Iceni Gold Raises $2.5M in Oversubscribed Placement to Fund Key Drilling Programs
Iceni Gold has raised $2.5 million in an oversubscribed placement to fund key drilling programs at its 14 Mile Well Gold Project and initiate exploration at the Welcome Creek copper-gold target in Western Australia.
- Oversubscribed $2.5 million placement to institutional and sophisticated investors
- Funds to support drilling at Everleigh-Tatong, Goose Well, and new targets within 14 Mile Well
- Initial deep diamond drilling planned at Welcome Creek Au-Cu target south of Telfer
- Existing shareholders and directors participated alongside new investors
- Exploration activities to generate significant news flow over the next six months
Strong Capital Backing for Exploration
Iceni Gold Limited (ASX – ICL) has successfully raised $2.5 million through a strongly oversubscribed placement, signaling robust investor confidence in its Western Australian gold and copper exploration projects. The capital injection will fund ongoing drilling programs at the 14 Mile Well Gold Project (14MWGP) and kickstart initial exploration at the Welcome Creek Au-Cu target, located approximately 140 kilometres south of Telfer.
Focused Drilling at Priority Targets
The funds will primarily support aircore and reverse circulation drilling at key prospects within the 14MWGP, including Everleigh-Tatong and Goose Well. These areas have shown promising geological indicators, and the company is also preparing to drill new generative targets identified through recent exploration work. Additionally, Iceni plans to undertake a significant deep diamond drillhole exceeding 1000 metres at Welcome Creek, aiming to unlock the potential of this copper-gold prospect in the Paterson Province.
Strategic Partnerships and Shareholder Support
The placement attracted participation from existing shareholders, company directors, and new sophisticated and institutional investors. Directors have committed $45,000 to the raise, subject to shareholder approval, underscoring management’s confidence in the company’s exploration strategy. Furthermore, Iceni’s ongoing exploration at the Guyer target within 14MWGP continues under a Farm-In Agreement with Gold Road Resources (ASX – GOR), which is funding activities in that area, allowing Iceni to focus its new capital on other priority targets.
Outlook and Market Implications
Managing Director Wade Johnson expressed optimism about the upcoming exploration phase, highlighting the strong market interest and the company’s readiness to advance multiple drill programs. With exploration activities planned across four project areas, Iceni is positioned to deliver a steady stream of updates and assay results over the next six months. This period will be critical in defining the scale and quality of mineralisation, potentially enhancing the company’s valuation and appeal to investors.
Iceni’s large contiguous landholding in the highly prospective Leonora-Laverton district, combined with systematic exploration and strategic partnerships, places it among the notable junior gold explorers in Western Australia. The success of these drilling campaigns could significantly impact the company’s resource base and future development trajectory.
Bottom Line?
With fresh capital secured, Iceni Gold is set for a pivotal six months of exploration that could reshape its resource outlook.
Questions in the middle?
- What initial assay results will the deep diamond drillhole at Welcome Creek reveal about its copper-gold potential?
- How will shareholder approval for director participation in the placement influence Iceni’s capital structure?
- What are the next steps if drilling at Everleigh-Tatong and Goose Well confirms significant mineralisation?
