KGL Resources Ltd. said Feb. 15 that it raised about A$6.7 million via a placement to complete the 2018 exploration program at its Jervois copper project in Australia's Northern Territory.
Under the offering, 12.5 million shares were issued to private investor Ernie Thrasher while another 4,320,000 shares were issued to major KGL shareholder KMP Investments Pte. Ltd., at 40 Australian cents each.
The company also noted that drilling in the project's Rockface zone confirmed high-grade copper. Significant assays from one drillhole include 6.62 meters at 3.8% copper, 0.72% zinc, 33.2 g/t of silver and 0.24 g/t of gold from 590.72 meters, and 4.18 meters at 3.16% copper, 0.32% zinc, 25.6 g/t of silver and 0.25 g/t of gold from 607.57 meters.