Iceni Gold (ASX: $ICL) raises $1.7m for 14 Mile Well project

Iceni Gold Limited (ASX: $ICL) has successfully secured firm commitments to raise $1.7 million through a heavily oversubscribed share placement. The capital raised will be utilized to fund an active initial 6-month exploration program on four immediate priority drill ready targets at the 14 Mile Well Project, located between Leonora and Laverton in Western Australia. The program includes a maiden diamond drilling program at the Christmas Gift Prospect, where outcropping gold bearing quartz veinlets returned spectacular rock chip assays up to 18,207g/t Au.

Iceni Managing Director's Comments on Capital Raising

The Iceni Board are very pleased with the overwhelming support for the placement, and thank existing and new sophisticated investors for their support that well positions the Company to advance exploration at the 14 Mile Well project. The heavily oversubscribed placement demonstrates the strong interest in the recently discovered Christmas Gift prospect and other priority targets that are now prepared for drilling. We are lining up the drill programs on four of our priority target areas, with diamond drilling to commence at the spectacular Christmas Gift prospect this Quarter. The next six months will be an exciting period of exploration activity for the Company and the team are looking forward to the results.

Summary of Iceni Gold's Capital Raising and Exploration Plans

Iceni Gold Limited (ASX: $ICL) has successfully raised $1.7 million through a heavily oversubscribed share placement to accelerate gold exploration at the 14 Mile Well Project. The funds will be used for drilling at Everleigh/Christmas Gift, Guyer Well Trend, Crossroads, and the Goose Well Syenite, along with field work, assay costs, and working capital. The Company is scheduled to commence diamond drilling at Christmas Gift in the June quarter, followed by aircore (AC) drilling along the 11km long Guyer Well Trend. The results from these programs and ongoing generative exploration activities are expected to provide a strong news flow over the next 6 months. Iceni's focus on multiple high priority target areas within the 14 Mile Well tenement package aims to discover significant gold deposits, positioning the Company as one of the largest land holders in the highly gold endowed Leonora Laverton district.