Equinox Resources Raises A$4M For Brazilian, Australian Projects

Equinox Resources Ltd (ASX: EQN) is raising A$4 million via an oversubscribed equity placement to advance its Brazilian and Australian projects.

The company has secured firm commitments from sophisticated investors for the placement at A$0.20 per share.

Following the placement, Equinox will have ~A$6 million in cash for exploration and drilling at the company’s rare earth projects in Brazil.

Equinox will also advance its Hamersley Iron Ore Project in the Pilbara which hosts a significant resource of 343.2 million tonnes at 54.5% iron.

Drilling in Brazil

Equinox Resources CEO Zac Komur said: We are currently drilling our Campo Grande Rare Earths prospects in Brazil, which is adjacent to Brazilian Rare Earths (ASX: BRE) who are currently valued at approximately $690 million, where we have the same potential to uncover high-grade hard rock deposits.

“We are also working to provide the market with an update on the direct shipping ore mineral resources for our Hamersley Iron Ore Project.”

New rare earth discovery

Earlier this month, Equinox Resources revealed a significant new rare earth discovery at its Mata da Corda Rare Earth Project in Brazil.

The company received high-grade surface sample results including 5024 ppm total rare earth oxides (TREO), 4454 ppm TREO and 3505 ppm TREO.

These are the first results from the new frontier project in Minas Gerais State, which spans an area of ~847 square kilometres.

Drilling to uncover more REE

The results have confirmed that the weathered host rocks in this region are the main hosting body for high-grade REE mineralisation, which starts at surface.

Equinox expects drilling to uncover significantly elevated levels of REE grades at depths within a more weathered clay layer below.

 

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