Clara Resources plans maiden drilling at Mareeba Project
- Clara Resources Australia has finalised planning for its maiden reverse circulation drilling programme at the Mareeba Gold Project in Far North Queensland.
- The company raised $1.2 million through a capital placement to fully fund the multi-stage exploration effort.
- The drilling initiative aims to establish a maiden JORC mineral resource along the Kingsborough Fault corridor.
Clara Resources Australia (ASX:C7A) has finalised planning for an initial 25-hole reverse circulation drilling programme covering 3,750m at its Mareeba Gold Project in Far North Queensland.
The upcoming campaign marks the first drilling activity at the site since Western Mining Corporation concluded its joint venture on the property in 1989.
The company secured $1.2 million in funding before costs via a share placement to execute the exploratory work.
Planned infill drilling will target half-spacing along the Kingsborough Fault corridor while testing beneath historic mine workings that previously returned grades exceeding 30 grammes per tonne of gold.
Following the announcement, the Clara Resources Australia share price was unchanged at $0.0040.
Permitting for the project continues to progress through standard native title and landowner compensation channels.
The exploration zone lies within the Hodgkinson Province, where Western Mining Corporation previously drilled approximately 200 shallow reconnaissance holes without defining a formal mineral resource.
