Oakdale Resources begins drilling in Nevada gold territory after raising $2.2 million
Thursday, 10 September 2020 Oakdale Resources Ltd (ASX:OAR) has kicked off diamond drilling operations at its wholly-owned Lambarson Canyon Project in the prolific gold territory of Nevada, US. The company is well funded for drilling following a placement of shares to institutional funds and professional and sophisticated investors to raise A$2.2 million. Drilling is anticipated to run through until the end of September. Exploring gold country Once drilling is completed at Lambarson Canyon, drilling operations will move south to Douglas Canyon to test multiple high-grade outcropping epithermal quartz vein systems. Nevada projects with regional mines and reported historical and current resources & reserves. The Lambarson Canyon Project is in northern Nevada where Oakdale is targeting intrusion-related and distal disseminated gold mineralisation, similar to million-plus ounce gold deposits in the Battle Mountain-Cortez and Getchell trends. Oakdale’s planned drilling campaign may comprise up to five diamond drill-holes at the Lambarson Canyon Project that will focus on testing gold targets. Initial fieldwork has identified high-grade outcropping gold mineralisation which returned a channel sample of 3 metres at 6.97 g/t gold and an individual rock-chip/float sample which returned 61.6 g/t, along with a strong coincident electromagnetic resistivity and conductivity anomaly south of the outcropping mineralisation. Lambarson Canyon simplified geology showing rock chip sampling results and diamond drill collar and electromagnetic survey line locations. A$2.2 million raised Oakdale has placed 104,761,905 shares at 2.1 cents to raise A$2.2 million from institutional funds and professional and sophisticated investors. The issue price of the placement which was oversubscribed by A$785,000 is at a 31% premium to the company’s 10-day VWAP (volume-weighted average price). Oakdale will use the funds raised from the placement to complete drilling at Lambarson Canyon and Douglas Canyon and for general exploration work at the Crown Project in Western Australia.
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