Archer raises $1.9m to accelerate cobalt drilling program

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Archer Exploration is looking to raise approximately $1.89 million through a Placement of 27 million new shares to fund preparatory work for the upcoming Ketchowla drilling program and to accelerate cobalt focused exploration activities at Polinga, Broken Hill and on the Company’s other tenements.

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Archer’s Executive Chairman Greg English said The Ketchowla drill program will aim to build on the near surface, high-grade cobalt discovered by Archer from the maiden drill program completed in 2010.

“We are pleased to have received such overwhelming support for the Company and I would like to welcome our new shareholders and thank existing shareholders that participated in the Placement,” he stated.

“The initial drill results at Ketchowla demonstrate that we have made a significant cobalt discovery. The funds raised from the placement will allow us to commence drilling at Ketchowla next month and to actively explore the Polinga Cobalt Project (Eyre Peninsula) and Great Northern Cobalt Project near Broken Hill.”

According to the company, Ketchowla rock chips have been submitted for assay, with addtional drill hole intervals at Polinga are to be submitted at the end of the week.

“Ketchowla and Polinga assay results are expected in the coming weeks.” Archer told the ASX.