The $702,000 raised will be utilised to fund drilling around the company’s Laverton project areas and its fully-owned Roe project in the North Eastern Goldfields.

These funds will be augmented by a drilling pool worth $252,000 which the company has with Grimwood Davies Drilling.

The Roe tenement block covers an extensive area of poorly exposed and intensely weathered greenstones to the south of Pacmin’s Carosue Dam project, which contains 2.2 million ounces.

“This is a recent discovery and the first multi-million ounce occurrence so far delineated in this lightly explored area,” Metex’s managing director, Ian Walker, said.

“Previous exploration completed by Metex successfully delineated anomalous gold results in RAB drillholes in the Goat Dam East area.

“The follow up to these results will provide an immediate focus for the additional drilling to be provided by these drilling funds.”