Goldpost Resources of Toronto will spend the $2.3 million it raised through class “A” flow-through warrants, to explore its Hislop West property near Timmins, Ont.
Goldpost recently finalized the execution of two private placements of $1.085 million in flow-through funds. The company has also placed in its treasury the $1.206 million it raised through the exercise of class “B” warrants. The funds will be available as working capital.
Funds received from the options to be used for working capital net the company an additional $268,100. Goldpost has raised $4.85 million this year.
The company says underground drilling using one drill is in progress from the decline on the Hislop West property. The first hole of a minimum 15,000-ft contract intersected the Gibson West zone and results are expected soon.
On the Hislop East property, surface drilling was resumed in mid- April using two drills. About 8,000 ft of the minimum 20,000-ft contract have been completed since resumption of drilling. Goldpost says results from drilling on the west and south zones are very encouraging and more results are also expected soon.
The possibility of dewatering, rehabilitation and deepening of the shaft is under review.
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