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Gold79 Mines announced the closing of the first tranche of a private placement financing, raising $718,250 through the issuance of 2,873,000 units at $0.25 per unit. Each unit includes one common share and one-half common share purchase warrant. The company aims to use the proceeds for exploration expenditures, property claim costs, and general corporate purposes. Officers and directors participated in the placement, acquiring 900,000 units for $225,000.
Gold79 Mines is set to commence trenching at the Tyro Main Zone in the Gold Chain Project to further explore high-grade drill intercepts from 2023. The program aims to understand gold distribution, define a maiden resource, and plan follow-up drilling. The company anticipates a larger and higher-grade resource than the nearest producing mine in the district.
