Pivotal Metals (ASX: PVT) is set to accelerate development of its Québec high-grade base and precious metals portfolio after successfully raising $5.4 million through a new placement.
The raising attracted interest from strategic and institutional investors, including Australian resources entrepreneur Matthew Latimore, who will become a substantial shareholder in the company.
The financing includes $1.1m in non-dilutive funding provided through a Canadian flow-through share scheme.
Range of Activities
The company is accelerating workstreams at the Lorraine target and Belleterre package with activities including a range of geophysical surveys, mapping, and sampling.
Pivotal will use an induced polarisation survey to help define a 1.5-kilometre high-grade mineralised gold corridor target at Lorraine East, where sampling returned a highlight result of 28m at 45 grams per tonne.
The company is also preparing for an electromagnetic survey this month in the lead-up to drilling that will test Lorraine mine conductors.
The Lorraine mine has historic production of 600,000t at 1.4% copper, 0.6% nickel, and 0.6 g/t gold.
Confidence in Portfolio
Managing director Ivan Fairhall said the success of the placement demonstrates industry's belief in the quality of Pivotal’s Québec portfolio.
“We are now moving from planning into action—with the capital now secured, we’re executing a high-quality field program geared toward discovery," Mr Fairhall said.
"The wider Belleterre project has multiple drill ready targets and excellent prospectivity for both massive sulphide copper-PGM and high-grade gold—a fantastic commodity combination in a top-tier mining jurisdiction,” he added.
Alotta Deposit Work
Pivotal is also ramping up preparation for the test of an undrilled conductive anomaly below the high-grade Alotta deposit, with drilling expected to commence later this quarter.
The company has identified Alotta as a significant opportunity for new discovery and planning is ongoing for a large fixed loop time-domain electromagnetics survey during the northern winter field program to extend coverage from Alotta to Lac Croche.
Pivotal has also launched a reconnaissance mapping and sampling program across its Belleterre land package to examine newly identified zones and match those findings with recent drone magnetic and geophysical results.
