Proactive Investors | 11 April 2018
Mayur Resources Ltd has received firm commitments to raise $6.8 million via a placement of CHESS Depository Interests (CDIs) to professional and sophisticated investor at 80 cents per CDI.
The new funds will allow Mayur to pursue a number of value accretive initiatives that have been identified in Papua New Guinea subsequent to the company’s listing on the ASX in September 2017.
Port Moresby Limestone Project
The Port Moresby Limestone Project is located 25 kilometres north of Port Moresby.
Mayur has delineated a JORC resource of 382 million tonnes of high-grade limestone across two deposits within the project.
The funds raised will be utilised, in part, to deliver a definitive feasibility study for the extraction of limestone and downstream processing facilities to produce quicklime and clinker/cement.
Depot Creek Coal Project
Mayur holds a portfolio of contiguous tenements (including the Depot Creek Project) that cover the main coal bearing geology in the Papuan Basin of the Gulf Province.
Funds from the placement will provide additional funding to conduct expanded coal mapping and resource delineation work programs across the portfolio.
Feni Copper-Gold Project
The Feni Island Gold-Copper Project has a 650,000-ounce gold JORC inferred resource.
The project warrants a drill program to follow up on encouraging co-incident historical copper and gold targets.
Mayur will use the new funds to undertake a diamond drilling program with the aim of identifying the source of copper and gold mineralisation.