The public financing of 3.2 million units at $1.20 each will help Northern Crown Mines (VSE) finance work on its Mesa Galindo gold-silver property and Guadalupe gold project in Mexico.
Drilling is expected to start at Mesa, east of Hermosillo, in early February, with an initial program of 2,000 metres in 20 holes.
The program will test a 2-sq.-km area of altered porphyry containing gold and silver values in both oxide and sulphide zones.
A drill crew is being mobilized to the Guadalupe concession, north of Mazatlan, for a 10,000-metre, 80-hole program.
Previous work outlined a preliminary geological resource of 5.1 million tonnes grading 1.51 grams gold per tonne in the Zapote North and South areas.
Four other geologically related, epithermal zones will be drill-tested in 1996.
As a result of the financing, Northern Crown has 11.8 million shares outstanding, or about 15.5 million on a fully diluted basis.
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