Narryer Metals are primed to accelerate the development of its newly acquired Canadian lithium portfolio, with the Company raising $1.4m to expedite exploration across its extensive battery metal portfolio.
The capital raise will see Narryer place 11,666,666 new fully paid ordinary shares (shares) at an issue price of $0.12 per share, representing an 11.1% discount to the last traded price of $0.135 on ASX on 26 July 2023 and a 24.0% discount to the 20-day VWAP of $0.158.
The placement has been strongly supported by a number of institutional, professional and sophisticated investors, with Narryers Directors also supporting the placement by investing a total of $60 thousand dollars, indicating their dedication to and confidence in the Company and its projects.
Chasing Canadian Lithium
Funds from the raising will primarily be put towards a maiden exploration campaign of the Company’s new Canadian lithium portfolio, comprising five projects covering 124 square kilometres of the country’s emerging Archaean Superior Province, with projects located within the country’s James Bay, Abitibi and NW Ontario regions.
Figure 1: Project locations around the James Bay and Abitibi regions, with surrounding lithium projects being developed.
All projects within Narryers tenue sit near existing developing lithium projects such as Patriot Battery Metals’ Corvette Project, which was announced today as having the largest lithium resource in the Americas, and many of the projects already host identified pegmatites, with Pontax East for example holding approximately 20km of potential pegmatite strike.
Figure 2: Hailstone Project location in Northwest Ontario, with surrounding lithium projects being developed
The planned maiden exploration campaign is set to kick off next month and will include target generation, mapping, channel sampling and drilling, with the initial focus being exploration of outcropping pegmatites in proximity to known lithium mineralisation.
Rearing on Rare Earth
Additionally, the Company also noted that funds will be put toward firing up the rig for the drilling programs targeting REE targets at Rocky Gully and targeting Ni-Cu-PGE / REE at the Ceduna Project, as well as being used as general working capital.
Located in an emerging REE district in Western Australia, Rocky Gully is believed to host an extensive high-value carbonatite complex with geological analysis of the Project identifying carbonatite intrusive rocks from historical drilling samples which showed anomalous REE grades up to 0.5% TREO.
Narryers interest in this project comes from its potential to host a carbonatite complex, which has shown high amounts of REE exploration success in the wildflower state, being home to the 55 Mt @ 5.3 % TREO Mt Weld Mine and the 29.9 Mt @ 0.93% TREO Yangibarra REE Project.
Due to this, results of the drilling will be interesting to see, with investors already demonstrating they have their eyes on the Project with Narryers share price surging 13.04 per cent on the back of the Company kicking off a Ground Magnetic and Gravity survey at the REE project.
The Cenuda Project sits within South Australia’s Gawler Graton and already hosts 10 M-UM intrusive targets to test across its over 1900 square kilometre tenue with the potential to host nickel-copper-cobalt and platinum group elements alongside potential REES.
NYM’s Australian Stock Exchange-listed is currently selling at 13.5c (9:50 am UTC+ 8 hours).