Sentosa Mining will use Aus$1.4 million raised in an over-subscribed placement to fund its first exploration drilling on the Darvii Naruu Copper-Gold Project in Gobi Altai province of western Mongolia.
Sentosa announced on October 1 that it had exercised its option agreement to acquire a 100% interest in the 62,700 hectare project in which 37 exploration targets have been identified, including several high priority, drill-ready magnetic and potasic targets.
Sentosa entered the agreement to acquire Darvii Naruu from a West Australian-based private Company, St Nicolas Mines, in April, through the issue of 5.5 million fully paid ordinary shares and a 0.5% net smelter return royalty.
Darvii Naruu project is within the South Gobi Arc which hosts Rio Tinto’s world-class Oyu Tolgoi porphyry copper gold deposits.
Since then preliminary exploration, including 1620 line kilometres of aeromagnetic and radiometric survey and two independent technical reviews, have confirmed significant potential for large-scale copper-gold, gold or nickel-copper-PGE mineralized systems within the project. This potential will be tested in the upcoming drilling program which is fully funded through the placement.