MC ~ $25.5m (HC) SOI ~ 79M (Sep 20) Top 20 hold ~ 40% SP $0.265
Carawine Resources Ltd is an Australia-based mineral exploration company. The Company develops exploration projects in mineral provinces throughout Australia and is focused on gold, copper and base minerals. The Company's projects include the Jamison Project, the Oakover Project, the Paterson Project, and the Fraser Range Project. The Jamieson Project is located in the central Victorian Goldfields containing Hill 800 gold and Rhyolite Creek zinc-gold-silver prospects. The Oakover Project located in the Eastern Pilbara comprises of three exploration licenses applications for copper, manganese and iron prospects. The Paterson Project prospective for gold and copper is located in the Paterson Province. The project comprises of five exploration license applications and is divided into four regions such as Lamil Hills, Trotman South, Red Dog and Baton. The Company in Joint Venture with the Independence Group NL has developed the Fraser Range project targeting nickel-sulphide deposits.
Recent CR done late Sep for $6m with drill program to commence shortly. Additional 30m shares to be issued in 2 Tranches.
KEY POINTS • $6 million capital raising in a two-tranche placement at $0.20 per share • Cornerstone support from large existing shareholders and affiliates of the Sprott Group • Significant number of new institutional and sophisticated investors, both offshore and domestic • Proceeds from the placement will enable the Company to embark on the most aggressive drilling program in its history • Priority targets include gold, copper and nickel prospects at the Company’s Tropicana North and Fraser Range Projects in Western Australia and the Jamieson Project in Victoria
Proceeds from the Placement will be used to advance exploration at Carawine’s Tropicana North and Fraser Range Projects in Western Australia, and the Jamieson Project in Victoria, with drilling programs planned to commence at Tropicana North and Jamieson in late October and November 2020.
Drilling of down-plunge extensions to high-grade gold intervals at the Hercules and Atlantis prospects is planned, along with testing additional gold anomalies along the Hercules Shear Zone at the Tropicana North Project (refer ASX announcement 3 September 2020).
Drilling of the M2 porphyry copper-gold target, followed by extensions to high grade gold and copper mineralisation defined earlier this year at Hill 800 is also planned at the Jamieson Project (refer ASX announcement 14 May 2020).
Charts all trending bullish which started mid yr & after recent raise & pullback as expected has started bounce of bottom off the channel.
Needs break that high 20's / 30 zone for next leg.
Low MC, light SOI, drill program upcoming could provide some interest.
