Constellation Resources raises $3.2M in September quarter

• Constellation Resources secured two key prospecting authorities and raised gross proceeds of $3.2 million.
• The exploration firm funded its ongoing regional survey and analysis activities across Western Australia.
• The strategy targets potential natural gas, hydrogen, and helium prospective areas in the Edmund-Collier Basin.

Constellation Resources (ASX:CR1) granted two Special Prospecting Authorities with Acreage Options in the Edmund-Collier Basin while securing $3.2 million in capital.

The new exploration footprint covers a 500 kilometre-long basin that the business aims to evaluate for potential energy resources.

Soil gas surveys commenced across the granted authorities, with completion targeted by the end of the current quarter.

The company submitted 160 petrographic and 30 conventional porosity samples to Core Laboratories in Houston for detailed analysis.

The company stated that the basin contains elements of a prospective large-scale natural gas system near existing infrastructure.

Following the announcement, the Constellation Resources share price was unchanged at $0.14.

The business previously raised gross proceeds of $3.2 million through a non-renounceable entitlement and shortfall offer.

Constellation Resources continues to evaluate new mineral and energy opportunities across its prospective Western Australian landholding.