelled MVI anomaly, which has a strike length of several kilometres.
The company will also extend its magnetic survey, which has provided excellent data supporting the company’s exploration efforts, two fold as the modelled anomaly appears to be open in all directions.
In addition the exploration team will employ remote sensing techniques including hyperspectral image analysis and photogeology in order to gain a better understanding of the regional geology.
Promesa has also commenced work on a Semi Detailed Environmental Impact Assessment that will extend its area of influence four fold around our current permits.
This will enable the company to plan its drilling beyond the current approved 20 platforms.
These will put enable the company to continue its exploration efforts into 2015.
Add to My Watchlist
What is My Watchlist?