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Algold Resources raises $7.5mln for Tijirit exploration

Friday, March 24, 2017 11:17
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(Before It's News)

West Africa- focused mining firm Algold Resources Ltd (CVE: ALG) has raised  $7.5mln via a previously announced financing.

The group said the net proceeds would be used to carry out exploration drilling on the Corporation’s Tijirit property and for working capital and general corporate purposes.

A total of $7 million was raised under the bought deal offering, while the remaining $500,000 was raised under a concurrent offering

Each Unit consisted of one share and one-half of one common share purchase warrant.

Algold is exploring three prospective gold projects in Mauritania.

The firm says the Tijirit licence shows the potential to host a more than 1.5mln ounce gold deposit within four prospects.

It lies 30 km southeast of the Tasiast mine and was acquired from Gryphon Minerals.

Highlight drill findings include six metres at 17.63 g/t (grams per ton) gold and eight metres at a grade of  2.97 g/t.

Story by ProactiveInvestors


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