Gateway (ASX:GML) open up for Montague gold campaign
Gateway Mining has raised $2.5 million to fund the exciting next major exploration phase at its flagship 500koz Montague Gold Project north of Sandstone in Western Australia’s Goldfields.
The funds (before costs) contributed by institutions and sophisticated investors will pay for high-priority step-change discoveries across 1,000 square kilometres covering the southern extension of the Archaean-aged Gum Creek Greenstone Belt.
Amid an emerging gold market, industry experts Model Earth have contributed exciting targets for systematic exploration both as extensions to existing deposits and in exciting new areas across the entire 1,000km2 land-holding.
“We are pleased with the significant report received from existing and new shareholders through this capital raising, which will allow us to push the button on an ambitious exploration strategy in 2023,” Managing Director Mr Mark Cossom said.
“We have successfully grown the Mineral Resource inventory at Montague to over 500,000 ounces of gold, not only around historically mined open pits but also in several new discoveries.
“The knowledge gained through this process has given us the confidence that the gold discovered to date at Montague is part of a major gold system that remains significantly under-explored and offers significant potential for further growth.”
Location Map of Montague Gold Project near Sandstone in Western Australia’s Goldfields.
Price Action
The Company’s ASX-listed shares are 7c at Pre-market Open.
Next Steps
- Exploration for shallow oxide zone deposits, including follow-up Reverse Circulation drilling at Caledonian and Achilles East
- Commissioning a series of two-dimensional seismic survey lines over the Montague Granodiorite and main mineralised structures.
- Geochemical soil sampling and scout air-core drilling programs to test new targets generated on the broader tenement package.
- Deep diamond drilling to test prospective positions below the main existing deposits identified through the seismic survey and Model Earth structural geological study.