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Recharge Metals (ASX: REC) has secured $4.1 million in fresh funding to accelerate exploration at its Sunset Well gold project near Leonora in Western Australia, putting its experienced geological team in a position to test a largely unexplored 15km gold trend.
The junior explorer has assembled a leadership and advisory team with an impressive record of involvement in major Australian mineral discoveries and developments.
Chief executive officer Luke Timmermans played a key role in the rediscovery and development of the King of the Hills gold deposit, helping expand its resource beyond three million ounces and advance the project through feasibility studies and into mill construction.
Executive technical director Samuel Ekins was involved with Wildcat Resources during the acquisition and discovery of the Tabba Tabba project and has held senior positions at Evolution Mining and Gold Fields.
Strategic technical adviser Brett Keillor brings experience across discoveries including Marymia, Plutonic, Karlawinda, Tropicana and Earaheedy. He is also a two-time recipient of the AMEC Prospector of the Year Award.
Non-executive chair Felicity Repacholi has more than 20 years of industry experience, including board roles at Whitestar Resources and Win Metals.
Corporate lawyer and non-executive director Chris Zielinski rounds out a leadership group otherwise dominated by geological expertise.
That collective experience will now be put to work at Sunset Well, where Recharge has launched an inaugural 30,000m drilling program.
The project covers approximately 181 square kilometres in the Leonora gold district and is anchored by the Prospero deposit, which hosts an Inferred mineral resource of approximately 94,500 ounces.
Prospero remains open along strike and at depth, while the broader project contains multiple underexplored shear zones.
Ekins said the latest capital raising would allow Recharge to expand its exploration ambitions.
“We are pleased to announce that we have firm commitments for a well-supported placement that strengthens our balance sheet and allows us to expand our exploration programs at the exciting Sunset Well and Brandy Hill South projects,” he said.
“Sunset Well has not been drilled for 30 years and boasts a 15km trend that is replete with RAB drill gold anomalies extending north along strike from the inferred 94.5Koz Prospero gold deposit.”
The limited historical drilling provides a central part of Recharge’s exploration proposition.
“Prospero is open, and remarkably, has only three holes that are deeper than 100m,” Ekins said.
“We can’t wait to reveal its potential and in tandem, begin realising the major scale potential of the mineral system at the Brandy Hill South Project.”
The placement attracted support from existing shareholders, new sophisticated investors and long-only institutional funds.
Recharge will issue approximately 114.7 million shares at $0.036 each, representing a 2.5 per cent discount to its 10-day volume-weighted average price before the October 13 trading halt.
Completion is expected around October 22, with the raising lifting Recharge’s pro-forma cash balance to approximately $8 million.
The funding will support drilling across the Prospero Trend and permitting, heritage surveys and exploration at the recently acquired Ironstone Well area, which has also seen no drilling since the 1990s.
Recharge will additionally advance its Brandy Hill South copper-tungsten project near Geraldton through tungsten re-assays, metallurgical test work and aircore drilling.
With a market capitalisation of approximately $38.3 million, Recharge offers exposure to two exploration opportunities backed by a team with substantial discovery experience.
The immediate focus will be the commencement of drilling at Sunset Well, where results from the 30,000m program will begin testing whether the historical anomalies and existing Prospero resource point to a substantially larger gold system.
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