Toronto-based Noble Peak Resources (ASE) has raised $2.2 million to explore and develop its gold properties along South Africa’s Barberton greenstone belt.
The junior will begin the first phase of exploration in early June and is considering optioning some of the properties.
The flagship of Noble Peak’s South African portfolio is the Worcester gold mine, a past producer with a geological reserve of 990,000 tonnes grading 6.5 grams gold per tonne. The company believes additional reserves will be found at depth and along strike from the old mine.
The potential of the Barberton greenstone belt has long been overshadowed by the massive Witwatersrand deposits, which have helped South Africa maintain its rank as the world’s largest gold producer. A dearth of junior exploration activity in South Africa means the smaller Barberton prospects, which bear a strong resemblance to the deposits within Ontario’s Red Lake greenstone belt, have received scant attention.
Noble Peak raised the exploration financing through a private placement of 485,000 units, each of which consists of one common share and one warrant. A warrant entitles the holder to acquire one common share on, or before, Nov.
21, 1997.
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