Taking advantage of the recent jump in its share price, Orvana Minerals (TSE) plans to raise $19.2 million through a private placement at $7.37 per share.
Proceeds would fund further exploration of the Butte Highlands project in Montana and Orvana’s 35% owned Pederson property in Bolivia. Drill results from Butte Highlands have helped push Orvana’s share price to a new high of $8.13. The first hole of the current program intersected 225 ft. grading 0.69 oz. gold per ton.
The drilling includes two tiers of holes targeted to intersect the skarn zone at about 800 ft. and 1,100 ft. below surface, respectively.
A rotary rig is drilling through overburden and unmineralized rock above the targeted skarn zone, and a diamond drill will be used to complete the holes. Further results from Butte Highlands are expected this month.
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