Manuka gets good backing for gold-silver exploration-mining plays

GOLD and silver junior Manuka Resources has won A$7 million of backing from investors and shareholders for its work at two advanced project in the Cobar Basin, central west New South Wales.
Manuka gets good backing for gold-silver exploration-mining plays Manuka gets good backing for gold-silver exploration-mining plays Manuka gets good backing for gold-silver exploration-mining plays Manuka gets good backing for gold-silver exploration-mining plays Manuka gets good backing for gold-silver exploration-mining plays

Mt Boppy, NSW

A raising has issued new shares at 40c each, taking the company's cash balance to about $10 million.

At Mt Boppy, Manuka wants to target high-grade mineralisation identified outside the current modelled pit shell, while at Wonawinta, a diamond drilling program is flagged to test the potential for silver and base metal sulphides below the oxide silver resource. 

Meanwhile the company said it has restarted production at the latter after being hit by severe weather last Saturday.

Manuka has been processing stockpiles at both operations, with the aim being to thereafter treat new ore currently being explored-for, proved-up, and developed.

Shares in Manuka were down 1% to 43c in early trade, capitalising the company at $31 million.