Syndicated Metals is now eyeing a potential AUD 1 million boost to its coffers through a share purchase plan to advance drilling on the Kalman project in northwest Queensland to define an open pittable copper and gold and molybdenum rhenium Resource.
The share purchase plan will be offered at USD 0.085 per share the same price as the recently announced placement with existing shareholders able to apply for up to USD 15,000 worth of Syndicated shares.

Funds raised will also be used to drill other priority iron oxide copper and gold targets including Andy’s Hill and Yamamilla and advance the mining and environmental studies on the Mount Remarkable copper and gold deposits Barbara, Green Zone and Blue Star.

Last month Syndicated announced it would raise USD 902,250 through a placement of 10.6 million shares at USD 0.085 per share to continue its exploration programs in the Mount Isa region.

In October the company delivered a maiden JORC Resource at the Blue Star and Green Zone deposits within its Mount Remarkable Project. Blue Star's Inferred Resource is 177,000 tonnes at 2.31% copper and 0.27 grams per tonne gold for 4,100 tonnes of copper and 1,520 ounces of gold while Green Zone's Inferred Resource is 430,000 tonnes at 0.9% copper for 3,860 tonnes.

Syndicated’s 2012 program will include copper resource expansion drilling on a number of targets, Scoping Studies and Mining Lease Application for the Barbara deposit and drilling, a new resource and Scoping Studies for the Kalman polymetallic deposit.

(Sourced from www.proactiveinvestors.com.au)