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Santana Minerals Limited successfully raises A$15.5 million through the issuance of 24.8 million fully paid ordinary shares via an oversubscribed placement to sophisticated, professional, and institutional investors.
The funds raised will be used for exploration and infill drilling, technical and environmental studies at the Bendigo-Ophir Gold Project in New Zealand, and general working capital purposes.
In addition to the Placement, Eligible Shareholders will have the opportunity to apply for up to A$30,000 worth of new shares through the Share Purchase Plan (SPP) at the same issue price as the placement, with the SPP targeting to raise approximately A$3 million.
Eleven new drillhole assay results from the Rise & Shine deposit confirm the extent and grade of the mineralization within Inferred Resources and beyond the Indicated Resources of the February 2023 MRE.
Significant intercepts include MDD128 with an aggregate of 26.0m @ 2.1 g/t Au, MDD129 with 18.0m @ 2.5 g/t Au, and MDD130 with 22.0m @ 8.1 g/t Au.
Preliminary Phase 5 metallurgy testwork results indicate high gold recoveries around 90% are possible across RAS using a conventional gravity and leach process.