Neptune gets $12 m for Colomac

Neptune Resources has completed an issue of one million shares on a flow-through basis. The issue will raise $12 million for additional exploration work on the company’s 60%-owned Colomac gold project in the N.W.T.

Exploration will focus on five other zones on the property. The Colomac deposit, which is large tonnage and low grade in nature, is being considered for a vat leaching mining operation. To this end, Neptune is preparing a 15,000-ton vat leach test on site. A feasibility study, incorporating the vat test results will be completed by November, Neptune says.