Firetail Resources (ASX:FTL) Announces $3M Share Placement
Placement Details
Firetail Resources Limited has secured A$3,000,000 through a placement of 50,000,000 fully paid ordinary shares at $0.06 per share, led by Euroz Hartleys and 708 Capital. Directors Glenn Poole, Simon Lawson, and Rob Jewson are participating, subject to shareholder approval. Settlement is scheduled for February 19, 2025.
Use of Proceeds
The proceeds will primarily support a high-impact exploration program at the Skyline Project in Canada, including 3D IP surveys, ground EM surveys, high-resolution magnetic surveys, and initial drill testing of Governor’s and Veyron Targets. Additionally, funds will aid ongoing exploration at the Picha Project in Peru through US$500k funding and technical support via the BHP Xplor Program.
Executive Comments
Managing Director Glenn Poole stated, “The support from existing and new institutional and high net worth investors has enabled us to expedite plans for a multifaceted exploration program across the Skyline Project where we have 25km of strike which has been incredibly underexplored. Work to date has focussed on the York Mine Sequence which covers a strike length of 700m. Through conducting a HeliEM survey across 2/3 of the Project area we have uncovered multiple substantial EM conductors, including the Veyron target. The Veyron target represents two separate EM plates with 500m strike, extending to a depth of 700m. Importantly, the conductivity of these plates has a high degree of correlation with the petrophysical results we have recently received from drilling within the York Harbour Mine Sequence.
In addition to the work being done in conjunction with BHP Xplor in Peru, we look forward to kicking off a high impact exploration program at Skyline which will involve high resolution magnetics, 3D IP, ground EM followed by diamond drilling.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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