Kingfisher Mining Ltd (ASX:KFM) is raising $2.25 million to advance the Copper Blow Project and exploration activities across the company’s Broken Hill project portfolio. Copper Blow is one of the most advanced copper-gold exploration opportunities within the company’s NSW portfolio.
Approximately 30,000,000 new fully paid ordinary shares are on offer at an issue price of $0.075 per share, representing a 5.6% premium to the company’s 15-day VWAP of $0.071 per share.
“Securing this Placement at a premium to the 15-day VWAP, in what remains a challenging market for junior explorers, is a strong endorsement of Kingfisher and the opportunity we see at Copper Blow”, managing director Chris Bittar said.
Copper Blow to get a cash injection
The money will also support KFM’s wider Broken Hill project portfolio, but mainly be used for activities at Copper Blow. The company is focused on building a pipeline of prospective lead-zinc-silver and base metal opportunities across the greater Broken Hill region.
With three kilometres of a four-kilometre magnetic trend untested by drilling, the project remains highly prospective. Historical, geological and geochemical datasets have identified several areas along the trend that warrant further exploration.
Notably, recent drilling has returned significant copper-gold intersections, including 26m @ 2.57% Cu and 0.75g/t Au from 73m, including 13m @ 4.07% Cu and 1.20g/t Au from 75m.
Strong support
Kingfisher has received strong support from new and existing shareholders, professional investors, and specialist consultants, who have undertaken recent geophysical studies and continue to support the company’s evaluation of the broader trend and copper-gold exploration opportunities.
“The funds raised put us in a strong position to keep advancing exploration at Copper Blow, where recent drilling has returned wide, high-grade copper-gold intersections,” Bittar said.
“Beyond the current drilling, we see significant potential along the broader 4km Copper Blow trend, much of which is yet to be tested by modern drilling. Our extensive Broken Hill landholding also gives shareholders exposure to a pipeline of lead-zinc-silver and base metal targets.
“Together with our mining and processing agreement with Broken Hill Mines Limited (ASX: BHM), we believe Kingfisher is well positioned to advance exploration and evaluate future development opportunities across the region.”
The raise follows Kingfisher’s recent encouraging silver-lead-zinc drilling results from its Stephens Trig and Allendale prospects near Broken Hill.