Mantle Mining Corporation (ASX: MNM)
When Mantle Mining (ASX: MNM) acquired the Morning Star and Rose of Denmark mines at Woods Point Goldfield, it entered a district that boasts six million ounces of historical high-grade gold production.
Since the acquisition, signs have pointed to significant upside potential at the project.
Recently completed drilling which kicked off in June has highlighted positive results and was the catalyst for a second phase of drilling that is now underway.
The programme tested a new geological model unknown to the mine’s previous owners. This led to confirmation last week of a sizeable block of mineralisation that can be sampled and trial-mined – meaning further results are imminent.
MNM is cashed up after secured new funding of $1 million via a convertible loan facility to complete the acquisition of Morning Star, plus an additional $1.5 million via a loan note and convertible note facility to progress the next stage of the gold mine’s development.
MNM has also received significant interest from potential buyers of its non-core assets to further boost cash reserves.
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MNM has a ready resource, an as-new processing plant and a healthy looking balance sheet.
And considering the nature of the Australian gold projects the company has on the boil, MNM could be on the verge of a growth spurt as it looks to increase its small valuation of just $10.6 million.