A private placement of shares with individual investors has netted Plata Mining (ASE) $712,500, much of which will be used to explore the Helvecia property in the northwestern Argentine province of La Rioja.
The property, a 20-sq.-km cateo, or concession, has been mined for zinc since 1898.
Plata is earning a 90% interest in the property from the Argentine firm Yacimentos Mineros Riojanos and must spend US$1.3 million on exploration over three years.
For the remainder of this year, Plata plans to carry out airphoto interpretation, mapping, trenching, underground sampling and mapping, geophysics, and 1,500 metres of reverse-circulation drilling.
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