Marengo Mining Limited, operator of Yandera project has identified a new prospect named Rima that is located due west of Yandera Central deposit, following an extensive mapping and rock chip sampling program.
This was revealed by the chief executive officer Pieter Britz in a press release announcing its closing of the financing transaction with its major shareholder.
Mr Britz said, "The Company has previously described efforts to increase geological knowledge of the site and is pleased to report that this work has resulted in the identification of drilling targets which the Company will now pursue.
He also expressed that the Company initiated a 10-hole drill program on November 11, 2014, to test the mineralisation, and has completed more than 950m of diamond core drilling since. "No assay results are available yet, but will be announced separately as and when they become available, which is expected to be in early 2015.
"Identification and mapping of further prospective areas of EL1335 is set to continue as part of the ongoing assessment of the mineral potential of the core Yandera tenement," he said.
The Marengo Mining Limited also announced that it has completed the previously announced issuance of $US7,500,000, or over K19.71 million principal amount of convertible unsecured debentures to its major shareholder.
Mr Britz said, "The Debentures will mature on June 30, 2017 (the "Maturity Date") and bear interest from and including the date of issuance at the rate of 9% per annum, payable on the Maturity Date."
"The Transaction received disinterested shareholder approval at the annual and special meeting of shareholders of the Company held on December 18, 2014, and is subject to final approval of the Toronto Stock Exchange," he said.
This was revealed by the chief executive officer Pieter Britz in a press release announcing its closing of the financing transaction with its major shareholder.
Mr Britz said, "The Company has previously described efforts to increase geological knowledge of the site and is pleased to report that this work has resulted in the identification of drilling targets which the Company will now pursue.
He also expressed that the Company initiated a 10-hole drill program on November 11, 2014, to test the mineralisation, and has completed more than 950m of diamond core drilling since. "No assay results are available yet, but will be announced separately as and when they become available, which is expected to be in early 2015.
"Identification and mapping of further prospective areas of EL1335 is set to continue as part of the ongoing assessment of the mineral potential of the core Yandera tenement," he said.
The Marengo Mining Limited also announced that it has completed the previously announced issuance of $US7,500,000, or over K19.71 million principal amount of convertible unsecured debentures to its major shareholder.
Mr Britz said, "The Debentures will mature on June 30, 2017 (the "Maturity Date") and bear interest from and including the date of issuance at the rate of 9% per annum, payable on the Maturity Date."
"The Transaction received disinterested shareholder approval at the annual and special meeting of shareholders of the Company held on December 18, 2014, and is subject to final approval of the Toronto Stock Exchange," he said.