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The Australian-based company issued two statements to the Australian Stock Exchange last week, updating shareholders as to the drilling programme and its commitment to raise $9.375million in new shares.
In the first statement, on July 20, Santana Minerals executive director Dick Keevers said the company had "excellent results" in the Rise and Shine (RAS) deposit and drilling was continuing to expand resources beyond a new inferred platform of 1.9million ounces of gold announced earlier this month.
"Some very good assays as well as new visible gold in the drill core, particularly in the southeast part of Rise and Shine, where a sweet spot occurs near the expected southeast margin of the RAS deposit. An excellent result.
"Nearly a kilometre north of this sweet spot, where the RAS down plunge part of the deposit continues, we have achieved some substantial gold intersections, underpinning our continuing drive to keep pushing northeast down the plunge of the deposit with our drilling," Mr Keevers said.
Mr Keevers said the company expected to expand its most recent mineral resource estimate in the coming months.
The intercepts between two holes in particular deserved the title "jewellery box," his report said.
The second statement released yesterday announced that the company had received enough new share placements to confidently advance its Bendigo-Ophir project.
Mr Keevers said Santana had received commitments to raise $9.375million through the issue of 15million fully paid ordinary shares at $0.625 per share.
The company board was pleased the bids for new shares substantially exceeded the company’s placement capacity, under the ASX Listing Rules.
The board had decided to accept over subscriptions, subject to the approval of shareholders at a general meeting "to be called as soon as possible".
"These additional funds, if approved by shareholders, will enable Santana to more aggressively approach the immediate future exploration programme, particularly because recent drilling has both found excellent gold mineralisation and also increased our understanding of the geology of this mineralisation," Mr Keevers’ report said.
The investments would also allow additional metallurgical testing to be done.