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Kalamazoo advances Ashburton drilling, raises A$12.1m and names new CEO

Tipranks - Tipranks - Tue Apr 21, 10:02PM CDT

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The latest announcement is out from Kalamazoo Resources Ltd. ( (AU:KZR) ).

Kalamazoo Resources has reported a strong March quarter, highlighting positive Phase 1 drilling results at its 100%-owned Ashburton Gold Project in Western Australia, which hosts 1.44 million ounces of gold resources. A new ~14,000m drill program is now under way to upgrade confidence in the Mt Olympus resource and support ongoing mining studies and a Pre-Feasibility Study, potentially paving the way for future development.

At the nearby Mallina West project, Kalamazoo completed drilling on a Hemi-style intrusion-hosted gold target and will further test several geophysical targets within a large soil anomaly, while in Victoria its Mt Piper project returned extensive surface gold–antimony anomalies and high-grade rock chips. The company also strengthened its balance sheet with an oversubscribed A$12.1m capital raising and bolstered its leadership by appointing experienced mining executive Andrew McDougall as CEO, moves that enhance its capacity to advance exploration and de-risk its gold and antimony assets.

More about Kalamazoo Resources Ltd.

Kalamazoo Resources Ltd. is an Australian gold exploration and development company with projects in Western Australia and Victoria. Its portfolio includes the Ashburton and Mallina West projects in WA, alongside the Mt Piper, Castlemaine and other Victorian gold fields, positioning the company in highly prospective gold and gold–antimony districts.

Average Trading Volume: 1,011,281

Technical Sentiment Signal: Buy

Current Market Cap: A$54.97M

For a thorough assessment of KZR stock, go to TipRanks’ Stock Analysis page.

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