Carnavale Resources' A$2.2m Placement Announcement

Carnavale Resources Limited (ASX:CAV) has successfully secured firm commitments to raise A$2.2 million through a placement of approximately 666.7 million fully paid ordinary shares at an issue price of A$0.0033 per share. The placement, supported by institutional and sophisticated investors, aims to expand resources and continue exploration at the Kookynie Gold Project.

Executive Commentary on Kookynie Gold Project Expansion

Carnavale's CEO, Humphrey Hale, expressed enthusiasm for the upcoming drilling activities, emphasizing the goal of extending mineralization at depth and adding valuable resources to the Kookynie Gold Project. He highlighted the potential of shallow exploration targets, such as the Tiptoe and Valiant prospects, to host further high-grade gold shoots, contributing to the project's organic exploration growth.

Summary of Carnavale Resources' A$2.2m Placement

Carnavale Resources Limited has successfully raised A$2.2 million through a placement, with strong support from institutional and sophisticated investors. The funds will be utilized to expand existing resources and continue exploration campaigns at the Kookynie Gold Project. The company's CEO, Humphrey Hale, emphasized the focus on extending mineralization at depth and adding ounces to the valuable resources at the project through organic exploration growth. Additionally, the planned exploration strategy includes diamond and RC drilling, along with advancing the Mining License application for the Swiftsure deposit. The successful placement positions Carnavale well to execute its exploration plans and pursue its ambitions for the Kookynie Gold Project.