Intrepid Mines will use Aus$111 million raised in a bought deal financing to step up activities at its Tujuh Bukit project.
A syndicate of underwriters, including RBC Capital Markets and Welling West Capital Markets, have agreed to buy 63.4 million shares at $1.77 per share.
Intrepid has also launched a share purchase plan at the same price for shareholders in Australia and New Zealand.
Among the work scheduled for the project is a feasibility study as well as ongoing drilling, which are targeting multi-directional resource expansion.
Intrepid has received an independent technical report for the Tujuh Bukit project.
The report, prepared by Hellman and Schofield and reported in accordance with the JORC Code and Canadian NI 43-101, estimated an initial inferred resource of 500 million tonnes @ 0.4% copper and 0.5 grams/tonne gold, at a cut-off grade of 0.2% copper, for the known porphyry copper-gold zone within the Tumpangpitu area of the Tujuh Bukit Project in Indonesia.
About 95% of the resource occurs within an area measuring 1100 x 850 metres. The vertical extent of mineralization defined to date is up to 800 metres.
The company is confident that the porphyry copper-gold resource base at Tumpangpitu will continue to grow as additional drilling is completed over the next six months. The system remains open in all directions, and at depth to the NE and SW.
This estimate is in addition to that occurring in the oxide gold-silver zone of 95.3 million tonnes @ 0.66 grams/tonne gold and 25.9 grams/tonne silver for 2 million ounces of contained gold and 79.4 million ounce of contained silver and which is also continuing to grow with ongoing drilling.
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