Southern Crown Resources (ASX:SWR) is placing 13 million new...

Southern Crown Resources (ASX:SWR) is placing 13 million new shares at $0.05 to existing major shareholders and selected new investors to raise $650,000 to advance exploration at its new gold-silver project interest in Alaska.

The company recently signed an option to purchase agreement over a suite of polymetallic projects in Alaska.

Adding to the prospectivity, the projects are located in the same Tintina Gold belt as the giant 45 million ounce Donlin Creek deposit.

The key Luna-Quicksilver prospect contains two undrilled outcropping semi-massive sulphide stockworks about 1.2 kilometres apart in a system that is over 700 metres wide and striking over 5 kilometres.

Rock chip and channel sampling of Luna outcrop has returned up to 64.7 grams per tonne gold and 74g/t silver while the Luna East sulphide outcrop has returned up to 1.2% copper and 90gt silver.

The company is lightly valued at around $2.5 million, and will hold around $2 million cash post placement.