Tennant Minerals (ASX: $TMS) completes $4.8M capital raising

Tennant Minerals Ltd (ASX: $TMS) has successfully completed a capital raising of $4.8 million to fund drilling programs and development studies at the Barkly Project, 40km east of Tennant Creek in the Northern Territory. The funding will be used to extend and define the Bluebird high-grade copper-gold discovery and test other key targets in the Bluebird-Perseverance Corridor.

Tennant Minerals CEO Vincent Algar comments on the successful capital raising

This very successful, over-subscribed $4.8 million capital raising will allow us to extend and clearly define the size and grade of the high-grade copper-gold mineralisation discovered at Bluebird. We also plan to test a number of very attractive Bluebird-like targets within the highly prospective 2.5km Bluebird- Perseverance Corridor. This new funding will allow us to commence a substantial drilling program as soon as possible. Our objective is to identify multiple, multi-million tonne, copper-gold deposits within the 100% Tennant owned Barkly Tenements and establish a resource base to support a stand-alone mining and processing operation.

Summary of Tennant Minerals' successful capital raising and future plans

Tennant Minerals Ltd (ASX: $TMS) has successfully completed a capital raising of $4.8 million, which will be used to fund drilling programs and development studies at the Barkly Project. The focus will be on extending and defining the Bluebird high-grade copper-gold discovery and testing other key targets in the Bluebird-Perseverance Corridor. The company aims to identify multiple, multi-million tonne, copper-gold deposits within the Barkly Project and establish a resource base to support a stand-alone mining and processing operation. The successful capital raising provides the necessary funding to commence a substantial drilling program and further metallurgical test-work programs, indicating a positive outlook for Tennant Minerals' future endeavors.