Noveder resumes drilling at Cabot property

With cash in hand from a recent financing, Noveder (NED-M) has resumed drilling at its Cabot copper-cobalt property in the Baie Verte region of northwestern Newfoundland.

The junior raised $550,000 in a public offering of 2.5 million flow-through shares and 275,000 non-flow-through shares at 20 cents apiece. Each share includes a warrant exercisable at 26 cents. Most of the funds will be earmarked for exploration in Newfoundland.

At Cabot, the junior intends to target the northeastern extension of a mineralized intersection obtained in last year’s hole 10, which returned 28.9 metres (from 378 metres) of 0.4% copper and 0.01% cobalt. The hole was drilled with zone 2, which consists of sulphide stringers in a chloritized and locally silicified mafic-volcanic unit.

At the newly acquired Micmac property in northern Newfoundland, Noveder is cutting a grid in preparation for an induced-polarization geophysical survey, to be carried out over a gold-in-soil anomaly. Noveder recently completed a soil-sampling program that confirmed earlier work.