Proto Resources (ASX:PRW) has announced the results of the shareholders vote at the AGM on February 26th. All resolutions were passed with approximately 90% of the votes. As resolution 3 and 4 now allow the directors of Proto to issue 139M shares and A$1.7M of shares respectively, we can expect a capital raise within the next few weeks.
Proto also announced they discovered a new gold target at the Mt Vetters project in Australia. During the lodging of the diamond tail of hole 001 of this year’s drill program, the company discovered similarities in lithology, alteration and structural setting which are comparable to the nearby Kanowna Belle Gold mine. This obviously doesn’t guarantee the company might have found gold in the first 150 meters from surface, but Proto has sent the assays to a lab to test the drill core on gold. We expect to see the lab results before the end of March.
The company completed hole 001 to a depth of 375 meters, but the disappointing news is that they did not encounter ultramafic rock types which are an indication of the existence of the BSKC continuation onto their land holdings. Proto is planning a second attempt and will drill another hole to try to find what they are looking for.
> Results of General Meeting
> New Gold Target Mt. Vetters
Disclosure: Proto Resources & Investments Ltd. is a sponsoring company. Please see our disclaimer for current positions.
