Namangale buzz drives MOZ demand

Published at Oct 30, 2015, in Small Caps

Mozambi Resources (ASX:MOZ) is now fully funded for an extended graphite hunt in Tanzania after raising $1.75 million in funding in a deal which was three times oversubscribed.

The ASX-listed graphite player recently announced a major graphite discovery at its newly-acquired Namangale prospect – part of the broader Nachingwea Project in Southern Tanzania.

It said that drilling at Namangale had firmed up that mineralisation occurs from surface and holes had intersected large intercepts including hits of up to 100m.

While assays from the drilling are due back in under a month, MOZ signalled that it would bring forward further drilling at Namangale in order to capture the momentum.

It said that the further drilling would focus on an area about 400m to the north east to try and extend the known mineralisation at Namangale, while diamond drilling would be used to firm up the coarse nature of the mineralisation hit.

It also said the drilling would firm up a JORC resource for Namangale.

Today it told investors that it had issued 50 million new shares to institutional and sophisticated clients at 3.5c each to raise $1.75 million.

MOZ said the offer was roughly three times oversubscribed, demonstrating the buzz MZ has been creating.

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