Treasury Metals has raised almost $2.8 million through the sale of flow-through shares to go exploring in northwestern Ontario.
The Toronto mine developer and exploration outfit announced on Nov. 21 that it has closed a bought deal private placement for gross proceeds of $2,795,223.
Money raised from flow-through shares is used for exploration purposes.
In this case, the money is earmarked for a 10,000-metre infill drilling and expansion drill program at its Goliath open-pit gold mine project, 20 kilometres east of Dryden.
Treasury has a 50-square-kilometre property, just off the Trans-Canada Highway, where the company continues to do more exploration to expand the gold resource.
With the environmental assessment for the mine project now complete, the company looks to be on track to go into commercial production in 2021.
Half the drill program is focused on the C Zone on the property where several intersections of mineralization have been recovered. Other drilling is related to mine scheduling modelling work.
Besides working on Goliath, Treasury has greenfield gold and base metal exploration properties south of Dryden, near Sandy Lake First Nation and Shining Tree, and on Vancouver Island.