Aquiline Resources (AQI-V) plans to raise $6 million via the private placement of 5 million units as it plans to drill test the Amistad, Viuda de Castro and Nabel targets at the Calcatreu gold-silver project in Argentina, later this month.
Priced at $1.20 apiece, each unit includes one share plus half a non-transferable warrant. A whole warrant is good for one additional share at $1.65 per share for 18 months after closing.
The Agents for the financing, co-led by Pacific International Securities and Dundee Securities, can increase the offering by 15% any time before closing.
Aquiline will apply the proceeds to ongoing exploration at the Calcatreu project, where in addition to drilling, the company plans an induced polarization survey for the areas surrounding the project’s main vein systems.
The previous property owner Normandy Mining (later swallowed up by Newmont Mining [NEM-N]) turned up 11 epithermal vein systems during the late 1990s.
Indicated resources at Calcatreu total 1.37 million tonnes running 5 grams gold and 39 grams silver per tonne. In addition, 4.5 million tonnes of inferred resources grade 2.8 grams gold and 26.9 grams silver. The estimate employs a cutoff grade of 0.6 gram gold, and is based on 65 diamond and reverse-circulation holes.
The resource is contained in Calcatreu’s Vein 49 and Nelson low-sulphidation gold systems, with the bulk (nearly 1.1 million tonnes of indicated resources running 5.8 grams gold and 43.4 grams silver) are found in quartz veins in the oxidized portion of Vein 49.
An updated resource estimate is expected in eth coming weeks.
Share in Aquiline were 6, or about 5%, higher at $1.24 in early trading in Toronto following the financing news on Jan. 9.
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