Mitre Mining Secures A$10M For Drilling At Cerro Bayo Silver-Gold Project

Mitre Mining Corporation Ltd (ASX: MMC) has secured firm commitments to raise A$10 million via a placement of shares at A$0.45 each.

The placement received strong support from new investors and existing shareholders, with significant scaling required to manage demand.

A second tranche of A$509,500 worth of shares at the same price will be issued predominantly to Mitre directors, consultants and management.

The proceeds from the placement will be used to accelerate drilling and resource growth at Mitre’s Cerro Bayo Silver-Gold Project in Chile.

Bonanza-grade rock chip results

The Cerro Bayo Silver-Gold Project hosts a resource of 5 million tonnes at 311g/t silver for 50 million ounces of contained silver equivalent (AgEq).

Mitre intends to rapidly advance the project and grow the existing silver-gold resource to demonstrate a globally significant silver-gold asset.

The company recently revealed remarkable bonanza-grade rock chip and channel samples from Cerro Bayo.

Read: Mitre Mining Corporation Ltd Surges as Cerro Bayo Project Unveils Exceptional Silver Grades

The standout discovery from the Cristal Vein showcases an astonishing 39,481g/t AgEq, composed of 32,849g/t silver and 79.9g/t gold.

These findings transcend the current resource, promising substantial resource expansion potential.

Placement proceeds will fund infill drilling in these areas aimed at resource growth.

Next steps

The first four holes in an initial 5,000-metres infill drilling program have already been completed with assays pending.

The receipt of these assays will mark the start of what is expected to be strong, continuous news flow culminating in a proposed resource update early in Q3 2024.

 

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