Armistice Resources (ME) has completed a private placement of flow-through shares, raising $810,000 for exploration drilling and development at its Sheldon-Larder gold property east of Kirkland Lake, Ont.
The company plans to deepen the shaft by 50 ft., bulk sample two mineralized zones (the 100N and 260N zones) on the 2,250-ft. level, and perform 4,000 ft. of drilling from that level to outline mineralized zones above.
The company will also be bulk-sampling the 275N zone on the 1,650-ft. level and may drill additional holes from the upper levels.
At the annual meeting, shareholders approved resolutions removing the limit on the issue of shares for private placement and allowing the company to issue up to 9 million options to purchase shares.
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