Nickel sulphide exploration company Adavale Resources (ASX: ADD) which holds 100% of the Kabanga Jirani Nickel Project recently announced that it has secured funding up to USD 2 million (before costs) to make progress with the projects.
The funding is obtained through the issue of unsecured Convertible Notes and will finance drilling testing at Kabanga Jirani.
Adavale’s Executive Director, Mr David Riekie commented: “We are pleased to secure the funding, especially in this current market and welcome a number of new sophisticated and professional investors. This funding allows us to hit the ground running at the end of the wet season in Tanzania, continuing the testing of our high-priority targets at Kabanga Jirani.”
The Kabanga Nickel Deposit
Adavale holds nine prospective granted licences in the area covering ~1,212 km2 along the Karagwe-Ankolean belt in Tanzania.
The licenses are adjacent & along strike from the world’s largest undeveloped high-grade Kabanga nickel sulphide deposit.