Accelerate raises $773K to drill its first modern holes at Gingarrigan
What's the deal? Accelerate ResourcesDealroom has a profile for this one. Try Dealroom → has secured firm commitments to raise US$711.8K through a placement to professional and sophisticated investors, alongside the launch of its first modern reverse circulation (RC) drilling program at the Gingarrigan prospect in Western Australia's East Pilbara.
Why now? The roughly 3,500m campaign follows surface mapping that identified more than 200 manganese outcrops along the Gingarrigan and El Largo trends. Rock chip samples returned grades as high as 59.6% manganese across the broader project area, giving the company reason to test what lies beneath.
What's the endgame? The five-week program sits within a 12km manganese corridor at the Woodie Woodie North Manganese Project. Gingarrigan falls outside the existing mineral resource, so results could expand Accelerate's resource base beyond current boundaries.
After Gingarrigan, the rig moves to the Area 42 deposits, which hold an inferred resource of 0.7Mt at 20.7% manganese, for resource extension and step-out drilling.
Follow the money: The new shares are priced at US$0, a 20% discount to the last close. Proceeds are earmarked for exploration at Woodie Woodie North. The raise follows a larger US$1.29M placement in May, underscoring how junior explorers must repeatedly return to investors to fund fieldwork.
What could go wrong? This is early-stage exploration, not a defined deposit. Prior drilling beyond Area 42 was limited to shallow 1996 holes averaging 9m deep. The placement dilutes shareholders and does nothing to establish project economics.
The signal: Pilbara peers such as Black CanyonDealroom has a profile for this one. Try Dealroom → are also advancing manganese projects, but the significance here is near-term. The drilling will test whether promising surface grades translate into a meaningful deposit — the question every junior explorer eventually has to answer.
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