Alicanto Minerals Launches A$1.6M Rights Offer For Exploration In Sweden

Alicanto Minerals Ltd (ASX:AQI) has launched a pro-rata entitlement (rights) offer of shares to raise up to A$1.6 million.

Eligible shareholders can subscribe for one new share for every five shares held on 26 June 2024 at an issue price of A$0.013 per new share.

Subject to shareholder approval, a further A$123,500 will be raised via a placement to Alicanto Directors at the same price as the entitlement offer.

Swedish projects

Alicanto Minerals is focused on two highly prospective projects in Sweden: the Falun Copper-Gold Project and the Sala Zinc-Silver Project.

Both projects have a long history of high-grade production but have been the subject of limited exploration in recent times.

Falun Copper-Gold Project

Alicanto controls over 60 kilometres of the target limestone horizon at the Falun project within a total landholding of 312 square kilometres.

During its operation, Falun produced in the order of 28 million tonnes at 4% copper, 4g/t gold, 5% zinc, 2% lead and 35g/t silver.

Sala Zinc-Silver Project

The Sala mine was previously one of the largest and highest-grade silver mines in Europe.

Mining started at the end of the 15th century and continued until the mine closed in 1908.

During its operational life, Sala is estimated to have produced more than 200 million ounces of silver at an average grade of 1,244g/t.

Maiden resource at Sala

At Sala, Alicanto has completed over 28,000 metres of diamond drilling and reviewed over 35,000 metres of historical drill core.

In just over twelve months of exploration, Alicanto defined a maiden inferred resource of 9.7 million tonnes at 4.5% zinc equivalent containing 311,000t of zinc, 15Mozs of silver and 44,000t of lead.

Next steps

Proceeds from the entitlement offer and placement will be applied towards progressing exploration of the projects in Sweden.

The company is highly leveraged to exploration success and puts a strong emphasis on ensuring that drilling is ongoing.

 

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