Walker River Resources Corp. [WRR-TSXV; WRRZF-OTC] on Friday August 21 said it has increased the size of a previously announced non-brokered private placement to 35 million units priced at 10 cents per unit. As a result, the private placement is now expected to generate aggregate proceeds of up to $3.5 million.
Under the terms, each unit will consist of one common share and one share purchase warrant good to buy one share for three years at 13 cents per share.
Proceeds are earmarked for the company’s mineral properties and for general working capital.
On Friday, Walker River shares advanced on the news, rising $0.01 or 3.85% to 14 cents on volume of 553,250. The shares are trading in a 52-week range of 19 cents and $0.06.
Walker River has a focus on advancing high-grade, low cost mining opportunities into production. The Lapon Canyon Gold Project near Yerington, Nevada, is the company’s flagship asset. The company says the project exhibits the potential for high-grade, vein-type gold mineralization as evidenced by past underground activities on the property.
The 100%-owned, (2% NSR on 36 claims) road-accessible Lapon Project consists of 96 claims (1,940 acres) in the Wassuk Range.
The project is within the Walker Lane shear zone, a 100-km-wide structural corridor extending in a southeast direction from Reno, Nevada. This is a trend that hosts numerous gold, silver and copper mines, notably the Comstock Lode mines in Virginia City. It also hosts the past producing Esmeralda/Aurora gold mine, with reported production of roughly one million ounces, and the Anaconda open mine copper mine in Yerington.
In 2018, exploration focused on infill and expansion drilling at the Lapon Rose Zone, as well as exploration and drilling new targets, including other fault alteration zones, which in some instances, show evidence of previous workings.
To date, the company said all of the drill holes carried out in the Lapon Rose and a newly discovered zone have returned gold mineralization.