Proceeds from a private placement by St Andrew Goldfields (SAS-T) will be used to fund exploration near two mines in the Timmins area of northern Ontario.
The company raised $750,000 buy issuing 2.3 million flow-through common shares at 32 cents per share. St Andrew has already begun exploring west of the Stock mine, where an induced-polarization survey is targeting extensions to existing deposits. At the same time, more than 200,000 ft. of drill core are being sampled.
The second phase will test the Hislop East mine for similar targets, with diamond drilling scheduled to follow.
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