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Monger Gold Ltd. ( (AU:LLM) ) just unveiled an update.
Loyal Metals has advanced its transformation into a high-grade copper-gold producer by exercising its option and executing definitive agreements to acquire the Highway Reward Copper-Gold Mine in Queensland, historically one of the world’s highest-grade copper operations with past production of 3.65Mt at 5.7% copper and 260kt at 4.5 g/t gold. The company raised A$3.5 million in an oversubscribed placement and ended the December quarter with A$6.11 million in available funding, while verifying 122,000 metres of historic drilling that confirms the deposit’s world-class scale and highlights substantial unmined mineralisation. Initial drilling during and shortly after the quarter delivered thick, high-grade copper-gold-silver intercepts beneath and along the southeast wall of the existing open pit, supporting a geological model of a large, continuous unmined zone and positioning Loyal Metals to potentially grow resources and strengthen its standing in the copper-gold sector as metal prices remain elevated.
More about Monger Gold Ltd.
Loyal Metals Ltd (ASX: LLM) is an Australian resources company focused on copper and gold, with its flagship asset being the Highway Reward Copper-Gold Mine in Queensland. The project sits within the Mt Windsor Volcanic Belt, close to existing transport infrastructure and export facilities, and targets high-grade copper-gold sulphide mineralisation with significant exploration upside both along strike and at depth.
Average Trading Volume: 559,124
Technical Sentiment Signal: Buy
Current Market Cap: A$54.85M
See more insights into LLM stock on TipRanks’ Stock Analysis page.