Dalaroo Metals Raises Funds and Discovers Gold System at Lyons River Project
DALAROO METALS LTD (DAL) Share Update July 2024 Friday 26th
Dalaroo Metals Raises $2.65 Million and Discovers New Gold System
Dalaroo Metals Ltd (ASX: DAL) has successfully raised $2.65 million and announced the discovery of a new gold system at its Lyons River Project in Western Australia.
Instant Summary:
- Raised $2.65 million through a share placement at $0.016 per share.
- New gold system discovered at Goodbody West prospect in Lyons River Project.
- Significant gold assays include 5m @ 0.85g/t Au and 19m @ 0.23g/t Au.
- Diamond drilling program completed at Browns Pb-Zn-Ag-Cu prospect.
- Ongoing exploration focus on gold and base metals at Lyons River.
Fundraising Success
Dalaroo Metals Ltd has successfully raised $2.65 million through a share placement at $0.016 per share. The placement was well-supported by both new and existing professional and sophisticated investors, including new board members Bilal Ahmad and Joshua Gordon, who contributed $200,000 and $86,000 respectively, subject to shareholder approval.
The funds raised will be used to advance exploration activities at the company's Lyons River Project, as well as for general working capital and to identify new business opportunities.
Gold System Discovery
Dalaroo announced the discovery of a new gold system at the Goodbody West prospect within its 100%-owned Lyons River Project in the Gascoyne Region of Western Australia. Assays from the maiden air-core drill program revealed significant gold mineralization, including:
- LRAC047: 5m @ 0.85g/t Au from 9m, including 1m @ 1.83g/t Au from 9m and 1m @ 1.23g/t Au from 12m
- LRAC049: 1m @ 0.98g/t Au from 3m
- LRAC051: 1m @ 1.17g/t Au from 19m
- LRAC052: 19m @ 0.23g/t Au from 24m
The gold mineralization at Goodbody West remains open along strike and at depth, with a broader gold anomaly extending over a 6km strike length. Exploration efforts will continue to focus on this area, as well as the nearby Turbo Well prospect.
Browns Pb-Zn-Ag-Cu Prospect
Dalaroo also completed a diamond drilling program at the Browns prospect, targeting a significant 3km x 2km Pb-Zn-Ag-Cu zone. The program was partly funded by a $180,000 co-funded grant from the Exploration Incentive Scheme.
Significant results from the drilling include:
- 10m @ 1.04% Pb, 0.49% Zn, 2.85 g/t Ag from 37m (LRAC010), including 1m @ 3.13% Pb, 0.24% Zn, 5g/t Ag from 38m
The company believes the district has potential for Broken Hill Type (BHT) and Sedimentary Exhalative (SEDEX) deposits, with further exploration planned to test these targets.
The successful fundraising and discovery of a new gold system are positive developments for Dalaroo Metals. The raised capital will enable the company to continue its exploration activities, potentially leading to further discoveries and increased shareholder value. The market may react positively to these announcements, reflecting confidence in the company's growth prospects.
Investor Reaction:
Investors and analysts have responded positively to the news, highlighting the potential for significant returns from the newly discovered gold system. The participation of new board members in the fundraising also signals strong internal confidence in the company's future.
Conclusion:
Investors should keep a close eye on Dalaroo Metals as it continues its exploration activities at the Lyons River Project. The successful fundraising and promising assay results suggest that the company is well-positioned for future growth. Stay informed and consider the potential long-term benefits of investing in Dalaroo Metals.