Desert Metals Limited (ASX:DM1) Commences Drilling Programs and Secures Placement
Drilling Programs Commence
Desert Metals Limited has initiated an 86-hole, 3,500m aircore drilling program at the Tengrela South gold permit in northern Côte d’Ivoire. The drilling targets the Kakologo and Tiogo prospects, located 30km from Perseus Mining’s Sissingué gold mine. Concurrently, at the King Kong prospect on the Adzope gold project, the company has completed a 27.5-line kilometre ground geophysics program and commenced an 850-hole, 12,000m auger program. Diamond drilling at Adzope is scheduled for Q2 CY2025, with results expected in Q2 and early Q3 CY2025.
Placement Funding Secured
In February 2025, Desert Metals secured firm commitments to raise AUD 3.25 million through a strongly supported placement. The placement, comprising 108,271,783 shares for AUD 2,111,300, includes participation by directors and is subject to shareholder approval at an extraordinary general meeting on 8 April 2025. The funds will support the aircore drilling at Tengrela South and drill testing at the Adzope Gold Project.
Executive Comments
Managing Director Stephen Ross stated, “Our dedicated field teams in Côte d’Ivoire are making significant progress at our two lead projects. Within the Tengrela South permit aircore drilling has commenced at the promising Kakologo and Tiogo gold prospects we successfully identified last year. Meanwhile, at our flagship Adzope gold project, we’re making substantial progress in identifying and ranking drill targets within the extensive +3km gold corridor, where our initial drilling at the highly promising King Kong prospect yielded impressive results including 17m at 7.5g/t gold. We’ve successfully completed ground geophysics, and comprehensive auger sampling is in progress, keeping us on track to commence diamond drilling in Q2 2025. We are looking forward to announcing the results of these exciting programs over the coming months”.
Motley Fool contributor Aaron Shaw 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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