New drilling results have provided further encouragement for the discovery of significant additional oxide gold resources outside of the main Sorowar gold oxide deposit to be mined next year at Simberi Island off Papua New Guinea, by listed Australian explorer, Allied Gold Limited (ASX: ALD).
ALLIED GOLD has raised more than $A50 million in the past two weeks and says it now no longer requires any additional equity funding prior to first production at its Simberi project in PNG in the first quarter of next year.
Allied Gold Limited (ASX: ALD) says it is confident of extending mineralisation at its main gold project in Papua New Guinea after encountering new high grade intercepts from drilling last month around the main pit area.
Allied Gold Limited (ASX: ALD) is pleased to announce that following strong support and interest in the Company's Simberi Oxide Gold Project in PNG from the UK investment community, the Company has agreed to place up to a total of 25,000,000 fully paid Ordinary Shares at an issue price of 40 cents per share to predominantly UK based investors, institutions and fund managers to raise A$10,000,000 ("Placing Shares").
Allied Gold Limited (ASX: ALD) has sold their Mobile Mineral Processing Unit ("MMPEU") to Tanami Gold for AUD$2M while retaining rights to use the patented design on other Allied projects.
STERILISATION DRILLING ENCOUNTERS FURTHER HIGH GRADE MINERALISATION CURRENT DRILLING PROGRAM INDICATES FURTHER WIDTH AND DEPTH EXTENSIONS TO THE SOROWAR GOLD
Agreement has been reached with Canadian-listed Simberi Gold Corporation ("SGC") for Allied Gold Limited ("ALD") to purchase the outstanding 12.5% free carried interest ("FCI") in the Simberi Oxide Gold Project.
These results are very encouraging. The presence of high grade mineralisation
within the Pigiput deposit footwall indicates significant potential for extensions to the known high-grade hangingwall sulphide gold deposit.