CAPITAL MARKETS

Meteoric cashes up for high-grade gold exploration

TOLGA Kumova-backed Brazilian gold play Meteoric Resources has raised A$7 million in new equity for its ongoing exploration campaigns.

 Meteoric is looking to have some dramatic high grade gold success in Brazil

Meteoric is looking to have some dramatic high grade gold success in Brazil

The price of the new shares has been put at 5c, with the stock trading at less than 1c back in February prior to the acquisition of the Brazilian ground in March.

The identification of the investors in the current raising was not disclosed aside from two of the company's directors - who will invest the modest sums of $20,000 and $15,000.

Prior to the raising the active resource sector entrepreneur Kumova held 12% of Meteoric.

Meteoric is currently completing its first drilling at the high-grade Juruena project in the Alta Floresta Belt, and is carrying out the first-ever drill campaign 30km away at the Novo Astro project.

The ground was acquired from ASX-listed Big River Gold in March - with the vendor back then known as Crusader Resources - for $1 million in cash and $2 million worth of shares issued in stages (upon milestones been reached).

Extensive artisanal workings are present at both projects, with Juruena said to have had in-excess of US$25 million of exploration conducted at it prior to Meteoric's arrival. 

Meteoric has also claimed the Alta Floresta belt to arguably be the most desirable gold exploration destination in Brazil.

Shares in Meteoric were down 5% to A5.3c in early trade, capitalising the company at $52 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.