Golden Deeps Secures $3.54M to Fast-Track Drilling at High-Grade Otavi Metals Project
Golden Deeps Ltd has raised $3.54 million through an oversubscribed placement to accelerate exploration and drilling at its Otavi Mountain Land Critical Metals Projects in Namibia, focusing on the high-grade Graceland Prospect.
- Raised $3.54 million via oversubscribed placement at 8c per share
- Funds to accelerate drilling at Graceland Prospect and other Otavi targets
- Exceptional rockchip and channel sampling results highlight rich copper, silver, zinc, lead, germanium, and antimony mineralisation
- Ongoing IP-Resistivity survey to identify near-surface and deeper sulphide targets
- Development studies planned for advanced Nosib and Khusib Springs deposits
Capital Raising to Accelerate Exploration
Golden Deeps Limited (ASX – GED) has successfully raised $3.54 million through a strongly oversubscribed placement priced at 8 cents per share, accompanied by free attaching options exercisable at 10 cents and expiring in October 2029, pending shareholder approval. The capital injection reflects robust investor confidence in the company’s exploration progress at its Otavi Mountain Land Critical Metals Projects in Namibia.
Focus on High-Grade Graceland Prospect
The funds will primarily accelerate drilling and exploration at the Graceland Prospect, a newly identified, richly mineralised corridor stretching 2.5 kilometres. Rockchip and channel sampling have revealed spectacular grades, including up to 7,792 grams per tonne silver, 50.6% copper, 35.4% zinc, 224 grams per tonne germanium, and significant antimony. These results echo the characteristics of the nearby world-class Tsumeb deposit, renowned for its polymetallic richness.
Advanced Geophysical Survey and Drilling Plans
An Induced Polarisation (IP) and Resistivity survey is underway to map sulphide mineralisation both near surface and at depths up to 300 metres. This geophysical work aims to refine drilling targets, which Golden Deeps plans to test imminently. The company’s CEO, Jon Dugdale, highlighted the outstanding grades and the potential for significant discoveries, underscoring the strategic importance of the IP survey results in guiding the next phase of drilling.
Broader Project Pipeline and Critical Metals Context
Beyond Graceland, Golden Deeps is advancing exploration across five other Tsumeb-type target areas within the Central Otavi Project. The company also intends to progress development studies at its more advanced Nosib and Khusib Springs deposits, which host high-grade vanadium, copper, lead, silver, and gallium mineralisation. The inclusion of copper, silver, and lead on the US Critical Minerals list further elevates the strategic value of these metals amid global supply chain shifts, especially given recent export restrictions from China on key elements like germanium and gallium.
Investor Confidence and Next Steps
The premium pricing of the placement relative to recent trading and its oversubscription signal strong market endorsement of Golden Deeps’ exploration strategy and results. The company will seek shareholder approval for the option issuance at its upcoming Annual General Meeting. Investors will be watching closely for the outcomes of the IP survey and initial drilling results, which will be pivotal in confirming the scale and economic potential of these critical metal deposits.
Bottom Line?
Golden Deeps’ fresh capital and aggressive exploration set the stage for potentially transformative drilling results at Otavi.
Questions in the middle?
- Will the upcoming drilling confirm the scale and continuity of the high-grade mineralisation at Graceland?
- How will the IP survey results influence the prioritisation of drilling targets across the Otavi project?
- What impact will evolving US critical minerals policies have on the commercial viability of Golden Deeps’ metals?
