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Highlights
Forrestania Resources (FRS) progresses its gold exploration activities with fresh funding.
$250,000 raised through the placement of the shortfall in a recent share purchase plan.
Bonnie Vale project shows promising results, with high-grade gold discoveries.
Forrestania Resources (ASX:FRS) has announced raising $250,000 through the placement of the shortfall associated with its recent share purchase plan (SPP). This capital injection, achieved at a price of $0.0125 per share, is aimed at supporting the company’s gold exploration initiatives. A total of 20 million shares were issued, with an additional 13,764,940 listed FRSOB options set to be allocated to Sandton Capital Advisors.
The listed options, exercisable at $0.075 each before November 20, 2025, form part of Sandton Capital Advisors' compensation for their role in managing the placement tied to the SPP that concluded on November 8, 2024.
Focus on Bonnie Vale Exploration
The funds will drive exploration at Forrestania's Bonnie Vale project, located near Coolgardie in Western Australia’s Eastern Goldfields. This region is known for its significant gold deposits, and the company’s recent activities have unveiled promising outcomes.
Notably, Forrestania uncovered a remarkable rock chip sample with a bonanza-grade of 222 grams per tonne (g/t) of gold. Historical spoil piles from unrecorded drill holes at the site were also analyzed, revealing gold values of up to 13.9 g/t.
Promising Drilling and Geochemical Results
Exploration efforts have identified several regional targets, including areas near the Christmas Gift and Bonnie Vale North prospects. These targets were determined through historical drilling and geochemical soil testing, which revealed elevated gold levels in the region.
Recent drilling highlights include shallow intercepts of 7 meters at 5 g/t gold, 6 meters at 6.5 g/t gold, and 16 meters at 2.6 g/t gold, recorded from depths of 4 to 24 meters. Additionally, historical geochemical drilling at Bonnie Vale has returned soil sample grades as high as 49 g/t gold, further underlining the potential of the project.
Advancing Gold Projects
Forrestania recently secured a key tenement under option at Bonnie Vale, providing strategic access to expand its exploration footprint. Chairman John Hannaford expressed gratitude to both existing and new shareholders for their support, emphasizing the company's commitment to advancing exploration activities in promising gold regions.
These developments reflect Forrestania Resources’ focus on unlocking the potential of its gold projects through systematic exploration and leveraging strategic funding opportunities.
