Marathon PGM announced it has closed the first tranche of a non-brokered private placement and has raised $1.2 million in gross proceeds.
The funds raised will be used for ongoing exploration work on the junior miner's properties in Manitoba, Newfoundland and its base metal properties at Marathon in northwestern Ontario.
The company is looking to expand the mine life of a proposed open pit operation containing a deposit of a large platinum group metals and copper reserve in Marathon.
Optimized reserve contains 2.44 million ounces of palladium, 693,000 ounces of platinum, 496 million pounds of copper, 250,000 ounces of gold and 4.23 million ounces of silver.
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