A private placement of 700,000 units at 25 cents each will enable Toscana Resources (VSE) to finance drilling of its 80%-owned Monosse property in Guyana.
The company will carry out a 50-hole program of auger drilling to test a 4-km-by-500-metre-wide gold geochemical anomaly surrounding two pits.
Sampling values averaged 4.8 grams gold per tonne over 30 metres in one pit and 3.8 grams gold over 15 metres in the other. Both pits extend to depths of up to 18 metres and consist of saprolite material.
President Gary Schellenberg says the drill program should be completed by year-end.
On closing of the private placement and a recently arranged 1-million share debt swap, Toscana will have 11.3 million shares outstanding.
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