A $450,000 private placement will enable Aquaterre Mineral Development (VSE) to proceed with work on its optioned Georgia River property near Stewart, B.C.
Each of the 1.1 million units consists of one flow-through share, plus one warrant good for the purchase of an additional share at 40 cents for one year.
Aquaterre is earning a half interest in the property from
Blackline Oil (VSE) by spending $960,000, on top of $40,000 which has already been paid.
Infill drilling is expected to upgrade the drill-indicated and inferred resource of 300,000 tons grading 0.81 oz. gold per ton.
Although Aquaterre will concentrate its efforts on the Georgia River property, where a minimum of $360,000 must be spent this year, exploration is also planned for the adjoining Ashwood
project. Here, mapping, together with geochemical and geophysical work, will be carried out as follow-up work on gold and massive sulphide targets.
Aquaterre has $700,000 in working capital and 6 million shares outstanding.
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