Pacifico Minerals Ltd (ASX: PMY) a Western Australian based exploration firm, is engaged in the advancement of a large near-surface Lead-Silver-Zinc deposit in Western Australia.
The company holds 75 per cent stake in the Sorby Hills Joint Venture project, while the rest 25 per cent interest is owned by China’s largest lead smelting and silver producer, Henan Yuguang.
The project has an outstanding infrastructure as it is located close to the port and is connected by existing roads, allowing for fast tracked production.
Further to its announcement to the ASX (2nd September) 2019, Pacifico Minerals announced (9th September) that it completed the placement and raised funds which will now be used to complete the phase III drilling program, complete the Pre-Feasibility Study and advance the Definitive Feasibility Study.
Highlights (2nd September 2019)
• Share placement to sophisticated and professional investors to raise A$4.6 million with Euroz Securities Limited acting as Sole Lead Manager.
• Phase 2 infill and expansion drilling results due within weeks.
• On the back of a highly successful Phase II drilling program, Pacifico will use additional available funding to commence a Phase III drilling program within the next two months.
• Pacifico fully funded to deliver an optimised pre-feasibility study (PFS) by January 2020.
The company reported recently that it has received firm commitments from sophisticated and professional investors to raise A$4.6million (before costs), for a placement of 575 million shares at a price of $0.008 per share (Placement).
An updated Mineral Resource Estimate (MRE) was completed by CSA Global that resulted in a material upgrade of the Global Resource to 29.98Mt of 4.7%Pb equivalent. This included an increased 10.85Mt of 5.0%Pb equivalent in Indicated Resources.
SOURCE: PACIFICO MINERALS
DATE: SEPTEMBER 9, 2019